关键词: 家族创始人 , 职业经历 , 风险承担

Abstract:

Based on the heterogeneity of founders own characteristics, this paper investigates the relationship between family founders work experiences and corporate risktaking We find that compared with firms controlled by founders who had worked in nonprivate sectors prior to their entrepreneurship, firms controlled by founders with private sectors experiences are more risktaking Further, the positive association between founders private sector working experiences and corporate risktaking is stronger when the firm locates in more competitive industry These findings imply that family founders used to work in the private sector prefer risk taking, thus their firms are more likely to exhibit higher risk This paper develops the research which concerns family firms risk taking behavior based on agency theory and corporate control theory Findings of this paper could enable investors to better understand corporate risk.

Key words: family founder , work experiences , risktaking