The Impact Of Family Involvement On Technological Innovation Input Of Gem Enterprises:The Moderating Effect Of Performance Hazard And The Degree Of Marketization

Innovation is the key factor of maintaining competitive advantage and forming core competitiveness for company.Especially for family business,innovation is essential for its long survival.With the concept of "mass entrepreneurship and innovation",innovation has been raised to a height of national destiny.As an important part in the process of technological innovation,innovation input has get much attention.Research shows that there are many factors influence the investment of technology innovation,including enterprise scale,corporate culture,executive characteristics and executive incentive,but the corporate governance structure is considered as the key determinant of it.Family governance is the most common governance structure,and it will affect the level of innovation input.However,the current family governance researches focus on the internal governance and firm performance.The research on technology innovation input of family business needs to be further indepth.Family involvement is an important characteristic of family business,it has a significant impact on corporate behavior.This thesis begins from discussing the relationship between family involvement and technology innovation,and then study how family involvement in ownership,management and inheritance influence innovation input.In addition,most of the research simply study the direct relationship of them,ignoring other factors that influence the relationship,especially in the context of our country.Therefore,this thesis focuses on the gem family enterprises in China,and then constructs a framework to analysis the moderating effect of performance hazard and the degree of marketization.The data of the thesis is from CSMAR database,the annual report of 178 listed companies and eastmoney website.The hypotheses are tested by Stata 13.0.Statistical results demonstrate that higher family involvement leads to lower innovation input.Performance hazard positively moderates the relationship between family involvement in management or inheritance and technology innovation input.The degree of marketization positively moderates the relationship between family involvement in ownership or management and technology innovation input.At the same time,the moderating effect of performance hazard on family involvement in ownership and innovation input is not significantly positive,and the moderating effect of the degree of marketization on family involvement in inheritance and innovation input is positive,but insignificantly.