| The healthy and sustainable development of China's private economy represented by family firms is important to the long-term resilience of China's economy.Corporate strategy,as the "steering wheel" guiding the continuous development of the enterprise,is an important foundation for the success of the organization.Family business groups have both similarities and differences.Under the complex institutional environment,the strategic behavior of family business may have heterogeneity.The operational mechanism behind the alienation of strategic behavior within the group is of great significance for observing and understanding the internal development of Chinese family business.In view of this,the research of this dissertation,supported by new institutional economics,economic sociology and strategic economics,conducts a systematic empirical study on the strategic alienation behavior and causal identification mechanism of Chinese family listed companies.Applying the behavioral theory of family firm,strategic economics,organizational behavior theory and related theory,taking the key control allocation of family firm as the core factor,following the path of the organization's strategic management,this paper explores the overall strategy and positioning,innovative strategic behavior,M&A strategic behavior which are a series of key strategic decision-making behaviors and their internal mechanism that determine the development of Chinese family firms in the context of Chinese culture and system,so as to enhance academic contribution to the Chinese family business research and practice.The main research conclusions are as follows:(i)Starting from the basic proposition of the overall strategic choice and strategic positioning of the family enterprise,the strategic behavior of the family enterprise is investigated from two dimensions of the overall level of the family enterprise and the level of the difference within the family enterprise group.The study found that,compared with non-family private firms,family firms have a stronger openness in the selection of corporate strategy,which indicates that family leaders of firms are more enterprising and innovative entrepreneurs.Further,it found that the family business group internal control configuration based on "relationship" of difference form significant taxonomic characteristics,based on the relationship of husband and wife should be the family business on the company's overall strategy has significant openness,more willing to adopt a pioneering strategic positioning,and at the same time,on the basis of blood relationship of father and son to rule the family business,the company's overall strategic and openness has significant characteristics,although did not show on the strategic positioning of radical trait,but father and son should be more willing to adopt analytical strategy.It can be seen that father and son co-governance has a stable and innovative coexistence of family business strategy style.While the other two types of family firms showed a defensive strategy style of strategic positioning.Internal performance of the family firm group shows that the difference of the clan leaders and core members of the family business,and the resulting power configuration,the relationship between personality traits under the heterogeneity of solidarity and collaboration,support each other on the basis of trust to have a fundamental effect on the company's strategy.Further research shows that the shareholding level of family members has a significant positive effect on the strategic choice and positioning of the company,and the overall corporate strategic choice of the family firm can significantly promote the sustainable development of itself.(?)Endogenous innovation strategy is an important part of family business strategy.The research of the paper finds that(a)compared with the non-conjugal controller family business,the conjugal controller family business has a significant positive impact on firms' innovation level;(b)husband and wife joint management can significantly promote the innovation level of family firms;(c)in the family enterprise jointly managed by husband and wife,the authority difference between husband and wife inhibits the innovation;(d)as one of the actual controllers of the family business,the wife has professional and technical human capital to enhance the innovation of the family business under the joint management of husband and wife.(?)Merger and acquisition strategy is an important exogenous strategy for family firms to achieve strategic transformation quickly.Based on the sample of A-share listed Chinese family firms,this paper makes an in-depth investigation into the commonness and difference of the group of family firms in the strategic behavior of enterprise merger and acquisition,and looks for the internal regular influencing factors.Using 2007-2018 Chinese family listed companies as the initial sample,the basic study found that compared with family business which the actual controllers are huaband and wife,which the actual controllers are brother and sister,which the actual controllers are a single natural person control,the family firm whose actual controllers are fathers and sons showed stronger strategic behavior strategy of openness in corporate acquisition strategy.Further research shows that "father and son co-governance" family firms have different power allocation structures in the process of intergenerational inheritance,which leads to the different changes and strategic manifestations in the organizational form of "father and son co-governance" family firms.Specifically,in the patriarchy dominant of family firms under the control of the structural configuration,the founder at the helm of the family business,the second generation successor to participate in the company management,the family business tend to be more conservative,and the frequency of mergers and acquisitions,mergers and acquisitions scale strength and diversified mergers and acquisitions showed no more radical strategic change.Leading two generations in the "second generation successor authority to rule" family finns under the control of the structural configuration,the second generation successor obtain the absolute power of the company,in order to be able to establish and consolidate the second generation family leader's authority,to guarantee sustainable development of family firms,the second generation successor shown more open strategic change.Under different power structure configuration difference for two "power-sharing between father and son of family firms,from the perspective of anthropology,sociology,this article explores the influence of multiple heirs on the company's M&A strategy in patriarchy dominant of the family business.Research conclusions show that more than two children are involving to participate in the family enterprise management,so as to the more frequently companys' mergers and acquisitions behavior,the more strength of M&A in order to promote family business new territory innovation,to improve the probability of become a family business the second generation leader.It the completion of intergenerational family business inheritance stage,the founder of the father has retreated into the background and the power of the family business and the fate of its future development are gradually transferred to the successor.At this stage,the gender difference of the family leader has a growing influence on the company's M&A strategy.Female family business leaders show a relatively conservative and steady style of strategic change in corporate merger and acquisition strategy.It can be seen that there are abundant heterogeneous characteristics of power allocation and gender differences in the group of "father and son co-governance" of family firms,which lead to differences in behavioral models of family leaders' personality traits and bring influences to the company.The research of this paper has both academic contribution and practical value.Academic contributions are mainly reflected in the following:(?)Break through the explanation path of China's "chaxu geju ",integrating the theory of new institutional economics,organizational behavior theory and economic sociology theory,the paper investigates the economic behavior of Chinese family listed firms under the allocation of control rights of family firms based on the behavioral characteristics of entrepreneurs in family firms.Chinese family firms not only have the common features of global family firms,but also have their unique Chinese cultural imprint.The uncertainty of institutional environment and the conflict and integration of global cultures make the development of family firms evolve from a "flat" differential order pattern to a "three-dimensional" and "whirlpool" cooperative pattern.The evolution of family social network structure has important theoretical and practical significance for the reconstruction of China's social and economic norms and systems with family as the core unit.(?)The paper focuses on the influence of the actual controller of the family business on the company's strategic behavior and enriches the relevant theories and literatures in the field of corporate strategic management.Existing research is less focus on the family enterprise strategic management.As early as in 2005,the study of family business and strategic management was discussed,most of the studies focus on the family enterprise strategic management under the western civilization,there is little the family enterprise strategic research concerning China's situation,this research attempts to examine the actual control the influence of heterogeneity on the company's strategic decision,dig under the background of China's institutional change complexity,characteristic of the Chinese private entrepreneurs and their behavior impact on corporate strategy mechanism,in which supplement and enrich the strategic management of the existing literature.(?)The paper has enriched the research on corporate innovation strategy of conjugal co-governance family firms constructed on the basis of marriage.Existing literatures mainly take the whole family business as the research object to form a comparative study with non-family business to investigate its influence on the innovation level(Block et al.,2012;Cucculelli et al.,2016).Different from previous studies,this paper,starting from the dual relationship between husband and wife controller,cut into the family enterprise and analyzed the influence of the structural heterogeneity within the family on corporate innovation.At the same time,it also enriched the economic sociology,family economics and organizational theory,corporate governance and other fields' related research.The research of this paper is embedded in the macro context of institutional culture,investigating the impact of different conjugal traits and cooperation modes on innovation,deepening the research on conjugal relationship,the most important unit in social structure,and enriching the company theory from a multi-disciplinary perspective.(iv)The paper enriches the research on the characteristics of corporate merger and acquisition strategy of "father and son co-governance" family firms based on blood relationship.Although existing literature to explore the background of intergenerational inheritance,think that entrepreneur's motivation of cognitive structure,values,management and the external environment have an impact on the family enterprise strategic change(Crossland and Hambrick,2011),but to explore from the perspective of company merger and acquisition strategy "father and son to rule" the influence of the heterogeneity of the internal structure of family enterprise is based on the past research of innovation to explore further.Under the cultural traits of family culture as the core,the relationship between parents and children in the special stages of family business succession has special significance,parents and children both for family prosperity to undertake the mission of paternalistic leadership,and vary in age,education background and life experiences of individual heterogeneity,which makes "powersharing between father and son of the family enterprise internal power structure heterogeneity influence on company mergers and acquisitions strategy more theoretical and practical significance.Therefore,this dissertation explores the influence mechanism of the dynamic characteristics of intergenerational inheritance on the strategic behaviors of mergers and acquisitions in the context of "father and son cogovernance",enriching the theory of family business behavior.In addition,the study of this paper also has a strong practical significance.Opening the family listed companies within the organization black-box is helpful for stakeholder groups on the capital markets provide important reference information.At the same time,the research conclusion of this paper can also help us to look more rational in the process of the development of Chinese family firms produced by the internal power and differentiation,as a result of organization structure change as a result.From macroinstitutional change to micro-individual behavior,it provides beneficial practical guidance for the management practice of family firms.It enables the academic practice circle and the public to have a more rational understanding of the behavioral characteristics displayed in the development process of Chinese family business.The development of market economy cannot be separated from the free market subject.The internal system reform of private firms with family business as the core is the endogenous force in the process of marketization. |
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