家族承诺何以影响企业的风险承担?
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摘要
企业创新创业活动具有很强的风险承担属性,创新创业研究离不开对风险承担的关注。本文考察家族承诺对家族企业风险承担的影响机制,基于2015年全国范围内非公有制企业调研,对877个家族企业样本的研究结果显示,家族承诺正向促进企业的风险承担,企业长期导向在家族承诺和企业风险承担的关系中起部分中介作用。通过引入企业长期导向,文章弥补了家族涉入到企业产出之间"缺失的一环"。与此同时本文验证了企业长期导向在中国家族企业情境下,并非有碍而是促进了家族企业风险承担。
In contrast,most of the family businesses in China lie in relatively low-tech,low-cost and low value-added industries. Under the background of supply-side reform advocated by the government based on innovation and entrepreneurship,researching and analyzing how Chinese family enterprises involve in innovation and entrepreneurship activity is an issue of epoch and urgency. But no matter of innovation or entrepreneurship at the firm level is inseparable from the concern of risk-taking. The family commitment is an important indicator of family w illingness that cannot neglect w hen w e study the activities of family firms. Is the family commitment beneficial to the risk-taking? What is the mechanism? Utilizing the unique data w hich includes 877 family firm samples across China,the empirical result show s that family commitment plays positive effect on risk-taking of the firm. And further,the paper finds that long-term orientation of enterprise has a partial mediating effect on the influences of family commitment to risk-taking.The contributions of the study as follow : firstly,past research either compared family and non-family enterprises to study the similarities and differences of risk-taking,or stuck to the study of the influence of family ow nership/management on risk-taking of the firm. From the perspective of family w illingness,this paper explores the relationship betw een family commitment—the family essence —and risk-taking,w hich contributes to the important antecedent of entrepreneurial activity of family firms. Secondly,long-term orientation is a prominent feature of family firms,w hich determines the strategic control of enterprises. We argue that w hen family commitment leads enterprises to focus on long-term orientation strategy,employees do not have too much short-term performance pressure and dismissal pressure. In such an atmosphere,enterprises can be more tolerant and supportive of employees ' failures in risk-taking actions. Through the development the mediating effect of long-term orientation,the article unfolds the role of family factors( family commitment) in influencing family firm activity and expounds the mechanism of the relationship betw een family and enterprise,making complete for the"missing link"betw een the family involvement and the outcome of the family firm. In addition to the above tw o theoretical contributions,this paper also has an empirical result contribution,that is,the results show that the long-term orientation of family business in the Chinese context positively affects risk taking of the firm.Western scholars have disputed theoretical propositions on the above relationship. Lumpkin et al.( 2010) proposed that family firm because of focusing on reputation and family control lead to the long-term orientation negative impact on risk-taking; While Breton-M iller and M iller( 2006) view ed that,the ow ner of family firms— generally have longer tenure compared to non-family firms —can invest in innovation w ithout considering time w indow s,and better integrate human capital and relative innovative know ledge,w hich makes the long-term orientation positive impact on risk-taking. By empirical testing w hich supports the latter's point of view,this article verifies that the long-term orientation of enterprise under the Chinese context does not hinder but instead promotes the risk-taking of the family business.
In contrast,most of the family businesses in China lie in relatively low-tech,low-cost and low value-added industries. Under the background of supply-side reform advocated by the government based on innovation and entrepreneurship,researching and analyzing how Chinese family enterprises involve in innovation and entrepreneurship activity is an issue of epoch and urgency. But no matter of innovation or entrepreneurship at the firm level is inseparable from the concern of risk-taking. The family commitment is an important indicator of family w illingness that cannot neglect w hen w e study the activities of family firms. Is the family commitment beneficial to the risk-taking? What is the mechanism? Utilizing the unique data w hich includes 877 family firm samples across China,the empirical result show s that family commitment plays positive effect on risk-taking of the firm. And further,the paper finds that long-term orientation of enterprise has a partial mediating effect on the influences of family commitment to risk-taking.The contributions of the study as follow : firstly,past research either compared family and non-family enterprises to study the similarities and differences of risk-taking,or stuck to the study of the influence of family ow nership/management on risk-taking of the firm. From the perspective of family w illingness,this paper explores the relationship betw een family commitment—the family essence —and risk-taking,w hich contributes to the important antecedent of entrepreneurial activity of family firms. Secondly,long-term orientation is a prominent feature of family firms,w hich determines the strategic control of enterprises. We argue that w hen family commitment leads enterprises to focus on long-term orientation strategy,employees do not have too much short-term performance pressure and dismissal pressure. In such an atmosphere,enterprises can be more tolerant and supportive of employees ' failures in risk-taking actions. Through the development the mediating effect of long-term orientation,the article unfolds the role of family factors( family commitment) in influencing family firm activity and expounds the mechanism of the relationship betw een family and enterprise,making complete for the"missing link"betw een the family involvement and the outcome of the family firm. In addition to the above tw o theoretical contributions,this paper also has an empirical result contribution,that is,the results show that the long-term orientation of family business in the Chinese context positively affects risk taking of the firm.Western scholars have disputed theoretical propositions on the above relationship. Lumpkin et al.( 2010) proposed that family firm because of focusing on reputation and family control lead to the long-term orientation negative impact on risk-taking; While Breton-M iller and M iller( 2006) view ed that,the ow ner of family firms— generally have longer tenure compared to non-family firms —can invest in innovation w ithout considering time w indow s,and better integrate human capital and relative innovative know ledge,w hich makes the long-term orientation positive impact on risk-taking. By empirical testing w hich supports the latter's point of view,this article verifies that the long-term orientation of enterprise under the Chinese context does not hinder but instead promotes the risk-taking of the family business.
引文
陈凌、王昊2013,“家族涉入、政治联系与制度环境——以中国民营企业为例”,《管理世界》第10期,第130-141页。
陈志军、马鹏程、张芯蕊、闵亦杰,2017,“认知凝聚力、家族承诺感与组织创造力”,《南方经济》第8期,第8-28页。
储小平、李怀祖,2003,“家族企业成长与社会资本的融合”,《经济理论与经济管理》,第6期,第45-51页。
窦军生、吴赛赛,2019,“家族企业中的长期导向研究综述与展望”,《经济管理》,第6期,第194-208页。
李新春,2010,“家族企业的成长困境与持续创业”,《学术研究》,第12期。第65-68页。
刘静、李晓溪、翁宵瞳、王克敏,2016,“家族创始人职业经历与企业风险承担”,《经济理论与经济管理》第8期,第33-46页。
项保华、李庆华,2000,“企业战略理论综述”,《经济学动态》,第7期第70-74页。
杨学儒、窦军生、梁强、罗进辉、朱沆,2018,“新时期中国民营(家族)企业的传承与创新创业问题”,《南方经济》,第8期,第1-7页。
杨学儒、李新春,2009,“家族涉入指数的构建与测量研究”,《中国工业经济》,第5期,第99-109页。
杨学儒、梁强、杨俊、于晓宇、董保宝、朱沆,2018,“新时代的创新创业与家族企业研究:过程、战略与绩效”,《南方经济》,第10期,第1-9页。
张玉利、田新,2010,“创业者风险承担行为透析——基于多案例深度访谈的探索性研究”,《管理学报》,第1期,第82-90页。
张祖安,2010,“以儒家为本——方太如何锻造有信仰的组织”,《北大商业评论》,第10期,第20-29页。
朱仁宏、伍兆祥、靳祥鹏,2017,“言传身教:价值观一致性、家族传承与企业成长关系研究”,《南方经济》第8期,第68-83页。
Anderson,B.S.and Y.Eshima,2013,“The Influence of Firm Age and Intangible Resources on the Relationship Between Entrepreneurial
Orientation and Firm Growth Among Japanese SMEs",Journal of Business Venturing,28(3):413-429.
Anderson,B.S.,P.M.Kreiser,D.F.Kuratko,J.S.Hornsby,and Y.Eshima,2015,“Reconceptualizing Entrepreneurial Orientation",Strategic Management Journal,36(10):1579-1596.
Arregle,J.L.,Hitt,M.A.,Sirmon,D.G.,and Very,P.,2007,"The Development of Organizational Social Capital:Attributes of Family Firms",Journal of Management Studies,44(1):73-95.
Auken,H.V.and Werbel,J.,2006,"Family Dynamic and Family Business Financial Performance:Spousal Commitment”,Family Business Review,19(1):49-63.
Baird,I.S.and H.Thomas,1985,"Toward a Contingency Model of Strategic Risk Taking”,Academy of Management Review,10(2):230-243.
Barney,J.B.,1986,"Strategic Factor Markets:Expectations,Luck,and Business Strategy",Management Science,32(10):1231-1241.
Baron,R. M and D.A.Kenny,1986,The Moderator-Mediator Variable Distinction in Social Psychological Research:Conceptual,Strategic,and Statistical Considerations,London:Chapman and Hall.
Breton-Miller,L.L.and D.Miller,2006,"Why Do Some Family Businesses Out-Compete?Governance,Long-Term Orientations,and Sustainable Capability",Entrepreneurship Theory and Practice,30(6):731-746.
Calantone,R.,Garcia,R,and Droge,C.,2003,"The Effects of Environmental Turbulence on New Product Development Strategy Planning",Journal of Product Innovation Management,20(2):90-103.
Carlock,R.S.and J.L.Ward,2001 Strategic Planning for the Family Business,UK:Palgrave Macmillan.Carnes,C.M.,and Ireland,R D.,2013,"Familiness and Innovation:Resource Bundling as The Missing Link",Entrepreneurship Theory and Practice,37(6):1399-1419.
Chrisman,J.J.,J.H.Chua,A.W.Pearson,and T.Bamett,2012,"Family Involvement,Family Influence,and Family-Centered Non-Economic Coals in Small Firms",Entrepreneurship Theory and Practice,36(2):267-293.Craig,J.,and Dibrell,C.,2006,"The Natural Environment,Innovation,and Firm Performance:A Comparative Study",Family Business Review,19(4):275-288.
Covin,J.G.and D.P.Slevin,1989,"Strategic Management of Small Firms in Hostile and Benign Environments",Strategic Management Journal,10(1):75-87.
Davis,J.H.and M.R Allen and H.D.Hayes,2010,"Is Blood Thicker Than Water?A Study of Stewardship Perceptions in Family Business",Entrepreneurship Theory and Practice,34(6):1093-1116.
De Massis,A.,Kotlar,J.,Chua,J.H.,and Chrisman,J.J.,2014,"Ability and Willingness as Suficiency Conditions for FamilyOriented Particularistic Behavior:Implications for Theory and Empirical Studies",Journal of Small Business Management,52(2):344-364.
Dou J,Su E,Wang S,2017,"When Does Family Ownership Promote Proactive Environmental Strategy?The Role of the Firms LongTerm Orientation",Journal of Business Ethics,DOI:10.1007/s10551-017-3642-z.
Eddleston,K.A.,F.W.Kellermanns and T.M.Zellweger,2012,"Exploring the Entrepreneurial Behavior of Family Firms:Does the Stewardship Perspective Explain Differences?",Entrepreneurship Theory and Practice,36(2):347-367.
Eddleston,K.A.and R.M.Morgan,2014,"Trust,Commitment and Relationships in Family Business:Challenging Conventional Wisdom",Journal of Family Business Strategy,5(3):213-216.
Eisenhardt,K.M.and B.N.Tabrizi,1995,"Accelerating Adaptive Processes:Product Innovation in the Global Computer Industry",Administrative Science Quarterly,40(1):84-110.
Faccio,M.and M.T.Marchica and R. Mura,2016,"CEO Gender,Corporate Risk-Taking,and the Efficiency of Capital Allocation”,Journal of Corporate Finance,39:193-209.
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Fu,Y.and Si,S.,2018,"Does a second-generation returnee make the family firm more entrepreneurial?:The China experience",Chinese Management Studies,12(2):287-304.
G6mez-Mejia,L.R,K.T.Haynes,M.Nunez-Nickel,K.J.Jacobson,and J.Moyano-Fuentes,2007,"Socioemotional Wealth and Business Risks in Family-Controlled Firms:Evidence from Spanish olive oil mills",Administrative Science Quarterly,52(1):106-137.
Hatak,L,Kautonen,T.,Fink,M.,and Kansikas,J.,2016,"Innovativeness and family-Firm Performance:The Moderating Effect of Family Commitment”,Technological Forecasting and Social Change,102:120-131.
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(1)将创业导向作为一个整体维度其共享前因以及后置影响的研究结果常存在分歧,因而目前也有越来越多的学者呼吁将创业导向进行单独研究。
(1)限于篇幅,本文并没有列出回归表。
(1)感谢审稿人非常具有洞察力的建议。
(2)Lumpkin等人的文章从家族的视角所探讨的保持家族控制、保持家族声誉实际上就是社会情感财富的维度。
陈志军、马鹏程、张芯蕊、闵亦杰,2017,“认知凝聚力、家族承诺感与组织创造力”,《南方经济》第8期,第8-28页。
储小平、李怀祖,2003,“家族企业成长与社会资本的融合”,《经济理论与经济管理》,第6期,第45-51页。
窦军生、吴赛赛,2019,“家族企业中的长期导向研究综述与展望”,《经济管理》,第6期,第194-208页。
李新春,2010,“家族企业的成长困境与持续创业”,《学术研究》,第12期。第65-68页。
刘静、李晓溪、翁宵瞳、王克敏,2016,“家族创始人职业经历与企业风险承担”,《经济理论与经济管理》第8期,第33-46页。
项保华、李庆华,2000,“企业战略理论综述”,《经济学动态》,第7期第70-74页。
杨学儒、窦军生、梁强、罗进辉、朱沆,2018,“新时期中国民营(家族)企业的传承与创新创业问题”,《南方经济》,第8期,第1-7页。
杨学儒、李新春,2009,“家族涉入指数的构建与测量研究”,《中国工业经济》,第5期,第99-109页。
杨学儒、梁强、杨俊、于晓宇、董保宝、朱沆,2018,“新时代的创新创业与家族企业研究:过程、战略与绩效”,《南方经济》,第10期,第1-9页。
张玉利、田新,2010,“创业者风险承担行为透析——基于多案例深度访谈的探索性研究”,《管理学报》,第1期,第82-90页。
张祖安,2010,“以儒家为本——方太如何锻造有信仰的组织”,《北大商业评论》,第10期,第20-29页。
朱仁宏、伍兆祥、靳祥鹏,2017,“言传身教:价值观一致性、家族传承与企业成长关系研究”,《南方经济》第8期,第68-83页。
Anderson,B.S.and Y.Eshima,2013,“The Influence of Firm Age and Intangible Resources on the Relationship Between Entrepreneurial
Orientation and Firm Growth Among Japanese SMEs",Journal of Business Venturing,28(3):413-429.
Anderson,B.S.,P.M.Kreiser,D.F.Kuratko,J.S.Hornsby,and Y.Eshima,2015,“Reconceptualizing Entrepreneurial Orientation",Strategic Management Journal,36(10):1579-1596.
Arregle,J.L.,Hitt,M.A.,Sirmon,D.G.,and Very,P.,2007,"The Development of Organizational Social Capital:Attributes of Family Firms",Journal of Management Studies,44(1):73-95.
Auken,H.V.and Werbel,J.,2006,"Family Dynamic and Family Business Financial Performance:Spousal Commitment”,Family Business Review,19(1):49-63.
Baird,I.S.and H.Thomas,1985,"Toward a Contingency Model of Strategic Risk Taking”,Academy of Management Review,10(2):230-243.
Barney,J.B.,1986,"Strategic Factor Markets:Expectations,Luck,and Business Strategy",Management Science,32(10):1231-1241.
Baron,R. M and D.A.Kenny,1986,The Moderator-Mediator Variable Distinction in Social Psychological Research:Conceptual,Strategic,and Statistical Considerations,London:Chapman and Hall.
Breton-Miller,L.L.and D.Miller,2006,"Why Do Some Family Businesses Out-Compete?Governance,Long-Term Orientations,and Sustainable Capability",Entrepreneurship Theory and Practice,30(6):731-746.
Calantone,R.,Garcia,R,and Droge,C.,2003,"The Effects of Environmental Turbulence on New Product Development Strategy Planning",Journal of Product Innovation Management,20(2):90-103.
Carlock,R.S.and J.L.Ward,2001 Strategic Planning for the Family Business,UK:Palgrave Macmillan.Carnes,C.M.,and Ireland,R D.,2013,"Familiness and Innovation:Resource Bundling as The Missing Link",Entrepreneurship Theory and Practice,37(6):1399-1419.
Chrisman,J.J.,J.H.Chua,A.W.Pearson,and T.Bamett,2012,"Family Involvement,Family Influence,and Family-Centered Non-Economic Coals in Small Firms",Entrepreneurship Theory and Practice,36(2):267-293.Craig,J.,and Dibrell,C.,2006,"The Natural Environment,Innovation,and Firm Performance:A Comparative Study",Family Business Review,19(4):275-288.
Covin,J.G.and D.P.Slevin,1989,"Strategic Management of Small Firms in Hostile and Benign Environments",Strategic Management Journal,10(1):75-87.
Davis,J.H.and M.R Allen and H.D.Hayes,2010,"Is Blood Thicker Than Water?A Study of Stewardship Perceptions in Family Business",Entrepreneurship Theory and Practice,34(6):1093-1116.
De Massis,A.,Kotlar,J.,Chua,J.H.,and Chrisman,J.J.,2014,"Ability and Willingness as Suficiency Conditions for FamilyOriented Particularistic Behavior:Implications for Theory and Empirical Studies",Journal of Small Business Management,52(2):344-364.
Dou J,Su E,Wang S,2017,"When Does Family Ownership Promote Proactive Environmental Strategy?The Role of the Firms LongTerm Orientation",Journal of Business Ethics,DOI:10.1007/s10551-017-3642-z.
Eddleston,K.A.,F.W.Kellermanns and T.M.Zellweger,2012,"Exploring the Entrepreneurial Behavior of Family Firms:Does the Stewardship Perspective Explain Differences?",Entrepreneurship Theory and Practice,36(2):347-367.
Eddleston,K.A.and R.M.Morgan,2014,"Trust,Commitment and Relationships in Family Business:Challenging Conventional Wisdom",Journal of Family Business Strategy,5(3):213-216.
Eisenhardt,K.M.and B.N.Tabrizi,1995,"Accelerating Adaptive Processes:Product Innovation in the Global Computer Industry",Administrative Science Quarterly,40(1):84-110.
Faccio,M.and M.T.Marchica and R. Mura,2016,"CEO Gender,Corporate Risk-Taking,and the Efficiency of Capital Allocation”,Journal of Corporate Finance,39:193-209.
Fomell,C.and D.F.Larcker,1981,"Evaluating Structural Equation Models with Unobservable Variables and Measurement Error",Journal of Marketing Research,18(1):39-50.
Fu,Y.and Si,S.,2018,"Does a second-generation returnee make the family firm more entrepreneurial?:The China experience",Chinese Management Studies,12(2):287-304.
G6mez-Mejia,L.R,K.T.Haynes,M.Nunez-Nickel,K.J.Jacobson,and J.Moyano-Fuentes,2007,"Socioemotional Wealth and Business Risks in Family-Controlled Firms:Evidence from Spanish olive oil mills",Administrative Science Quarterly,52(1):106-137.
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(1)将创业导向作为一个整体维度其共享前因以及后置影响的研究结果常存在分歧,因而目前也有越来越多的学者呼吁将创业导向进行单独研究。
(1)限于篇幅,本文并没有列出回归表。
(1)感谢审稿人非常具有洞察力的建议。
(2)Lumpkin等人的文章从家族的视角所探讨的保持家族控制、保持家族声誉实际上就是社会情感财富的维度。
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