Global Strategy Journal最新文献_第10页

A multiple agency view of venture capital investment duration: The roles of institutions, foreignness, and alliances 风险投资持续时间的多代理视角:机构、外来和联盟的角色

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2021-05-11 DOI: 10.1002/gsj.1402

Shyamala Sethuram, Markus Taussig, Ajai Gaur

Research Summary

Venture capital firms (VCs) must simultaneously manage a range of relationships with investors, investees, prospective buyers, and co-investors who frequently exert divergent influences on when investments should be exited. The greater weight of one particular relationship can lead a VC to exit an investment earlier than would maximize returns for that investment. In this study, we utilize a global sample to examine how VC firms' investment duration decisions are shaped by firm-specific and environmental factors. Our findings suggest that VCs are less patient and exit faster when they have less experience, invest in more institutionally challenged host countries, or are foreign and invested in an emerging economy. Importantly, while co-investing with other VCs increases patience in advanced economies, this effect disappears in emerging economies.

Managerial Summary

Agency theory explains why firms commonly capitalize on information advantages created by conditions of uncertainty to prioritize their own private interests over those shared with partners. This article introduces a framework, based on multiple agency theory, to examine the factors shaping the duration of venture capital firms' investments. Our findings, based on a sample of deals across 33 countries, suggest greater patience when host country market institutions are more advanced and venture capitalists themselves have more experience. In emerging economies only, we find that patience is increased by being local or from a foreign country with similarly challenging institutions. Importantly, while co-investing with other venture capitalists increases patience in advanced economies, this effect disappears in emerging economies.

风险投资公司(vc)必须同时管理与投资者、被投资方、潜在买家和共同投资者之间的一系列关系，这些关系经常对何时应该退出投资产生不同的影响。某一特定关系的权重越大，可能导致风投提前退出一项投资，而不是使该投资的回报最大化。在本研究中，我们利用全球样本来检验风险投资公司的投资期限决策如何受到公司特定因素和环境因素的影响。我们的研究结果表明，当风投缺乏经验、投资于制度挑战更大的东道国，或者是外国投资者并投资于新兴经济体时，他们会更缺乏耐心，退出得更快。重要的是，虽然与其他风险投资公司共同投资在发达经济体增加了耐心，但这种效应在新兴经济体中消失了。代理理论解释了为什么企业通常利用不确定条件所产生的信息优势，将自己的私人利益置于与合作伙伴的共同利益之上。本文引入了一个基于多代理理论的框架来考察影响风险投资公司投资期限的因素。我们的研究基于33个国家的交易样本，结果表明，当东道国的市场机构更先进、风险投资家本身更有经验时，人们会更有耐心。我们发现，只有在新兴经济体中，本地人或来自制度同样具有挑战性的外国，才会增加人们的耐心。重要的是，在发达经济体，与其他风险投资家共同投资会增加人们的耐心，但在新兴经济体，这种效应消失了。

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引用次数: 12

When do latecomer firms undertake international open innovation: Evidence from China 后发企业何时进行国际开放式创新:来自中国的证据

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2021-05-06 DOI: 10.1002/gsj.1401

Xiaolan Fu, Yawen Li, Jizhen Li, Henry Chesbrough

Research Summary

While there is a wealth of literature on the benefits of open innovation (OI), little is known about when do latecomer firms undertake international open innovation (IOI) given the related benefits and challenges. This study examines how the characteristics of firms and their surrounding environment affect their engagement with international collaboration. Demand side factors appear to be more significant drivers of IOI in latecomer firms than the pursuit of technology leadership. Market expansion-oriented innovation strategy, international orientation, previous collaboration experiences, and technology intensity of the industry are found to be associated with a high degree of IOI; firms with stronger R&D capacity tend to be less open to international collaboration. Findings from this research are helpful for managers interested in using IOI to promote their companies' innovation performance, and to managers of MNEs or policy makers who would like to understand the international innovation strategy of Chinese firms.

Managerial Summary

Little is known about when do latecomer firms undertake IOI. This study uses a national survey data set of manufacturing firms in China, examining how the characteristics of firms and their surrounding environment affect their degrees of international openness in innovation. Heckman's two-step model is used to test the hypotheses, supplemented with robustness checks. Demand side factors appear to be more significant drivers of IOI in latecomer firms than the pursuit of technology leadership. Market expansion-oriented innovation strategy, international orientation, previous collaboration experiences, and technology intensity of the industry are found to be associated with a high degree of IOI; firms with stronger R&D capacity tend to be less open to international collaboration. Managerial and policy implications are discussed.

虽然关于开放式创新(OI)的好处有大量的文献，但考虑到相关的好处和挑战，对于后发企业何时进行国际开放式创新(IOI)知之甚少。本研究考察了企业及其周围环境的特点如何影响其参与国际合作。在后发企业中，需求方面的因素似乎比追求技术领先地位更为重要。以市场拓展为导向的创新战略、国际化导向、以往的合作经验和行业的技术强度与高IOI程度相关;研发能力较强的公司往往对国际合作不太开放。本文的研究结果对有意利用创新创新促进企业创新绩效的管理者、跨国公司的管理者以及想要了解中国企业国际创新战略的决策者都有帮助。管理总结对于后发公司何时进行IOI知之甚少。本研究采用中国制造业企业的全国性调查数据集，考察了企业特征及其周围环境如何影响其创新的国际开放程度。Heckman的两步模型用于检验假设，并辅以鲁棒性检验。在后发企业中，需求方面的因素似乎比追求技术领先地位更为重要。以市场拓展为导向的创新战略、国际化导向、以往的合作经验和行业的技术强度与高IOI程度相关;研发能力较强的公司往往对国际合作不太开放。讨论了管理和政策影响。

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引用次数: 10

Developing successful assumed autonomy-based initiatives: An attention-based view 开发成功的基于自主的计划：基于注意力的观点

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2021-05-06 DOI: 10.1002/gsj.1403

Andrew Cavanagh, Paul Kalfadellis, Susan Freeman

Research Summary

Adopting the attention-based view of the firm as our principal theoretical lens, we explore the mechanisms by which subsidiaries attract or avoid headquarters attention in developing successful assumed autonomy-based initiatives. To this end, our study utilizes qualitative data from subsidiary and headquarters perspectives in a multiple case study design. Our study reveals that subsidiaries first engage in non-disclosure of assumed autonomy-based initiatives to avoid negative headquarters attention. We then highlight the way in which subsidiaries undertake initiative selling to attract positive headquarters attention; in particular, we identify the unique selling criteria of demonstrable financial success and corporate alignment. Finally, we reveal the importance of timing in balancing the competing dual requirements of non-disclosure and initiative selling.

Managerial Summary

Our paper aims to explore the mechanisms by which subsidiaries attract or avoid attention from headquarters, to ensure that their proactive, autonomous actions facilitate the attainment of an extended role within the MNE. We highlight three mechanisms as especially important here for subsidiary managers. First, we reveal that subsidiaries initially engage in “non-disclosure” of these actions to avoid negative headquarters attention. Second, we discover that subsidiaries ultimately look to demonstrate the financial success and corporate alignment of their autonomous actions. Finally, we emphasize the importance of timing in balancing the requirements of non-disclosure and the “selling” of the subsidiary's actions to headquarters.

采用公司的注意力基础观点作为我们的主要理论视角，我们探讨了子公司在开发成功的假设的基于自主的举措时吸引或避免总部注意的机制。为此，我们的研究在多案例研究设计中利用了来自子公司和总部的定性数据。我们的研究表明，子公司首先不披露假设的基于自主的举措，以避免总部的负面关注。然后，我们强调子公司进行主动销售以吸引总部积极关注的方式;特别是，我们确定了可证明的财务成功和企业一致性的独特销售标准。最后，我们揭示了时机在平衡不披露和主动出售的竞争双重要求方面的重要性。我们的论文旨在探讨子公司吸引或避免总部关注的机制，以确保其主动、自主的行动有助于在跨国公司中发挥更大的作用。我们在这里强调了对子公司经理特别重要的三种机制。首先，我们发现子公司最初“不披露”这些行为是为了避免总部的负面关注。其次，我们发现子公司最终希望展示其自主行动的财务成功和企业一致性。最后，我们强调在平衡不披露要求和向总部“推销”子公司行为的时机的重要性。

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引用次数: 6

A learning portal model of emerging markets multinationals 新兴市场跨国公司的学习门户模式

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2021-05-03 DOI: 10.1002/gsj.1400

Peter Hertenstein, Ilan Alon

Research Summary

The purpose of the article is to explain the mechanisms underlying the internationalization springboard strategies of China's emerging multinationals in the automobile industry. Using a unique combination of location bound (country-specific) and non-location bound (firm-specific) advantages, companies in this industry have overcome their latecomer disadvantages by exploring knowledge from mature markets through backward and forward integration of the value chain, and exploiting this knowledge to enhance their competitive position, first at home, then in emerging markets and later in developed countries. We test and refine springboarding theory and propose the learning portal model. The learning portal model can be used as a new theory of emerging markets multinationals beyond China and the automobile industry.

Management Summary

The globalization of Chinese enterprises is upon us. Chinese enterprises have not only successfully internationalized to other emerging markets, but also to advanced economies. To do so, these firms used springboard strategies to leapfrog certain technological development stages and accelerate their catch-up trajectory with incumbent firms from the advanced economies. This article investigates the catch-up strategies of China's leading automotive companies. We find that Chinese enterprises establish learning portals in mature markets to acquire knowledge and assets, which they first exploit in their home market, before seeking to expand their market share in other emerging markets and finally advanced economies.

本文的目的是解释中国新兴汽车跨国公司的国际化跳板战略背后的机制。利用区位约束(特定国家)和非区位约束(特定公司)优势的独特组合，该行业的公司通过价值链的向后和向前整合，从成熟市场中探索知识，并利用这些知识来提高他们的竞争地位，首先在国内，然后在新兴市场，后来在发达国家，克服了后发劣势。我们测试和完善了跳板理论，并提出了学习门户模型。学习门户模型可以作为中国以外的新兴市场跨国公司和汽车行业的新理论。中国企业的全球化正在向我们走来。中国企业不仅成功地走向了其他新兴市场，也走向了发达经济体。为此，这些公司采用跳板战略，跳过某些技术发展阶段，加速追赶发达经济体现有公司的轨迹。本文研究了中国汽车龙头企业的追赶战略。我们发现，中国企业在成熟市场建立学习门户，获取知识和资产，首先在国内市场进行开发，然后寻求在其他新兴市场和发达经济体扩大市场份额。

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引用次数: 9

The knowledge based view and global strategy: Past impact and future potential 基于知识的观点和全球战略:过去的影响和未来的潜力

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2021-03-27 DOI: 10.1002/gsj.1399

Robert Grant, Anupama Phene

Research Summary

The centrality of knowledge to the global arena has allowed scholars in this area to play a leading role in developing the knowledge-based view (KBV) of the firm. We propose that broadening the KBV to take account of the social constructionist approach to knowledge and the multilevel nature of knowledge processes, can build a more serviceable knowledge-based theory of global strategy. Specifically, we urge research in three directions, the exploration of a KBV of economic organization in a global context, which would encompass macro institutions as well as individuals; focus on the foundational construct of knowledge that would integrate human and machine learning in the global arena; and the creation of a comprehensive framework of knowledge types and knowledge processes across space.

Managerial Summary

Lack of consensus over the nature of knowledge has prevented the KBV from developing into an integrated, stand-alone theory of the MNE, but has not constrained its ability to provide penetrating insights into global strategy and the management of the MNE. Empirical research shows that the processes through which knowledge is generated and applied in the global arena are complex and contextually differentiated. To extend and synthesize our understanding of these complex processes, we propose the development of a knowledge based theory of global strategy. We advocate extending the KBV in three areas, first, consideration of a KBV of organization in a global context that extends beyond the MNE to consider institutions and individuals, second, a focus on knowledge as a key construct to incorporate recent technological advances in artificial intelligence and machine learning, and third, development of a framework of types and processes of knowledge that have implications for management across locations.

知识在全球舞台上的中心地位使这一领域的学者在发展企业知识基础观(KBV)方面发挥了主导作用。我们建议拓宽KBV以考虑社会建构主义的知识方法和知识过程的多层次性质，可以建立一个更实用的基于知识的全球战略理论。具体而言，我们敦促从三个方向进行研究:探索全球背景下的经济组织的KBV，这将包括宏观机构和个人;关注知识的基础构建，将人类和机器学习整合到全球舞台上;以及创建跨空间的知识类型和知识过程的综合框架。缺乏对知识本质的共识阻碍了KBV发展成为一个综合的、独立的跨国公司理论，但这并没有限制它对跨国公司的全球战略和管理提供深刻见解的能力。实证研究表明，在全球范围内产生和应用知识的过程是复杂的，并且在不同的背景下存在差异。为了扩展和综合我们对这些复杂过程的理解，我们建议发展一种基于知识的全球战略理论。我们主张将KBV扩展到三个方面:第一，在全球范围内考虑组织的KBV，超越跨国公司，考虑机构和个人;第二，关注知识，将其作为融合人工智能和机器学习最新技术进步的关键结构;第三，开发对跨地区管理有影响的知识类型和过程框架。

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引用次数: 29

Incidence of cultural, economic, and environmental factors in the emergence of born-global companies in Latin America 拉丁美洲诞生的全球性公司中文化、经济和环境因素的发生率

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2021-02-24 DOI: 10.1002/gsj.1398

Carlos-Javier Prieto-Sánchez, Fernando Merino

Research Summary

This paper examines the effect of key cultural and economic factors on the emergence of born-global (BG) companies. Such factors include the intentions and the growth aspirations of the entrepreneur, as well as the country's characteristics in terms of its income per capita and the complexity of its economic system. The analysis also highlights how the environment affects the importance of the aspirations to be BG. Our work expands the literature on BGs in Latin America by analyzing macroeconomic aspects and specific features of the entrepreneur and the environment as possible determinants of BG character. The results reveal that the entrepreneur's intentions and aspirations, along with environmental factors and the economic growth in Latin America, contribute to a firm's probability of becoming a BG company.

Managerial Summary

Firms that internationalize at an early stage of their life are known as born-global (BG) companies. We analyze the influence that the key cultural factors of a company have on the creation of BG companies. Such factors include the entrepreneur's intentions and growth aspirations, in addition to various economic and environmental factors. The findings show that individual factors, in combination with economic growth, play a more important role than those factors related to the entrepreneur's innovativeness and the level of knowledge intensity associated with a country's export basket.

本文考察了关键的文化和经济因素对诞生的全球(BG)公司的影响。这些因素包括企业家的意图和增长愿望，以及该国在人均收入和经济制度复杂性方面的特点。该分析还强调了环境如何影响成为BG愿望的重要性。我们的工作通过分析宏观经济方面以及企业家和环境的具体特征作为BG特征的可能决定因素，扩展了拉丁美洲关于BG的文献。结果表明，企业家的意图和愿望，以及环境因素和拉丁美洲的经济增长，有助于公司成为BG公司的可能性。在早期阶段就国际化的公司被称为“诞生型全球公司”(BG)。我们分析了公司的关键文化因素对BG公司创建的影响。这些因素包括企业家的意图和成长愿望，以及各种经济和环境因素。研究结果表明，与经济增长相结合的个体因素比与企业家创新能力和与一国出口篮子相关的知识强度水平相关的因素发挥更重要的作用。

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引用次数: 8

Into the unknown: The extent and boldness of firms' international footprint 进入未知:公司国际足迹的广度和大胆程度

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2021-02-19 DOI: 10.1002/gsj.1397

Gábor Békés, Gabriel R. G. Benito, Davide Castellani, Balázs Muraközy

Research Summary

Firms make footprints as they internationalize. Going beyond simple measures of firms' internationalization, we conceptualize and measure the extent of a firm's international footprint as the number of location-mode combinations it is active in, whereas the boldness of the footprint shows how widespread (across modes and locations) firms' international activities are, compared to other firms with similar extent. Extent describes the complexity of international activities, and boldness captures the risk-taking associated with operating in less know contexts. Consistent with a microfoundations lens on global strategy, we find that boldness correlates with managerial risk-taking attributes, while the extent of internationalization strongly correlates with capabilities conducive to managing more complex operations. These measures offer a highly suitable tool for analyzing the relationship between internationalization and performance.

Managerial Summary

Traditional ways of measuring firms' international footprints do not describe well what they do globally. We develop a more nuanced and sharper view of firms' international footprints and a new way of thinking about the roles of complexity and risk-taking in internationalization; what we call the extent and the boldness of a footprint, respectively. The new measures are potentially particularly useful for analyzing the relationship between internationalization and performance, which is at the core of what strategy research may offer to managers and business decision-makers. The new measures are a stepping-stone toward a better and managerially relevant understanding of global strategy decisions.

企业在国际化的过程中会留下足迹。超越对企业国际化的简单衡量，我们将企业国际足迹的程度概念化并衡量为其活跃的地点模式组合的数量，而足迹的大胆程度表明了与其他具有类似程度的公司相比，企业国际活动的广泛程度(跨越模式和地点)。广度描述的是国际活动的复杂性，大胆描述的是在不太了解的情况下开展业务所承担的风险。与全球战略的微观基础镜头一致，我们发现大胆与管理冒险属性相关，而国际化程度与有利于管理更复杂业务的能力密切相关。这些指标为分析国际化与绩效之间的关系提供了非常合适的工具。衡量企业国际足迹的传统方法并不能很好地描述它们在全球范围内所做的事情。我们对公司的国际足迹有了更细致、更敏锐的看法，并对复杂性和风险承担在国际化中的作用有了新的思考方式;我们分别称之为足迹的广度和广度。新的衡量标准对于分析国际化与绩效之间的关系可能特别有用，这是战略研究可能向管理人员和商业决策者提供的核心内容。这些新措施是对全球战略决策进行更好和管理相关理解的垫脚石。

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引用次数: 10

Digitalization and globalization in a turbulent world: Centrifugal and centripetal forces 动荡世界中的数字化与全球化:离心力与向心力

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2021-01-21 DOI: 10.1002/gsj.1396

Erkko Autio, Ram Mudambi, Youngjin Yoo

Research Summary

Digitalization has three fundamental characteristics, reprogrammability infrastructural elementality, and intangibility. Based on these characteristics, it is transforming how firms organize for value creation, delivery, and capture. Its intangibility and infrastructural character largely free economic and business activities from the constraints of physical geography like those imposed by transportation and collocation. Digital communication technologies typically reinforce the centrifugal forces that favor dispersing the firm's high knowledge activities. Digital in situ technologies strengthen the centripetal forces toward concentrating the firm's low knowledge activities. Location dependence and product modularity are crucial moderators for tangible products, while institutional barriers are important for intangible ones. Finally, digital technologies increase the resilience of firms during disruptive events that impose restrictions on the movements of people and goods, as during the COVID-19 pandemic.

Managerial Summary

Digitalization is a general purpose technology on the scale of the steam engine and electricity, and affects every aspect of business and society. It is transforming how firms organize for value creation, delivery, and capture. Freeing businesses from the constraints of transportation and collocation, it increases their resiliency in the face of global disruptions like those associated with the COVID-19 pandemic. Digital communication technologies typically reinforce the centrifugal forces that favor dispersing the firm's high knowledge activities. Digital in situ technologies like advanced robotics strengthen the centripetal forces toward concentrating the firm's low knowledge activities. Location dependence and product modularity are crucial moderators for tangible products, while institutional barriers are important for intangible ones.

数字化具有可编程性、基础要素性和无形性三个基本特征。基于这些特征，它正在改变企业组织价值创造、交付和获取的方式。它的无形性和基础设施的特点在很大程度上使经济和商业活动摆脱了自然地理的限制，如交通和配置的限制。数字通信技术通常会强化有利于分散企业高知识活动的离心力。数字化原位技术增强了企业集中低知识活动的向心力。区位依赖和产品模块化是有形产品的重要调节因素，而制度障碍是无形产品的重要调节因素。最后，数字技术增强了企业在人员和货物流动受到限制的破坏性事件(如2019冠状病毒病大流行期间)中的复原力。数字化是一种与蒸汽机和电力规模相当的通用技术，影响着商业和社会的方方面面。它正在改变公司组织价值创造、交付和获取的方式。它将企业从交通和搭配的限制中解放出来，增强了企业在面对COVID-19大流行等全球中断时的弹性。数字通信技术通常会强化有利于分散企业高知识活动的离心力。先进的机器人技术等数字化原位技术增强了向心力，使企业的低知识活动更加集中。区位依赖和产品模块化是有形产品的重要调节因素，而制度障碍是无形产品的重要调节因素。

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引用次数: 101

Top management team international diversity and the performance of international R&D 高层管理团队的国际化多样性和国际化研发绩效

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2020-11-21 DOI: 10.1002/gsj.1395

René Belderbos, Boris Lokshin, Christophe Boone, Jojo Jacob

Research Summary

We investigate how international diversity in Top Management Teams (TMTs) contributes to the effectiveness of geographically dispersed R&D strategies in enhancing innovation performance. Both international work experience and nationality diversity may enhance the effectiveness of geographically dispersed R&D when there is alignment between the countries of work experience and nationality of TMT members, on the one hand, and firms' R&D locations on the other. This influence is stronger for international work experience diversity than for nationality diversity, as the former provides more task-related knowledge to coordinate R&D activities and is less associated with the risk of social categorization. We find partial support for these notions in a panel analysis of the innovation performance of 165 leading MNCs based in Europe, Japan, and the United States.

Managerial Summary

The international experience and nationality diversity of members of the Top Management Team (TMT) of multinational firms may facilitate the implementation of international R&D strategies. If TMT members have knowledge of local circumstances and social networks in the countries in which the firm has international R&D facilities, this can enhance the TMT's ability to allocate and coordinate international R&D tasks more effectively, and to foster firm-wide collaboration and knowledge integration. Hence, the alignment between R&D locations and the international diversity of the TMT may improve the performance effects of international R&D strategies. We find partial support for this conjecture in an analysis of the patent performance of 165 leading MNCs. It is international work experience rather than nationality diversity that brings these performance benefits.

本研究旨在探讨高层管理团队(TMTs)的国际多样性如何促进地域分散研发战略在提高创新绩效方面的有效性。当工作经验的国家和TMT成员的国籍以及公司的研发地点之间存在一致性时，国际工作经验和国籍多样性都可能增强地理分散研发的有效性。这种影响对国际工作经验多样性的影响比国籍多样性的影响更大，因为前者提供了更多与任务相关的知识来协调研发活动，与社会分类风险的关联较小。我们对欧洲、日本和美国的165家领先跨国公司的创新表现进行了小组分析，发现这些观点得到了部分支持。跨国公司高层管理团队(TMT)成员的国际经验和国籍多样性可以促进国际研发战略的实施。如果TMT成员了解公司拥有国际研发设施所在国家的当地情况和社会网络，这可以提高TMT更有效地分配和协调国际研发任务的能力，并促进公司范围内的合作和知识整合。因此，研发地点与TMT的国际多样性之间的一致性可能会改善国际研发战略的绩效效果。我们在对165家领先跨国公司的专利绩效分析中发现了对这一猜想的部分支持。带来这些绩效优势的是国际工作经验，而不是国籍多样性。

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引用次数: 17

Inheritance tax, shareholder protection, and the market value of family firms: A cross-country analysis 遗产税、股东保护与家族企业市场价值:一个跨国分析

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2020-10-24 DOI: 10.1002/gsj.1394

Marcelo Ortiz, Michael Carney, Patricio Duran, Matias Braun, Julio Riutort

Research Summary

We examine the relationship among inheritance taxes, shareholder protection, and the family firms' market value. Drawing on the family firm, corporate governance, and institutional complementarities literature, we argue that inheritance taxes act as external corporate governance mechanisms for decoupling business families' socioemotional goals. However, this depends upon minority investor protections. In strong protection countries, the incentives for family self-governance created by high inheritance taxes are offset by the loss of business family autonomy inherent in strong shareholder protection. Using a sample of 284 firms across 31 countries, we provide support for these arguments. Results suggest that inheritance and shareholder protection laws are substitutive external corporate governance mechanisms to align business family and nonfamily shareholders' interests.

Managerial Summary

We investigate how inheritance taxes and shareholder protection laws interact to generate several outcomes that can benefit or harm family firms' market value. We argue that high rates of inheritance taxes in a country push business families to focus more on firm value maximization and less on pursuing family-centric goals, thus increasing firm value. However, we further argue that the positive role of inheritance taxes on family firms' market value weakens when the country also exhibits strong shareholder protection laws. Therefore, inheritance and shareholder protection laws substitute for one another when they intersect in business families. We find evidence consistent with these ideas when examining a sample of publicly traded firms across 31 countries. Our results corroborate that policymakers' concerns regarding the protection of minority shareholders must not consider only investor protection laws, but also how investor protection interact with other institutions such as inheritance law.

本文研究了遗产税、股东保护与家族企业市场价值之间的关系。借鉴家族企业、公司治理和制度互补方面的文献，我们认为遗产税是企业家族社会情感目标解耦的外部公司治理机制。然而，这取决于对少数投资者的保护。在强保护国家，高遗产税所产生的家族自治激励被强股东保护所固有的企业家族自治权的丧失所抵消。我们以31个国家的284家公司为样本，为这些论点提供了支持。结果表明，继承法和股东保护法是协调企业家族股东和非家族股东利益的替代性外部公司治理机制。我们研究了遗产税和股东保护法如何相互作用，从而产生有利于或损害家族企业市场价值的几种结果。我们认为，一个国家的高遗产税会促使企业家族更多地关注企业价值最大化，而不是追求以家族为中心的目标，从而增加企业价值。然而，我们进一步认为，当国家也表现出强有力的股东保护法时，遗产税对家族企业市场价值的积极作用减弱。因此，继承法和股东保护法在企业家族中相互交叉时，是相互替代的。在对31个国家的上市公司样本进行研究时，我们发现了与这些观点一致的证据。我们的研究结果证实，政策制定者对中小股东保护的关注不仅要考虑投资者保护法，还要考虑投资者保护如何与继承法等其他制度相互作用。

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引用次数: 4