Drawing on agency and behavioral perspectives, we disentangle two critical determinants of innovation strategies among family firms, namely, the family’s wealth concentration (WC) in its business and the family’s emphasis on family-centered goals (FCGs). Our results from a survey of Australian family firms show opposite and completely independent effects of WC and family-centered noneconomic goals on family firms’ innovation strategies. While higher WC is negatively associated with firm innovation, a greater emphasis placed on family-centered noneconomic goals has a positive impact, which seems to be the key determinant of innovation strategies in family firms.

中文翻译：

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家族企业的创新：财富集中与以家族为中心的目标的相对影响

借鉴代理和行为的观点，我们解开了家族企业创新战略的两个关键决定因素，即家族在其业务中的财富集中度 (WC) 和家族对以家族为中心的目标 (FCG) 的重视。我们对澳大利亚家族企业的调查结果表明，WC 和以家族为中心的非经济目标对家族企业创新战略的影响是相反且完全独立的。虽然较高的 WC 与企业创新负相关，但更加强调以家族为中心的非经济目标会产生积极影响，这似乎是家族企业创新战略的关键决定因素。