关键词:

夫妻共治, 战略风险担当, 家族企业

Abstract:

Strategic risk taking is essential for organizations to achieve their long-term development goals. Whether the co-governance model of husband and wife partners in strategic risk decision-making of enterprises expresses itself as a containment behavior or a long-term promotion behavior is an important academic question that has not yet received much attention. Based on the data from family firms in Shanghai and Shenzhen stock markets from 2008 to 2016, this paper draws the following conclusions: Firstly, the motivation of strategic risk-taking in family firms co-governed by couples is insufficient. Secondly, the regional cultural environment affects the strategic “security” of husband and wife partners. Specifically, regional clannishness strengthens the relationship between spousal co-governance and strategic risk-taking, while regional marital openness weakens the relationship. Additionally, the stronger the checks and balances of non-family major shareholders on husband and wife partners, the higher their level of strategic risk bearing. Thirdly, further analysis indicates that the effect of husband and wife co-governance on strategic risk taking is influenced by family system factors, i.e., children's involvement in management mitigates the negative effect of husband and wife co-governance on strategic risk taking, and in-laws’ involvement in management strengthens the couple partners’ strategic risk aversion motivation. These findings enrich our comprehension of how family membership heterogeneity influences strategic management within the Chinese context. Specifically, the study offers a fresh lens on how marital partnerships in family enterprises shape corporate strategic risk-taking.

Key words:

husband and wife co-governance, strategic risk taking, family firms

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