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CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology KTH/CESIS Working Paper Series in Economics and Institutions of Innovation

No 425:
Innovation Capabilities and Financing Constraints of Family Firms

Dorothea Schäfer (), Andreas Stephan () and Jenniffer Solórzano Mosquera ()

Abstract: Using the 2007 Mannheim innovation survey, we investigate whether family firms are more financially constrained than other firms and how this affects both innovation input as well as innovation outcomes such as market and firm novelties or process innovations. Based on the CDM framework, estimation of the recursive system of equations shows that family businesses are more likely to be constrained and have, on average, lower innovation input. Surprisingly, however, this does not reduce their innovation outcomes as, on average, family firms have the same level of innovation outcomes as nonfamily firms.

Keywords: Innovation; Capability; Financing Constraints; Family Firms; CDM; (follow links to similar papers)

JEL-Codes: D30; G32; O32; (follow links to similar papers)

37 pages, December 18, 2015

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This paper is published as:
Schäfer, Dorothea, Andreas Stephan and Jenniffer Solórzano Mosquera, (2016), 'Family Ownership: Does it Matter for Funding and Success of Corporate Innovations?', Small Business Economics



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