Research On The Influence Of Aspiration GAP On The Innovation Input Of Family Firms

As an important part of China's implementation of the innovation strategy,strengthening the innovation vitality of private enterprises plays an important role in promoting the implementation of China's innovation-driven development strategy.From the perspective of behavioral theory,prospect theory and performance feedback theory,many scholars believe that aspiration gap is an important factor affecting enterprises' risk behaviors such as innovation,and discuss the influence of various moderators on the relationship between aspiration and innovation.At present,only a few researches focus on the family firms.Family firms are widely existed in the world economy.Family firms widely exist in the world economy.Due to great differences in economic foundation and ways to protect social emotional wealth,family firms have more different willingness and ability to innovate in the context of different aspiration gap,and their innovation behaviors are very different.Therefore,it is significant to study the relationship between aspiration and innovation input in the context of family firms.Based on the research of previous relevant literature,this paper starts from the perspective of aspiration gap,and studies the relationship between the innovation input of family firms and the performance both below and above aspiration level,and focuses on the moderating effect of the characteristics of family firms in the aspects of family involvement and intergenerational inheritance.In this paper,a total of 380 listed family enterprises in China were taken as samples from 2011 to 2016,and a total of 2,031 nonequilibrium panel data were obtained.Statistical software STATA14.0 was used to conduct data analysis and test research hypotheses.The empirical results of this paper show that :(1)the performance above aspiration level is negatively correlated with the innovation input of family enterprises,and the performance below aspiration level is inversely u-shaped with the family innovation input;(2)the involvement of family management has a positive moderating effect on performance above aspiration level and innovation input of family firms,and a negative moderating effect on performance below aspiration and innovation input of family firms;(3)family inheritance has a positive moderating effect on performance above aspiration level and innovation input of family firms,while has a negative moderating effect on performance below aspiration and innovation input of family firms.Based on the above research results,this paper proposes management suggestions for the management of family firms in China to promote the innovation.