Las empresas familiares y la inversión en investigación y desarrollo: El efecto moderador de la composición del consejo

Autores/as

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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2023-06-29

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Guadalupe del Carmen, G. del C., Watkins-Fassler, K., Rodríguez-Ariza, L., & Reyes-Bastidas, C. (2023). Las empresas familiares y la inversión en investigación y desarrollo: El efecto moderador de la composición del consejo . European Journal of Family Business, 13(1), 71–91. https://doi.org/10.24310/ejfbejfb.v13i1.16065

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