Research On The Impact Of Managerial Heterogeneity And Intergenerational Inheritance On Family Firm Innovation

Of family enterprises in our country’s economic development has great contribution,but as a result of family businesses within the elite talent shortage,aging and institutionalized management of the knowledge structure and the pace of development not harmonious,and many other primordial question,innovation has become the family business out of the bottleneck,the key to keep the enterprise vitality and sustainable competitive advantage.The manager,as the helmsman of the enterprise,has a strong influence on the development prospect of the enterprise.According to the high-level echelon theory,managers with different life experiences and values make great differences in strategic decisions because managers perceive situations and choices from a personal ized perspective shaped by personal attributes.Heterogeneity of managers can not only bring conflicts and contradictions,but also bring fermentation and creation of things,and bring different performance levels and innovation results to enterprises.This paper firstly reviews the domestic and foreign literature on the relationship between managerial heterogeneity and family firm innovation.Secondly,on the basis of high-level echelon theory,principal-agent theory,altruism,social emotional wealth and other theories,the paper defines the manager as the chairman,and constructs a multiple regression model to study the influence of the manager’s age,educational background and political connection on the innovation of family firms.At the same time,through manual collection of information related to the second generation,it is found that among the 683 research samples of family enterprises in this paper,205 second generation of family enterprises have been involved in business management by 2020.Considering that the family business has entered the period of intergenerational inheritance,the participation of the second generation in management has significantly influenced the decision-making direction of managers.Based on different definitions of intergenerational succession,this paper measures intergenerational succession in terms of second-generation participation in management,and studies the moderating effects of intergenerational succession on managers’ age,educational background,political affiliation and family firm innovation.Then,the empirical analysis is made on the family enterprises listed in small and medium board and GEM from 2012 to 2020.The results show that the management age has a negative impact on family firm innovation;The higher the educational level is,the more it can promote enterprise innovation;Managers with political connections can inhibit family firms’ investment in innovation.Second generation participation in management can negatively regulate the relationship between managers’ age,political affiliation and family firm innovation,and can strengthen the relationship between managers’ educational background and family firm innovation.In this paper,it is expected that managers can make more reasonable personnel arrangement and make more efficient decisions to promote enterprise innovation after they understand the relationship between managers’ personal characteristics and enterprise innovation.Secondly,it can provide reference for managers to cultivate the second generation and choose the direction of successor,which is conducive to the realization of family business intergenerational inheritance and the realization of the purpose of sustainable development.