The Source Of CEO Of Family Business, Institutional Environment And Enterprise Innovation

Family business is one of the most widely distributed enterprise types in the world,which has a pivotal position in the economy.In our country,family business,accounting for 80% of the private enterprises,is an important part in the forms of China's enterprises.Family business in our country after decades of development,are entering the the succession between generations.In this paper,the source of CEO in family businesses can be divided into three categories :the source of family business founder,the source of family successor and external manager.This paper analyzes the impact of three different sources of CEO on enterprise innovation.In addition,this paper tries to study the effect of institutional environment on the relationship between the source of CEO and enterprise innovation,and check whether institutional environment plays the regulatory role.This paper consists of six parts.The first chapter is introduction,introducing the research background and research purpose,as well as the research content,framework and innovation points of this article.The second chapter is the literature review,which reviews the concept of family enterprises from different perspectives,the CEO sources of the family business,enterprise innovation and the relation between the institutional environment and innovation,and finally makes the summary and evaluation to the literature.The third chapter is theoretical analysis and hypotheses,which according to the existing literature and theory,analyzes the relationship between the sources of CEO and enterprise innovation,and the relationship within the sources of CEO,the institutional environment and innovation,and then puts forward the research hypothesis.Chapter IV and chapter V,as the main body of the empirical part,introduce the sample selection,data sources,variable definitions and model building,following by the descriptive statistics,correlation analysis,multiple regression analysis and robustness testing.This paper studies the relation between the sources of CEO in family business and the enterprise innovation,and the effect of institutional environment on the relationship between the sources of CEO and enterprise innovation.Chapter VI gives the research conclusions and policy recommendations.At the same time,I point out the existing research limitations in this paper,and the future research direction.Based on the empirical samples of the listed family companies in the Shanghai and shenzhen A stock markets from 2014 to 2016,we can draw the following conclusions.Family founder CEO is negatively related to enterprise innovation,family successor CEO is positively related to enterprise innovation and professional manager CEO is negatively related to enterprise innovation.A good institutional environment can abate the negative relationship between the family founder CEO and the enterprise innovation.However,the regulating effect of institutional environment on the negative relation between the professional manager CEO and the enterprise innovation is quite limited.This article researches the relationship between the sources of family enterprises CEO and the enterprise innovation,which enriches the theory of CEO and innovation.Analysis of family successor from the perspective of human capital,expands the research perspective of family successor.Besides,this paper Adds the institutional environment,analyzes the regulating effect of institutional environment on the relation between the source of family enterprise CEO and the enterprise innovation,which enriches the research of the institutional environment.