Abstract
There has been much debate concerning product innovation in family firms given its importance for their continuity across generations. However, most prior research has focused on comparing family and non-family firms neglecting the reasons behind why family firms attempt product innovation. As a result, our study aims to understand product innovation in family firms and the mechanisms by which it manifests. Drawing on the long-term orientation perspective, we employ a panel data from 2,132 Spanish manufacturing companies for the period 2006–2016 to show that the distinct innovative output behavior of family firms can be attributed, in part, to two factors, namely technology management and connectedness. We develop a mediation model to explain the relationship between family firms and product innovation therefore contributing to a more fine-grained understanding of innovation behavior in family firms.
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