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Family Ownership, Institutional Ownership, and Internationalization of SMEs

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  • Hsiang‐lan Chen
  • Wen‐tsung Hsu
  • Chiao‐yi Chang

Abstract

Family ownership has been recognized as an important determinant of corporate strategic choices; however, little research investigates the effects of family ownership and corporate governance on internationalization in small and medium‐sized enterprises (SMEs). This paper utilizes agency theory and the resource‐based view to analyze the relationships between family ownership, institutional ownership, and internationalization. Using a sample of Taiwanese SMEs, the finding of a positive family ownership–internationalization relationship suggests that family ownership may encourage internationalization. The interaction of family ownership and institutional ownership is positively related to internationalization, suggesting that SMEs with high family ownership are more likely to internationalize as institutional ownership increases.

Suggested Citation

  • Hsiang‐lan Chen & Wen‐tsung Hsu & Chiao‐yi Chang, 2014. "Family Ownership, Institutional Ownership, and Internationalization of SMEs," Journal of Small Business Management, Taylor & Francis Journals, vol. 52(4), pages 771-789, October.
    • Handle: RePEc:taf:ujbmxx:v:52:y:2014:i:4:p:771-789
    DOI: 10.1111/jsbm.12031
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    Cited by:

    1. Ömer Tuğsal Doruk & Bahadır Ergün, 2023. "Friend or foe? The link between agency cost and financialization in Turkey," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(3), pages 1689-1705, April.
    2. Chu Wang & Char-Lee Lok & Lian Kee Phua, 2023. "Ownership Structure and Capital Structure: Moderating Effect of Product Market Maturity," SAGE Open, , vol. 13(4), pages 21582440231, December.

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