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| "Specialized-Fined-Peculiar-Innovative" Strategy, Family Involvement and Technological Innovation |
| Luo Fukai1,Di Yingxin1,Li Qijia2 |
| (1.Management College ,Ocean University of China;2.School of Economics,Ocean University of China, Qingdao 266100, China) |
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Abstract “Specialized-fined-peculiar-innovative” enterprises(hereinafter referred to as SFPI)are small and medium companies that adhere to focused and distinguished strategies, and take innovation as the core development power, and they are similar to the "hidden champion" enterprises. However, the SFPI enterprises are mostly in the infancy, and far behind the "hidden champion" in developed countries such as Germany. Thus,they cannot just copy the successful experience of the "hidden champion", and must formulate development strategies and plan in combination with the localization situation.In addition, SFPI enterprises in China are dominated by family groups, and family management involvement has substantial influences on technological innovation, but few literatures pay attention to the family nature of SFPI enterprises. #br#According to Simon′s research, strong market competitiveness, robust internal finance and large quantities of R&D staff are critical advantages for technological innovation of “hidden champion” enterprises. SFPI enterprises also follow the concentrated and differentiated strategies. Are there similar driving factors for their technological innovation?This paper mainly considers three factors:market competitiveness, R&D personnel input and government subsidy. Besides, the influence of family involvement on technology innovation can not be ignored. In view of the long-term contractual relationship, family controllers would try their best to play the role of good managers and support technological innovation. While as self-interested economic men, family managers would take opportunistic behaviors, like embezzling R&D funds,practicing nepotism,and weakening capital and talent bases of technological innovation. Furthermore,technological innovation is the key driving force of enterprise value growth, and SFPI enterprises may have greater value contributions.Additionally, external environment could exert uncertain effects on innovation decisions of SFPI enterprises. The uncertainty and marketization degree are two important aspects.Therefore,this paper takes the existing SFPI family listed companies as samples to discuss the effects of SFPI strategies and family governance on technological innovation and its economic consequences.In the meantime, the heterogeneous influences of external environment are further considered.#br#The results show that strong competitive power,more R&D personnel input and government subsidies originating from SFPI strategy are beneficial to improving technological innovation levels.While family management involvement will hinder the advance of technological innovation unless family managers have rich educational background. Moreover, SFPI firms have greater value contributions than ordinary innovative firms.Besides, stable and legal market environment is necessary for sustained technological innovation.#br#By analyzing the sample data of SFPI "Little Giant" family firms from 2010 to 2020, this paper has three aspects of contributions. First, comparing with "hidden champion" enterprises in developed countries and ordinary innovative firms in China, this paper empirically analyzes the advantages offered by SFPI strategy for family enterprises, thus enriching the research methods of innovative governance of SFPI enterprises. Second, different from previous studies, this paper considers not only the deep cultivation and meticulous working mode, but also the family control characteristics of SFPI enterprises and its influence on technological innovation, and thus it provides more comprehensive theoretical references for cultivating excellent SFPI "Little Giant" enterprises. Third, research conclusions on the heterogeneous impacts of external environment are consistent with current policies of building a unified national market, and provide impetus for government to accelerate the construction of stable and legal innovation environment.#br#In view of the availability of data, the study only selects the sample of SFPI listed companies. The development of technological innovation of non-listed SFPI companies and the impacts of whether they are listed are worth further discussion. Meanwhile with the in-depth development of SFPI enterprises, the follow-up research can compare and analyze the operating conditions of small and medium-sized enterprises before and after obtaining the SFPI certification, and analyze the policy effects of government departments in selecting SFPI enterprises.#br#
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Received: 17 August 2022
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