Prior literature establishes a link between family involvement and the firm financial performance. However, the mechanisms through which family involvement in a firm affects its financial performance in different institutional settings are largely unknown. Using an unbalanced panel of 3,322 listed firms from 32 countries over a 9-year period, we find that family involvement in ownership and management on average has negative effects on financial performance. Moreover, the negative effect of family ownership is less profound in countries with good institutional quality. We further find that R&D intensity partially mediates the negative relationship between family involvement and the firm financial performance, but the mediation effect is conditional on the degree of institutional quality in a country. These findings advance the family business, innovation, and institutional literature, and offer important implications for theory and practice.

中文翻译：

---

家族参与与公司绩效：揭示关键机制的全球研究


先前的文献建立了家庭参与与公司财务业绩之间的联系。然而，家族参与公司影响其在不同机构环境中的财务表现的机制在很大程度上是未知的。使用来自 32 个国家/地区的 3,322 家上市公司在 9 年期间的不平衡小组，我们发现家族参与所有权和管理平均对财务业绩有负面影响。此外，在制度质量良好的国家，家族所有权的负面影响不那么深远。我们进一步发现，研发强度部分中介了家庭参与与公司财务绩效之间的负相关关系，但中介效应取决于一个国家的制度质量程度。这些发现推动了家族企业、创新和制度文献的发展，并为理论和实践提供了重要意义。