Abstract
Investment efficiency is a bottleneck problem in the development of Chinese family enterprises. The study takes Chinese family-listed companies as samples to explore the impact of de-familiarization governance on investment efficiency of these firms. It is found that de-familiarization governance can effectively improve investment efficiency of enterprises, and this effect is particularly pronounced in the context of environmental uncertainty. Mechanism tests reveal that de-familiarization governance improves the investment efficiency of family businesses by enhancing managerial ability and promoting digitalization. Further analysis shows that in the context of relatively low industry competitiveness, the positive effect of de-familiarization governance on investment efficiency is more significant. The conclusions enhance our understanding of dynamic development and behavioral impact of family business governance within the current economic context, and provide new insights for family businesses seeking to enhance investment efficiency and undergo transformation and upgrading.
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