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Family firms, sustainable innovation and financing cost: Evidence from Chinese hi-tech small and medium-sized enterprises

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  • Xiang, Dong
  • Chen, Jiakui
  • Tripe, David
  • Zhang, Ning

Abstract

Using a large sample of hi-tech Chinese small and medium-size enterprises (SMEs), we examine whether family-owned businesses (FBs) can display more efficient use of innovation resources than non-FBs. We find that though family firms invest less in innovation input i.e. R&D expenditure, they outperform the non-FBs in terms of innovation output i.e. sales of new products or technology. We also find that the higher conversion rate of innovation input into output is closely related to financial constraints on innovation. The results suggest that the interaction between family ownership and financing cost has a significant negative effect on innovation, measured by R&D intensity and innovative sales. In addition, knowledge derived from competitors, universities and industry associations can effectively enhance innovative sales.

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  • Xiang, Dong & Chen, Jiakui & Tripe, David & Zhang, Ning, 2019. "Family firms, sustainable innovation and financing cost: Evidence from Chinese hi-tech small and medium-sized enterprises," Technological Forecasting and Social Change, Elsevier, vol. 144(C), pages 499-511.
    • Handle: RePEc:eee:tefoso:v:144:y:2019:i:c:p:499-511
    DOI: 10.1016/j.techfore.2018.02.021
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    More about this item

    Keywords

    Small and medium-sized enterprises (SMEs); Innovation input; Innovation output; Family firms; Financing cost; China;
    All these keywords.

    JEL classification:

    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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