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

摘要：

稳定供应链是家族企业实现可持续发展的重要保障。以2009~2022年中国沪深两市A股家族上市企业为研究对象，从家族涉入管理视角探究对客户稳定度的影响以及代际传承阶段的调节作用。研究发现，家族涉入管理程度提高能够显著改善家族企业的客户稳定度，二代参与管理及两代共同管理能够增强家族涉入管理程度对客户稳定度的积极影响，但二代接收管理对家族涉入管理程度与客户稳定度之间关系不具有显著调节作用。作用机制检验发现，家族涉入管理程度提高通过信任强化和效率赋能进而稳定客户关系。经济后果分析发现，家族涉入管理程度提高带来的客户稳定度提升能够显著改善家族企业长期价值。研究结论对于探究家族涉入管理程度影响客户稳定度的内在机理具有一定参考价值，也有利于家族企业采取有力措施优化高管团队结构，助力家族企业获得稳定客户，改善供应链管理质量，从微观层面助力国内经济的良性循环。

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