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Following calls to capture family firms’ innovative behavior and to specifically clarify how family firms manage product innovations to achieve sustainable economic development, this study empirically investigates the mediating role of Research &amp; Development (R&amp;D) strategies (i.e., intramural R&amp;D investments, extramural R&amp;D investments, and the combination of both intramural and extramural R&amp;D investments) in the relationship between family involvement in the management and likelihood of obtaining product innovations. Carrying out a panel data analysis that is based on 7264 observations of Spanish manufacturing firms throughout the 2000–2015 period, our results suggest a negative effect of the level of family management on the likelihood of introducing product innovations. Moreover, we found that intramural R&amp;D investments and the investment strategy consisting of both intramural and extramural R&amp;D mediated the family involvement in management-likelihood of obtaining product innovations relationship. Our findings contribute important insights to the comprehension of which determinants instigate product innovation in family managed firms.

Family Involvement in Management and Product Innovation: The Mediating Role of R&D Strategies