Board Capital,R&D And Corporation Growth In GEM-Family Involvement As A Moderator

There are so many high-tech,high-growth and young start-up companies in GEM of our country.It is the fastest-growing market for innovative and innovative enterprises in the world.Its sustainable development plays an important role in the national economy.Most corporations are in the early stages of their life cycle,facing high uncertainty and achieving sustainable and healthy growth are issues that start-ups must think about.As a main way to obtain long-term competitiveness for enterprises,R&D is crucial to the stable development of GEM companies.And the board directors who has the highest decision-making power determined the R&D of the company and further affected the growth of the listed companies on the GEM Board..However most of them follow the logical paradigm of "board capital-performance" without considering the mediating effect of R&D investment.The logical jump is too large.In addition,the family business is an important part of the GEM market.The particularity of its internal governance,such as the involvement of family management,will affect the decision-making or implementation of the board of directors.The moderate effect of family management is still scarce.The research on board behavior research and family management can not be integrated into a theoretical framework,which makes the logic framework not conform with the practice.Based on the Resource Dependence Theory,this paper establishes the mechanism of "board capital-R&D investment-company growth" of the GEM listed companies,taking the board capital as the explanatory variable and the research and development investment as the mediating variable,the growth of the company as explained Variables and family management interventions as moderate variables.This paper selects China GEM listed companies from 2011 to 2015 as the research sample,uses Bootstrap technology to verify the role of board capital through R&D investment in the growth of the company,and verifies that family management is involved in the impact between board capital and R&D investment.Based on serious empirical test,this article draws the following conclusions:First,the heterogeneity of board capital has a significant positive impact on R & D investment of listed companies.Second,the embeddedness of the board capital has a significant positive impact on the R & D investment of listed companies in the GEM.Third,R&D investment has a mediator effect between board capital and business growth.Fourth,the involvement of family management has a negative moderate effect between board capital and R & D investment and it also have negative influence of the former mediator effect..The innovations of this paper mainly include:(1)The research paradigm of "structure-behavior-performance" has been developed.On the basis of constructing a theoretical model of mediator-moderator effect,we further verify the mediator effect of R& D investment and the moderator effect of family management.The mediator-moderator model is an extension of the traditional mediation effect model.(2)It verifies that the involvement of family management influences the decision-making of R & D investment on the board directors.This paper explores the moderator effect of family management on the relationship between board capital and R & D investment by using family members as chairman and / or general manager.It breaks through the existing literature that only focuses on the direct impact of family management on R&D investment,Ignoring the board's core decision-making functions.