A study of the moderating influence of R&D intensity on the family management-firm performance relationship : evidence from Spanish private manufacturing firms

This study investigates the moderating influence of R&D intensity on the relationships between family management and firm performance in private firms. The results confirm that R&D intensity reinforces the negative effect of family management on firm performance. More specifically, we obtain that R&D intensity is a statistically significant moderator for those firms having large levels of R&D investment relative to one's industry peers. Likewise, we find that only when taking into account the total effect of R&D, including internal and external R&D, does its interaction with family management has a detrimental effect on firm performance.