Proceedings of The 8th International Conference on Business, Management and Economics
Year: 2023
DOI:
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Research On the Influence of Family Business Governance Structure on Business Performance
Xu Han
ABSTRACT:
As a large part of China’s enterprise economy, the development of family business will directly affect China’s economic development. In this context, this paper takes the family enterprises listed on the main board of Shenzhen and Shanghai A-shares as a sample, combines relevant research at home and abroad, takes the governance structure of family enterprises as the independent variable, and divides it into four dimensions, namely equity concentration, equity checks and balances, board size and executive compensation, takes enterprise growth as the intermediary variable, R&D personnel investment as the regulating variable, and business performance as the dependent variable, constructs a theoretical relationship model, puts forward research hypotheses, and conducts empirical analysis. The results show that in the governance structure of family enterprises, equity concentration, equity checks and balances, and executive compensation are significantly positively correlated with business performance, board size and business performance are significantly negatively correlated, corporate growth plays a mediating role in the influence of family enterprise governance structure on business performance, and R&D personnel investment plays a regulating role in the impact of family enterprise governance structure on business performance. Based on this, the following countermeasures and suggestions are proposed: first, standardize the setting of the equity structure of family enterprises and improve the size of the board of directors of family enterprises; Second, establish an incentive system for senior managers; Third, improve the effectiveness of enterprise R&D investment.
Keywords: Business performance, Enterprise growth, family business, Governance structure, R&D personnel input