Political connection and business transformation in family firms: Evidence from China

被引：36
|
作者：
Wang, Delu [1 ]
Ma, Gang [1 ]
Song, Xuefeng [2 ]
Liu, Yun [3 ]
机构：
[1] China Univ Min & Technol, Sch Management, Xuzhou 221116, Peoples R China
[2] Nanjing Univ Finance & Econ, Sch Management Sci & Ind Engn, Nanjing 210046, Jiangsu, Peoples R China
[3] Univ Lancaster, Sch Management, Lancaster LA2 0PJ, England
来源：
JOURNAL OF FAMILY BUSINESS STRATEGY | 2016年 / 7卷 / 02期
基金：
中国国家自然科学基金;
关键词：
Business transformation; Transformation mode; Family firm; Political connection; Ownership; PERFORMANCE EVIDENCE; CORPORATE-OWNERSHIP; INVESTMENT; IMPACT; GROWTH; COSTS;
D O I：
10.1016/j.jfbs.2016.05.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We investigate the impact of family ownership on core business transformation and the moderating role of political connections in this relation through a Probit model, conditional Logit model, and Heckman selection model with instrumental variable using data from Chinese listed companies covering 2001-2010. The results demonstrate that, compared with non-family firms, family firms are more likely to transform their core business, enter strongly correlative industries and non-regulated industries, and adopt a mergers and acquisitions (M&A) mode. Furthermore, compared with politically non-connected family firms, family firms with political connections are more likely to conduct business transformation and adopt M&A rather than an internal cultivation mode to realize transformation. In addition, political connections make family firms more likely to enter weakly correlative industries and increase their chances of entering government-regulated industries. (C) 2016 Elsevier Ltd. All rights reserved.
引用
收藏
页码：117 / 130
页数：14
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