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

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  • Rosalia Santulli

    (University of Salerno)

  • Mariateresa Torchia

    (International University of Monaco, Groupe INSEEC U.)

  • Andrea Calabrò

    (IPAG Business School)

  • Carmen Gallucci

    (University of Salerno)

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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  • Rosalia Santulli & Mariateresa Torchia & Andrea Calabrò & Carmen Gallucci, 2019. "Family ownership concentration and firm internationalization: integrating principal-principal and socioemotional wealth perspectives," Journal of International Entrepreneurship, Springer, vol. 17(2), pages 220-248, June.
    • Handle: RePEc:kap:jinten:v:17:y:2019:i:2:d:10.1007_s10843-019-00245-4
    DOI: 10.1007/s10843-019-00245-4
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    20. Ruth V. Aguilera & Valentina Marano & Ilir Haxhi, 2019. "International corporate governance: A review and opportunities for future research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(4), pages 457-498, June.

    More about this item

    Keywords

    Family ownership concentration; Internationalization; Principal-principal conflict; Socioemotional wealth; Herfindahl index;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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