| In these decades of China’s reform and opening up,the private economy has developed rapidly and its position in China’s economic system has been increasing.According to the relevant data,it can be seen that about 90% of the existing private enterprises in China are family enterprises,and the total output value of private enterprises accounts for 50% of the total output value of the country,solving the employment problem of 70% of society.From this point of view,in the process of China’s economic development,private enterprises have a pivotal role.Since China’s reform and opening up,it has been more than 40 years,and there are constantly enterprises dying in the competition,and there are constantly new enterprises born,and the competition between Chinese enterprises and domestic enterprises,and the competition between international enterprises is more and more intense.At this stage,Chinese enterprises are in a white-hot competitive environment,and the technological environment faced by enterprises in the development process is changing rapidly,thus putting forward new requirements for enterprise strategic management,and most enterprises are gradually realizing that the strategies implemented at present cannot meet the requirements of the current competitive environment,so in order to continuously enhance their competitive advantage,they must optimize and adjust according to the actual situation of enterprises.However,for Chinese family firms,strategic change is not only influenced by economic goals,but also by non-economic goals,including social-emotional wealth,which has received a lot of attention from academics and is most often used in the study of family firms,such as social welfare and internationalization.An analysis of current academic data shows that this dimension is able to address various behaviors of family firms very well.Currently,research on strategic change in family firms has focused on the impact of each dimension of socio-emotional wealth on strategic change in family firms.However,whether it is a five-dimensional division or a two-dimensional division,the core of which is family control,based on the division of various dimensions of socio-emotional wealth is centered on family control,therefore,in the process of the article,the socio-emotional wealth preservation goal is mainly represented through family control,while the change is used to assess the willingness to maintain socio-emotional wealth as the empirical basis of this paper to study the socio-emotional wealth goals on strategic change in family firms.How do family firms’ socio-emotional wealth goals influence family strategic change,how much change is required,and how does environmental uncertainty moderate the relationship between socio-emotional wealth goals and strategic change?The research of the article is as follows:The first chapter is the introductory section,which mainly explains the research background,methodology,framework and innovation of the article.The second chapter is a theoretical overview,which describes the concepts of family firms’ socio-emotional wealth goals,strategic change,and environmental uncertainty on the one hand,and reviews the academic results on environmental change,strategic change,and family firms’ socio-emotional wealth goals on the other hand.The third chapter is a theoretical analysis and hypothesis,which compares the existing research results between family firms’socio-emotional wealth goals,strategic change,and environmental uncertainty,and then proposes the hypothesis of the article with reference to the following two theories:one is stakeholder theory and the other is socio-emotional wealth theory.The fourth chapter section focuses on the design of the empirical analysis,which contains the selection of the sample and modeling,etc.Chapter 5 focuses on testing the results,using the following methods:first,correlation analysis,second,robustness testing,third,descriptive statistics,and fourth,multiple regression analysis.The empirical analysis focuses on testing the following:first,the relationship between family firms’ socio-emotional wealth goals and strategic change in family firms;and second,the moderating role of environmental uncertainty between socio-emotional wealth goals and strategic change.In the process of testing the above results,the main test used is robustness test.The sixth chapter is the conclusion and outlook,based on the previous empirical findings,constructive comments are made and the shortcomings of the article’s research are explained as well as the outlook for the future.The article mainly adopts the empirical analysis method,taking the family companies listed in China from 2008 to 2018 as the research objects,focusing on the relationship between their socio-emotional wealth goals,strategic change,and environmental uncertainty,and concluding that:there is an inverted U-shaped relationship between the family’s socio-emotional wealth preservation goals and the degree of corporate strategic change;there is an inverted U-shaped relationship between the family’s willingness to maintain socio-emotional wealth and corporate strategic change.There is an inverted "U-shaped" relationship between family’s social-emotional wealth preservation goal and the degree of corporate strategic change.Further study finds that environmental uncertainty reduces the effect of socio-emotional wealth preservation goals on the degree of strategic change of family firms;environmental uncertainty reduces the effect of socio-emotional wealth preservation intentions on the degree of strategic change of family firms.The main contributions of this paper are:first,based on social emotional wealth theory and stakeholder theory,this paper explores the relationship between strategic change and non-economic goals of family firms,further improving the theory related to strategic change of family firms,and at the same time,through the empirical research method,it analyzes more deeply the role of social emotional wealth goals on strategic change of family firms.Second,this paper measures the willingness to maintain socio-emotional wealth by changes in family control,and attributes the impact of family involvement on firm behavior to family members’ willingness to maintain socio-emotional wealth,excluding other possible alternative explanatory logics.Third,the relationship between strategic change and non-economic goals of family firms is analyzed based on two dimensions,dynamic and static,respectively,so as to further improve the theory related to socio-emotional wealth of family firms and provide some reference significance for optimizing family equity structure.The research of the article can provide some guidance for family enterprises planning to implement strategic change at this stage in China.The research on the influence of social-emotional wealth goals on strategic change of family enterprises will provide valuable references for implementing strategic change for family enterprises,so that they can make decisions that are more beneficial to the development of the enterprise.The role of environmental uncertainty in the impact of non-economic goals on strategic change in family firms is a reference for this group of family firms to better grasp strategic change opportunities and control the extent of strategic change. |
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