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- Publisher
- SAGE
- Copyright
- © 2014 SAGE Publications
- ISSN
- 1042-2587
- eISSN
- 1540-6520
- DOI
- 10.1111/etap.12083
- Publisher site
- See Article on Publisher Site
Abstract
Theoretical explanations for family firm underinvestment in R&D relative to nonfamily firms remain nascent. We revisit this question using a refinement to the behavioral agency model (BAM)—the mixed gamble—that allows us to examine the socioemotional trade–offs that R&D represents for the family firm and how this differentiates their R&D investment decision from nonfamily firms. We do so in an empirical context where R&D investment is of greatest importance—high–technology industries. Moreover, we examine three contingencies that allow us to explore heterogeneity across family firms in their R&D decisions due to their effect upon the family's socioemotional wealth mixed gamble: institutional investor ownership, related diversification, and performance hazard.
Journal
Entrepreneurship Theory and Practice – SAGE
Published: Nov 1, 2014