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Internationalization of family firms: the effect of ownership and governance

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Abstract

Despite family firm’s dominant role in economies worldwide, there is little empirical knowledge on their internationalization. Drawing on a sample of Austrian firms, this paper investigates the impact of family influence and various governance factors on internationalization. The findings reveal an inverted U-shaped relationship between family influence and internationalization. Family firms with medium family influence are the most internationally active companies. This indicates that concerning internationalization the advantages of being a family firm are highest when the family’s ownership share and involvement in management and governance boards is not too extensive. Additionally, neither the incumbent generation, nor the level of non-family executives in the management board, nor the existence of a supervisory board has a significant influence on going international. Since advisory boards seem to foster internationalization, they might be an adjuvant means of equipping family firms with the necessary capabilities, know-how and contacts to operate internationally.

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Authors and Affiliations

  1. Salzburg University of Applied Sciences, Urstein Süd 1, 5412, Puch, Austria

    Christine Mitter

  2. Institute of Management Control and Consulting, University of Linz, Altenberger Straße 69, 4040, Linz, Austria

    Christine Mitter & Birgit Feldbauer-Durstmüller

  3. Institute of Applied Statistics, University of Linz, Altenberger Straße 69, 4040, Linz, Austria

    Christine Duller

  4. Utrecht University School of Economics (USE), Chair of Entrepreneurship, P.O. Box 80125, 3508 TC, Utrecht, The Netherlands

    Sascha Kraus

  5. University of Liechtenstein, Fürst-Franz-Josef-Strasse, 9490, Vaduz, Liechtenstein

    Sascha Kraus

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  1. Christine Mitter
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Mitter, C., Duller, C., Feldbauer-Durstmüller, B. et al. Internationalization of family firms: the effect of ownership and governance. Rev Manag Sci 8, 1–28 (2014). https://doi.org/10.1007/s11846-012-0093-x

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