Family Firms and Research and Development InvestmentThe Moderator Effect of the Board Composition
- Briano-Turrent, Guadalupe del Carmen 1
- Watkins-Fassler, Karen 2
- Rodríguez-Ariza, Lázaro 3
- Reyes-Bastidas, Carolina 4
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1
Universidad Autónoma de San Luis Potosí
info
- 2 Instituto Tecnológico Superior de Misantla, Mexico / Universidad Internacional de La Rioja, Spain
- 3 University of Granada, Spain
- 4 Universidad Mariana, Colombia
ISSN: 2444-8788, 2444-877X
Año de publicación: 2023
Volumen: 13
Número: 1
Páginas: 71-91
Tipo: Artículo
Otras publicaciones en: European Journal of Family Business
Resumen
Desde la perspectiva de las teorías de la agencia y socio-emocional, el comportamiento innovador de la empresa familiar difiere del de las empresas no familiares. Se investiga la relación entre el elemento familiar y la inversión en investigación y desarrollo (I+D), y cómo el efecto moderador de la composición del consejo incide en esta relación. Se utiliza un panel de datos conformado por 1,284 observaciones-año durante el periodo 2004-2014 para Argentina, Brasil, Chile y México. Los resultados econométricos muestran que las empresas familiares incrementan la inversión en I+D cuando se incluye el efecto moderador de la composición del consejo. Por ejemplo, consejos de mayor tamaño, la independencia del consejo, la dualidad COB-CEO y la presencia de mujeres en el consejo motivan a una mayor inversión en I+D y gastos de capital. Los resultados confirman que la composición del consejo constituye un mecanismo supervisor de las acciones de los miembros de la familia, lo que motiva a un incremento en la adopción de estrategias de innovación, y sugiere que las empresas familiares promueven una orientación de largo plazo con el fin de preservar la riqueza para las próximas generaciones. Esta investigación contribuye a la literatura internacional estudiando una región no explorada en la literatura previa y caracterizada por un marco institucional débil y menores tasas de inversión en I+D en comparación con otros países emergentes.
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