关键词:

家族涉入管理, 客户稳定度, 代际传承阶段, 社会情感财富

Abstract:

Stable supply chain is an important guarantee for sustainable development of family businesses. This paper investigates the impact of family involvement in management on customer stability and explores the moderating role of intergenerational succession process by using family firms listed in China’s Shanghai and Shenzhen A-share markets from 2009 to 2022. The empirical results show that the increase in family involvement in management could significantly improve the customer stability of family firms. Both the second-generation participation in management and two generations’ co-governance strengthen the positive effect, while second-generation succession does not exert moderating effect. The mechanism test shows that the increased family involvement in management can strengthen trust and boost efficiency, thereby stabilizing customer relationship. It is also found that the customer stability enhanced by the increased family involvement in management could remarkably improve long-term value of family firms. This paper reveals how family involvement in management affects customer stability. Family firms will also benefit from taking effective measures to optimize the top management team to improve the quality of supply chain management by establishing a stable relationship with supply chain partners, which contributes to the virtuous circle of domestic economy from a micro perspective.

Key words:

family involvement in management, customer stability, intergenerational succession process, socioemotional wealth