Family Firms and Research and Development Investment: The Moderator Effect of the Board Composition

Guadalupe del Carmen Guadalupe del Carmen; Karen Watkins-Fassler; Lázaro Rodríguez-Ariza; Carolina Reyes-Bastidas

doi:10.24310/ejfbejfb.v13i1.16065

Autores/as

Guadalupe del Carmen Guadalupe del Carmen Universidad Autónoma de San Luis Potosí México https://orcid.org/0000-0001-8241-0385
Karen Watkins-Fassler Instituto Tecnológico Superior de Misantla, Mexico / Universidad Internacional de La Rioja, Spain México https://orcid.org/0000-0002-2715-9420
Lázaro Rodríguez-Ariza University of Granada, Spain España https://orcid.org/0000-0002-5650-7703
Carolina Reyes-Bastidas Universidad Mariana, Colombia Colombia https://orcid.org/0000-0002-3903-8597

DOI:

https://doi.org/10.24310/ejfbejfb.v13i1.16065

Palabras clave:

Teoría de la agencia, Empresas familiares, Latin América, Investigación y desarrollo, Riqueza socioemocional

Agencias: Premio a la Investigación en Empresa Familiar Latinoamericana Universidad de Monterrey México

Resumen

Desde la perspectiva de las teorías de la agencia y socio-emocional, el comportamiento innovador de la empresa familiar difiere del de las empresas no familiares. Se investiga la relación entre el elemento familiar y la inversión en investigación y desarrollo (I+D), y cómo el efecto moderador de la composición del consejo incide en esta relación. Se utiliza un panel de datos conformado por 1,284 observaciones-año durante el periodo 2004-2014 para Argentina, Brasil, Chile y México. Los resultados econométricos muestran que las empresas familiares incrementan la inversión en I+D cuando se incluye el efecto moderador de la composición del consejo. Por ejemplo, consejos de mayor tamaño, la independencia del consejo, la dualidad COB-CEO y la presencia de mujeres en el consejo motivan a una mayor inversión en I+D y gastos de capital. Los resultados confirman que la composición del consejo constituye un mecanismo supervisor de las acciones de los miembros de la familia, lo que motiva a un incremento en la adopción de estrategias de innovación, y sugiere que las empresas familiares promueven una orientación de largo plazo con el fin de preservar la riqueza para las próximas generaciones. Esta investigación contribuye a la literatura internacional estudiando una región no explorada en la literatura previa y caracterizada por un marco institucional débil y menores tasas de inversión en I+D en comparación con otros países emergentes.

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