Family CEO affect and R&D investments of family firms: The moderation effect of family ownership structure

The last decades have seen increasing interest in the determinants of heterogeneity family firm innovation. In this study, we respond to recent calls address micro-level mechanisms behind innovation firms. Specifically, analyze effect CEO affect, namely positive and negative affective traits, on R&D investment decisions We also moderating ownership structure influence affect these strategic decisions. Consistent with maintenance arguments, our findings a sample 142 Spanish firms show that negatively influences investments firms, while positively investments. results branch strengthen effects investments, whereas concentration other branches weakens effects.