Using a behavioral theory framework, we argue that family firms are more persistent (less likely to engage in the strategic renewal form of corporate entrepreneurship) in their strategic behaviors over time than nonfamily firms owing to their goals of maintaining family tradition and parsimony. We also argue that family firms controlled by founders or having a family member as Chairman or CEO are more likely to be persistent in their strategies than family firms with different governance structures. Panel regression based on a sample of 8,748 firm-year observations of S&P 1500 manufacturing firms from 1996 to 2013 support our hypotheses.

中文翻译：

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家族企业的战略坚持

使用行为理论框架，我们认为，由于家族企业的目标是保持家族传统和简约，因此家族企业在战略行为上会比非家族企业更具持久性（不太可能从事企业企业家的战略更新形式）。我们还认为，与具有不同治理结构的家族企业相比，由创始人控制或由家族成员担任董事长或首席执行官的家族企业更有可能坚持其战略。基于1996年至2013年对S＆P 1500家制造公司的8,748家公司年观察结果的样本得出的面板回归支持了我们的假设。