如何在家族成员内部建立有效的治理机制是家族企业研究的关键问题之一.基于各个家族成员的偏好存在差异且追求其自身效用最大化这一假设,分析家族成员内部的权力集寸’度对企业绩效的影响程度以及这种影响的受制条件.实证结果表明:相对于线性关系,倒U型假设更有助于解释我国家族上市公司的家族成员内部权力集中度与经营绩效之间的关系;企业的经营多样性和经营规模对家族成员权力集中度的功效起到显著的调节作用.
One of the key questions in family firm research is how to establish an effective corporate governance structure among family agents. Based on the assumption that family agents have different preferences in economic and noneconomic goals and pursuit their own maximal utility, we studied the impact of powei concentration among family members on firm performance, and we also explored the moderators' effect on i.s impact. Our empirical findings indicate that the power concentration among family members has an inverted U- shaped, rather than linear, relationship with firm performance, and that the degree of business diversifi :ation and firm size have significant moderating effects on this relationship.