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| The Impact of Intergenerational Succession Stages on Innovation Investment of Family Businesses with the Moderating Effects of Inheritor Characteristics |
| YAN Ruosen，WU Mengxi，LI Hao，YUAN Jing |
| Wuhan University, Wuhan, China |
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Abstract This study uses the listed family businesses in China from 2012 to 2018 as the research samples to empirically research the impact of the intergenerational succession stages on the innovation investment of family businesses. The moderating effects of two inheritor characteristic variables, namely the founder status of parents and internal training time of second-generation, are discussed in two stages respectively. The results show that: ①compared with the family businesses without intergenerational succession, the family businesses in the second-generation involvement management stages have lower innovation investment, and compared with the family businesses in the second-generation involvement management stages, the family businesses in the second-generation takeover management stages have higher innovation investment; ②the founder status of parents has a significantly negative moderating effect on the relationship between the second-generation involvement management and innovation investment, while internal training time of second-generation has a significantly positive moderating effect on the relationship between second-generation takeover management and innovation investment.
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Received: 13 December 2020
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