The Moderating Effect of Family Management on R&amp;D Productivity in Privately Held Firms
The aim of this chapter is to analyze the moderating effect of family management on the relationship between R&amp;D inputs and R&amp;D outcomes, that is, R&amp;D productivity. Using a longitudinal sample of 337 Spanish privately held manufacturing firms, the results show that in general terms, although family managed firms invest less in R&amp;D than their non-family managed counterparts, they reinforce the conversion of R&amp;D inputs into R&amp;D outcomes. Moreover, the findings reveal that the strengthening effect of family management on R&amp;D productivity is contingent upon the level of R&amp;D expenditures. Thus, this chapter contributes to shedding some light into the debate regarding innovation management in privately held family firms.