| Summary: | 碩士 === 中原大學 === 國際經營與貿易研究所 === 101 === Family-owned businesses are commonplace throughout the world. However, despite growing interest in the topic of how corporate governance and ownership could affect innovation, research on innovative family-owned firms remains limited. The few number of studies focused on innovation in family firms provides somewhat mixed results.
By using a sample of Chinese listed firms from Shanghai A shares and Shenzhen stock markets over the period of 2001 to 2011, this paper analyzes the relationship between family ownerships and innovation. In our study, we explore the innovative performance of firms in China from the perspective of family ownership. Ordinary Least Square (OLS) and Quantile Regression are used to examine how family ownership influences innovation in a firm. In our model, the number of patents is used as proxies for innovation, while other types of ownership structures, corporate characteristics, industry dummies, year dummies, and event dummies are utilized for controlling variables. Our results show a positive relationship between innovation and family ownership structures. A higher quantile shows a higher coefficient between family ownership and the number of patents, indicating that the family-owned firms prefer to engage in innovative processes from a long-term perspective.Several valuable implications are provided to investors and corporate decision makers.
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