Cross-Generational Resource Differences And Corporate Performance Of Family Enterprises

From the perspective of resource-based view,this paper analyzes the mediating effect of cross-generational transformation of entrepreneurship and the regulating effect of regional institutional environment.The relationship between the heterogeneous structure of resources among the first and second generations of entrepreneurs and their business performance is also analyzed.On the basis of theoretical analysis,this study has conducted an empirical analysis on 338 Chinese listed family enterprises that have completed the succession of the first and second generations since 1998.The results show that the heterogeneity of second-generation resources in the intergenerational succession process of family business will lead to the improvement of business performance,and the cross-generational transformation of entrepreneurship plays a mediating role between the two.The results also show that the regional institutional environment can positively adjust the relationship between the heterogeneity of resources and the business performance of family enterprises.The more developed the regional institutional environment in which the family enterprises are located,the more obvious the positive effect of heterogeneous resources on the business performance.The innovation of this paper mainly includes the following aspects:(1)Starting from the perspective of resource-based view,this paper focuses on the difference of resources,breaks the previous studies on family business inheritance which only focused on the direct effect of resources on performance,and enriches and expands the relevant theoretical research on family business.(2)It verifies the mediating effect of cross-generational transformation of entrepreneurship between heterogeneous resources and business performance,and verifies the impact of entrepreneurial behavior of family enterprises on performance in the future development planning process.(3)Considering the influence of market environment factors on family business inheritance,this study uses the empirical analysis method to examine the regulatory effect of regional institutional environment on the business performance of family business in the process of intergenerational inheritance.This study is conducive to a comprehensive understanding of the influencing factors of intergenerational inheritance from the perspective of resources.It enriches the relevant theories of intergenerational inheritance of family enterprise,the transformation of economy under the background of family businesses and makes a significant contribution to the inheritance and sustainable operation of family enterprises in the context of transition economy.At the same time it provides theoretical guidance for family enterprises to cultivate second-generation inheritors and carry out succession in the actual process.This study mainly uses SPSS 21.0 for empirical analysis,and the results show that family heterogeneous resources has a positive effect on cross-generational entrepreneurship,and affects the business performance through intergenerational entrepreneurship.It fully demonstrates that intergenerational heterogeneous resources play an important role in the development of family business after succession,and cross-generational entrepreneurship plays a mediating role in this process.