The Contact-Hitting R&D Strategy of Family Firms in the Japanese Pharmaceutical Industry

Author:

Asaba Shigeru1ORCID,Wada Tetsuo2ORCID

Affiliation:

1. Waseda University, Tokyo, Japan

2. Gakushuin University, Tokyo, Japan

Abstract

This article addresses the following question: How do family firms investing less in research and development (R&D) than nonfamily firms compete in R&D intensive industries? Using Japanese pharmaceutical industry data, we found that family firms produce more patents per R&D than nonfamily firms but are not biased toward low-value innovations. Further analyses of the distribution over innovation value suggested that family firms adopt a “contact-hitting R&D strategy,” avoiding radical innovations and pursuing incremental innovations compatible with their signature moves: innovation through tradition and narrow and internal search and resulting in may low-value innovations and a few mid or high-value innovations.

Funder

Grant-in-Aid for Scientific Research

Publisher

SAGE Publications

Subject

Finance,Business, Management and Accounting (miscellaneous)

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