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| The Impact of Family Involvement Heterogeneity and Marketization Process Configuration on Technological Innovation Investment of Family Enterprises |
| Li Yuanyuan1,Zeng Zitao1,Liu Jianhua2 |
| (1.School of Business Administration,Shanxi University of Finance and Economics,Taiyuan 030006,China;2.Business School, Nankai University, Tianjin 300071, China) |
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Abstract Implementing the innovation-driven development strategy is out of the practical need and leads the new normal of China's economic development. For family enterprises, improving the level of technological innovation is not only a key factor of their long-term steady development, but also an important booster of China's economic development. However, practice shows that with the coexistence of high-risk and complexity of technological innovation, the lack of innovation input power has become a prominent bottleneck restricting the sustainable development of family enterprises. Therefore, it is of great practical significance and policy value to explore the motivation of technological innovation investment in family enterprises. Previous studies have revealed that, as an essential feature different from non-family enterprises, family involvement is an important motivation that affects the technological innovation investment of family business. However, the academic research has different conclusions about whether family involvement will promote or hinder the innovation investment of family enterprises. Meanwhile, as an important part of external environmental factors, market environment is crucial to the success or failure of family business innovation. Therefore, it is very important to consider the guiding role of external environmental factors in the study of the impact of family involvement on innovation investment. Thus, this paper proposes an endogenous growth model based on family involvement and the impact of market environment on family business innovation investment. Specifically, this study aims to verify if there is a way to match internal involvement with external environmental factors so that family business innovation investment can improve continuously,if there is any combination of factors that will inhibit the level of innovation investment in family enterprises and what the relationship is between these paths.#br#This study selects the listed family enterprises on the small and medium-sized board of Shenzhen Stock Exchange as the research sample. After screening, 96 valid samples are finally obtained. Then from the perspective of configuration, this sduty uses the fuzzy-set qualitative comparative analysis method to deeply analyze the overall efficiency of family business innovation investment caused by the multiple and complex interactions between external environment and internal involvement in the family business system. Specifically, first of all, the antecedent variables and result variables are transformed into more explanatory fuzzy variables between 0-1 through variable calibration. Secondly, the necessary conditions are analyzed to test if a single antecedent condition is the necessity of forming the result. Finally, the configuration analysis of conditional variables is carried out. Combined with typical enterprise cases, the driving mechanism of high / non high family enterprise innovation investment is analyzed respectively, and the comparative analysis between high / non high family enterprise innovation investment configurations is further carried out.#br#The research conclusion are as follows. (1)The five single antecedents of family involvement and market environment cannot be regarded as the necessary conditions for the innovation level of family enterprises alone, and they need to work under the joint influence of mutual linkage and matching. (2) The driving mechanism of high family enterprise innovation is divided into three paths: family members' mission-driven innovation,family led-market responsive innovation and inheritance vision-institutional guarantee collaborative innovation. (3) The mechanism of producing high family enterprise innovation investment and the mechanism of leading to non-high family enterprise innovation investment are asymmetric. Family enterprises should analyze specific problems, avoid the main obstacles and grasp the key driving factors in promoting the innovation investment in family enterprises.#br#Different from the previous traditional regression analysis methods, this study adopts the fuzzy set qualitative comparative analysis method. On the basis of asymmetric thinking,this study focuses on the whole, reveals the joint effect and interactive relationship of the innovation driving mechanism of family enterprises, and excavates multiple paths to improve the innovation investment level of family enterprises. Thus, this study improves the existing shortcomings of separating various influencing factors for research, and provides a new theoretical and logical framework for the innovation research of family enterprises. Moreover this study analyzes the condition configuration with typical enterprise cases. This method enables a comprehensive consideration of case study and variable research, and enhances the applicability of the theory and provides evidence for a clearer understanding of the essence of family enterprise innovation.#br#
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Received: 16 March 2022
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