The Research On Entrepreneurial Orientation?Diversification And The Growth Of Listed Family Firms

With the continuous development of the private economy,family businesses play an increasingly important role in the national economy,but studies have shown that the general survival rate of family businesses is not high,so how family businesses can grow healthily becomes a concern of scholars and entrepreneurs.With the transformation and upgrading of enterprises,the spirit of innovation and entrepreneurship has gradually become the core competitiveness of enterprises to obtain economic growth.Entrepreneurial orientation describes the process and decision-making of entrepreneurship from a dynamic perspective.It has five characteristics: innovation,advancement,autonomy,risk taking and competitive aggressiveness.In the process of innovation and development of enterprises,in order to reduce risks,enterprises will adopt a diversified business strategy.The resource-based view holds that diversification is a strategic behavior for companies to gain competitive advantage.The influence of family business entrepreneurship on diversification will be restricted by social emotional wealth.Social emotional wealth will affect the acquisition and utilization of family business resources,which will affect the relationship between entrepreneurial orientation and diversification of family business,and the degree of diversification will also affect business growth.Based on the perspective of resource-based view and social emotional wealth,this paper explores the relationship between entrepreneurial orientation,diversification,family ownership involvement,family management involvement and corporate growth.The data was collected and screened on the CSMAR data platform,and a total of 1,445 listed family businesses were selected as research samples.The conclusions drawn from theoretical analysis and empirical research are as follows:(1)the entrepreneurial orientation and the growth of the family business are in a inverted U-shaped relationship.The improvement of the entrepreneurial orientation will promote the growth of the enterprise.However,when the entrepreneurial orientation is increased to a certain extent,the further improvement of the entrepreneurial orientation will inhibit the growth of the enterprise;(2)corporate diversification has a mediating effect on the relationship between entrepreneurial orientation and family business growth.Entrepreneurial orientation and diversification also present an inverted U-type relationship.The higher the entrepreneurial orientation,the higher the degree of diversification,the more favorable the growth of the enterprise.When theentrepreneurial orientation reaches a certain level,it will inhibit the degree of diversification and thus inhibit the growth of the company;(3)the degree of family management involvement has a significant positive moderating effect on the inverted U-type relationship between entrepreneurial orientation and diversification.The higher level of family involvement strengthens the positive role of entrepreneurial orientation in diversification and reduces the negative effect of entrepreneurial orientation to diversification.The innovative contribution of this paper lies in three aspects: First,the research entry point is unique.Few studies have used diversification strategy as a path to explore the impact of entrepreneurial orientation on corporate performance.Based on the theory of entrepreneurial strategy,this article believes that a family enterprise with entrepreneurial orientation will have an important impact on the strategic resource management of the enterprise and then affect the growth of the enterprise;Second,this paper delivers some new research points of view.Changing the research and analysis level from the enterprise to the family is the basis for distinguishing this research from previous research.This article combines the theoretical system of SEW,from a new perspective,and divides family involvement into two dimensions: family ownership involvement and family management involvement to explore the relationship between entrepreneurial orientation and diversification strategies and corporate growth;Third,this paper strives to make public data quantitative analysis.This paper adopts public data empirical research methods,and uses financial indicators to study the issues of entrepreneurship orientation and corporate growth of listed family companies,which complements previous studies to a certain extent.