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Journal of International Entrepreneurship

Published in:

07-05-2019

Family ownership concentration and firm internationalization: integrating principal-principal and socioemotional wealth perspectives

Authors: Rosalia Santulli, Mariateresa Torchia, Andrea Calabrò, Carmen Gallucci

Published in: Journal of International Entrepreneurship | Issue 2/2019

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Abstract

The inherent heterogeneity characterizing the universe of family firms, especially because of the existence of different family ownership “constellations,” might explain the highly inconsistent results of the effect of family ownership on internationalization outcomes. Stemming from a principal-principal perspective, the aim of this study is to understand whether and how different levels of family ownership concentration affect the degree of firms’ internationalization. We test our main hypotheses on a sample of 455 German family firms. Our main findings suggest the existence of a U-shaped relationship between family ownership concentration and the degree of a family firm’s internationalization. Furthermore, we consider the moderating effect of socioemotional wealth (SEW) and hypothesize that a higher degree of identification of family members with the firm may reduce the negative effects of an equal distribution of family ownership among family members. We find that SEW moderates the U-shaped relationship in such a way that family firms with an equal distribution of shares among the main family shareholders reach higher degrees of internationalization when the level of SEW is high.

Résumé

L’hétérogénéité inhérente à l’univers des entreprises familiales, en raison de l’existence de différentes «constellations» de propriété familiale, peut expliquer les résultats très contradictoires de l’effet de la propriété familiale sur le niveau d’internationalisation des entreprises. En utilisant la perspective « principal-principal », l’objectif de cette étude est. de comprendre si et comment les différents niveaux de concentration de la propriété familiale affectent le degré d’internationalisation des entreprises. Les hypothèses sont testées sur un échantillon de 455 entreprises familiales allemandes. Nos principaux résultats montrent l’existence d’une relation en forme de U entre la concentration de la propriété familiale et le degré d’internationalisation des entreprises familiales. De plus, nous considérons l’effet modérateur du modèle de la richesse socio-émotionnelle et affirmons qu’un degré plus élevé d’identification des membres de la famille avec l’entreprise, peut réduire les effets négatifs d’une répartition égale de la propriété familiale entre les membres de la famille. Nous constatons que la richesse socio-émotionnelle modère la relation en forme de U de manière que les entreprises familiales, à répartition égale des actions entre les principaux actionnaires de la famille, atteignent un degré d’internationalisation plus élevé lorsque le niveau de la richesse socio-émotionnelle est. élevé.

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The authors would like to thank the three anonymous reviewers and Prof. Hamid Etemad (Editor-in-Chief) of the Journal of International Entrepreneurship who have generously provided valuable comments and suggestions during the entire review process.

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Title: Family ownership concentration and firm internationalization: integrating principal-principal and socioemotional wealth perspectives
Authors: Rosalia Santulli
Mariateresa Torchia
Andrea Calabrò
Carmen Gallucci
Publication date: 07-05-2019
Publisher: Springer US
Published in: Journal of International Entrepreneurship / Issue 2/2019
Print ISSN: 1570-7385
Electronic ISSN: 1573-7349
DOI: https://doi.org/10.1007/s10843-019-00245-4

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