Study On Relationship Between Family Involvement,Decision Making Team Motivation And Innovative Behavior

In the past 30 years,the vigorous and sustainable development of family business is an important manifestation of China's economic reform achievements.However,with the development of export-oriented economy in our country,the environment of family business is more becoming much more complex and uncertain,at the same time innovation has become an important strategy and an effective way for enterprises to deal with the dynamic competitive environment.As the coupling form of family system and business system,integration and conflict of the family emotion,norms,values and the enterprise economic interests have become significant features of the family holding listed companies,family businesses are not only pursuing the economic benefits,but also are pursuing the non economic objectives closely related with the family interests and family emotional factors.The pursuit of non economic goals has become the essential difference between the family holding listed companies and ordinary listed companies.In view universality and particularity of this governance form of the family holding listed companies,strengthen the research of relationship between family involvement and enterprise innovation behavior can provide useful insights for us to understand the reasons why family holding listed companies are relatively conservative to innovation behavior.Under this background,based on the review of the research literature and theories of family business,combing the theoretical logic of family involvement'influence on the governance of listed companies,from two aspects include the family leadership involvement and ownership involvement,the author inspects the governance effect of family involvement in the innovation decision of the listed company,and the author also tests the intermediary effects and the influence path of decision making team motivation in the relationship between family involvement and family business innovation.Then the author make empirical test of the logical relationship between variables according to the Chinese family holding empirical data of listed companies,the main conclusions are as follows:(1)Family involvement will significantly influence the incentive mechanism of family owned listed company decision-making team,and on the basis of family involvement difference,family holding listed companies show different incentive contract preference of the decision-making team.The specific performances are as follows:the family leadership involvement has a positive relation between the decision-making team equity incentive and salary incentive;there is a nonlinear correlation between family ownership involvement and decision-making team equity incentive and salary incentive,with family ownership involvement deepened,decision-making team equity incentive exists inverted U increased firstly and then decreased;decision-making team salary incentive exists U decreased firstly and then increased;the different dimensions of family involvement in decision-making team incentive effect system has interaction effect,compared with the family not involved in leadership of the listed company,under the family leadership involvement context,ownership involvement has much stronger incentive contract in decision-making team.(2)the family involvement degree will significantly affect the innovation behavior of the family holding listed companies,different forms of family involvement will produce different influence on innovation decision-making mechanism,Specific performance mainly as follows:family leadership has a significant positive correlation between involvement and innovation behavior of listed companies;there is non-linear relationship between family ownership involvement and the listed company's innovation behavior,with the increase in the level of family ownership involvement,innovation behavior of listed companies declined firstly and then increased;there is interactive effect of different dimensions of family involvement in the path of innovation decision in listed companies,compared with the family leadership involvement of the listed company,under the context of family business without leadership involvement,family ownership involvement has much stronger influence on innovation behavior of listed companies.(3)the family holding listed company decision-making team motivation has a significant positive impact on innovative behavior,but the positive effect of different forms of incentive contract exist differences,because of salary incentive has characteristics of quick profit and stability,making it more significant in the promotion of innovation behavior of listed companies.(4)There is no significant synergistic effect between the equity incentive and compensation incentive of the family holding listed companies decision making team in the influence path of innovation behavior.The possible reason is that the incentive effect of equity incentive is weaker than that of the compensation incentive,which leads to the enhancement of the equity incentive on the basis of the compensation incentive will not significantly improve the enthusiasm of the listed companies.(5)The incentive of the decision team plays an intermediary role in the relationship between the family involvement and the innovation behavior of the listed companies,and there are differences in the transmission paths of different incentives.Specific performances are as follows:decision-making team equity incentive and salary incentive has a partial mediating effect on the relationship family leadership involvement and innovative behavior,which means that promotion role of family leadership involvement on innovative behavior partly realized by strengthen the decision-making team incentive implementation;decision-making team equity incentive has no mediating effect between the relationship of family ownership involvement and innovation behavior,decision-making team salary incentive has a partial mediating effect on the relationship between family ownership involvement and innovation behavior,namely family ownership involvement' promotion role of innovative behavior is partly realized by strengthening the decision-making team incentive implementation.Based on the above conclusions,this article proposes policies and recommendations to promote the listed companies enthusiasm for innovation from the following three levels include the family holding listed companies governance structure optimization,control system design and construction of innovation culture.policies and recommendations are as follows:increase the proportion of family members' involvement in listed companies decision-making positions,avoid the agency cost;to enhance the independence of the board of directors,establish the governance structure of decision balance,pay attention to the importance of the construction of incentive mechanism;decision-making team,strengthen the consistency of interests of owners and operators;perfect the voting system of minority shareholders in corporate governance,improve the scientific decision system;strengthen the cultural construction of innovative enterprises,enhance the innovation enthusiasm of team decision making.Overall,this study has a certain theoretical contribution to research about family control,decision-making team motivation and decision motives of family holding Listed Companies innovation behavior in turbulent environments;and also has certain enlightenment effect for family holding listed companies to choose appropriate path of and adjust family involvement way and degree according to the related principles and standards.Of course,there are some deficiencies in the research,for example:the measurement of the key construction is limited to the secondary data mining and collection,the degree of accuracy needs to be further improved.In addition,this paper verifies the decision making team incentive has a partial mediating effect in relationship between family involvement and the listed company innovation behavior,the other affected variables and the path of the conduction path is worth to further explore and study.