arbiter
JournalsAccount

The Effect of Work History on Family Firm Owners’ Preference for Introducing External Shares

Yingxian Zeng et al.

Family Business Review2025https://doi.org/10.1177/08944865251326341article
AJG 3ABDC A
Weight
0.50

Abstract

Family firm owners who were once employed by publicly owned companies are likely left with the imprint of the public economy. This study argues that this imprint is an essential factor influencing family firm owners’ attitude toward external equity, leading to lower foreign shares. Using a fixed-effect panel dataset from China, we found that family firm owners with public economy career experience tend to avoid foreign equity infusion. Furthermore, this relationship is more pronounced for firms that receive more government subsidies and diminishes with higher family ownership. We propose that family firm owners’ early career experience affects their attitude toward foreign equity and suggest that historical factors impact owners’ preference regarding external equity.

Open via your library →

Cite this paper

https://doi.org/https://doi.org/10.1177/08944865251326341

Or copy a formatted citation

@article{yingxian2025,
  title        = {{The Effect of Work History on Family Firm Owners’ Preference for Introducing External Shares}},
  author       = {Yingxian Zeng et al.},
  journal      = {Family Business Review},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1177/08944865251326341},
}

Paste directly into BibTeX, Zotero, or your reference manager.

Flag this paper

The Effect of Work History on Family Firm Owners’ Preference for Introducing External Shares

Flags are reviewed by the Arbiter methodology team within 5 business days.

Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.