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| Political Connections, Institutional Environment and Innovation Performance of Family Firms |
| Yan Ruosen，Xiao Sha |
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Abstract From the perspective of socioemotional wealth theory, this paper uses the Chinese listed Ashare family firms from 2012 to 2015 as research samples to analyze the effect of political connections on innovation performance of family firms, as well as the moderating effect of institutional environment on the relationship, from two aspects of R&D investment and R&D output. The empirical results show that, political connections are negatively correlated with innovation performance of family firms, both from the aspect of R&D investment and R&D output, and good institutional environment will weaken the inhibitory effect of political connections on innovation performance. So family firms should weigh the gains and losses of socioemotional wealth and political connections, to avoid shortterm oriented strategies. The government should create a better institutional environment with good financial, legal and operating environment, to enhance the innovation performance of family firms and reduce the spaces for political rentseeking.
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