Using a transaction costs approach we combine the recent “heterogeneity” and “bifurcation bias” views of family firms to develop hypotheses concerning internationalization and the presence of nonfamily owners, nonfamily managers, interaction between them, and foreign work experience. Tests are performed with a sample of 6,893 family SMEs from four different European countries. We find that the foreign sales intensity of family SMEs is positively associated with the independent presence of outside investors and outside managers, but further positive influence comes from interaction between them. As an alternative to hiring outsiders, the foreign work experience of family managers is associated with internationalization, and may mitigate bifurcation bias.
|Titolo:||The Delicate Path to Internationalization for Family Firms. Balancing External Capital, External Managers and Foreign Work Experience|
Majocchi, Antonio (Corresponding)
|Data di pubblicazione:||2017|
|Appare nelle tipologie:||04.1 - Contributo in Atti di convegno (Paper in Proceedings)|
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