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| Second Generation Succession, Family Authority and Family Enterprise Innovation Investment |
| Xu Weibin,Xiao Qi,Zhou Lili |
| （School of Management, Guizhou University, Guiyang 550025, China） |
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Abstract The innovation and investment of family business under the background of intergenerational inheritance is an important issue in the field of family business governance.This study analyzes and examines how differentiated succession affects the innovation input of family firms, and whether the relationship between the two will change depending on differences in family authority.It is found that, compared with the gradual succession of the second generation, the radical succession of the second generation will weaken the innovation investment of family enterprises.This relationship will be affected by the family authority.In enterprises where the authority of family members and the authority of non-family venture elders are heavy, aggressive succession has a more significant weakening effect on the innovation investment of family enterprises.With the increase of succession time, the successor will gradually build up individual authority, and then the influence of the successor individual authority demand caused by the difference of succession mode on the innovation investment of family enterprises is weakened.Three years after the second generation of succession, the negative impact of aggressive succession on innovation investment in family businesses is significantly reduced.The weakening effect of radical succession on innovation investment is more obvious in the larger enterprises and the enterprises with longer operation time.
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Received: 14 September 2020
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