Can Family Involvement Improve Business Performance? Based on the Dual Moderating Effects of Overseas Experience and Charitable Donations

In the post-pandemic era, it will become normal for family enterprises to seek innovative development. They have become more committed to building socially responsible companies and are more willing to actively promote corporate values in order to create long-term benefits. Therefore, this paper uses listed family companies entering the intergenerational succession period from 2018 to 2020 as the research object and empirically tests the influence of family involvement on firm performance, as well as the moderating effects of family members’ overseas experiences and family firm’s charitable donation behaviors. The results show that the ownership and management involvement of family members can significantly improve the performance of family enterprises. The overseas experience of family members has a negative moderating effect on the relationship between the two, while the charitable giving behavior of family enterprises has a positive moderating effect on the relationship between the two. The above research provides countermeasures and reference for family enterprises to realize the family business and the lasting development in the process of intergenerational inheritance, upgrading, and transformation.