Abstracts
Résumé
L’objectif principal de cette recherche est d’investiguer la relation entre la dispersion de l’actionnariat familial et les investissements en R&D. S’appuyant sur la perspective du patrimoine socio-émotionnel et l’approche des choix mixtes, cet article suggère que la dispersion de l’actionnariat familial exerce une influence positive sur les dépenses en R&D. Cependant, cette relation positive est atténuée lorsque l’entreprise est confrontée à un marché fortement turbulent. Les analyses empiriques menées sur un échantillon de 284 entreprises familiales belges non cotées corroborent ces prédictions, apportant un éclairage nouveau sur les conséquences de l’hétérogénéité de l’actionnariat familial pour l’innovation.
Mots-clés :
- Entreprises familiales,
- R&D,
- Innovation,
- patrimoine socio-émotionnel,
- dispersion actionnariale
Abstract
The main purpose of this research is to investigate the relationship between family ownership dispersion and R&D investments. Drawing on the socioemotional wealth perspective and the mixed gamble approach, this article suggests that family ownership dispersion is positively related to R&D expenditures. However, this positive relationship is weakened when the company evolves in highly turbulent markets. Empirical analyses from a sample of 284 private family firms confirm these predictions, shedding new light on the consequences of family ownership heterogeneity on innovation.
Keywords:
- Family firms,
- R&D,
- Innovation,
- Socioemotional wealth,
- Ownership dispersion
Resumen
El objetivo principal de esta investigación es examinar la relación entre la dispersión de la propiedad familiar y las inversiones en I+D. Basándonos en la perspectiva de la riqueza socioemocional y el enfoque de mixed gamble, este artículo sugiere que la dispersión de la propiedad familiar está relacionada positivamente con los gastos de I+D. Sin embargo, esta relación positiva se debilita cuando la empresa evoluciona en mercados muy turbulentos. Los análisis empíricos de una muestra de 284 empresas familiares privadas confirman estas predicciones, arrojando nueva luz sobre las consecuencias de la heterogeneidad de la participación accionista familiar en la innovación.
Palabras clave:
- Empresa familiar,
- Empresas familiares,
- I+D,
- Innovación,
- Riqueza socioemocional,
- Dispersión de la propiedad
Appendices
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