Internationalisation and corporate governance in family businesses: a case study

The international expansion of SMEs derives from the combined action of a number of internal and external factors, which are present in the phases of a business activity at various levels. Among the 'internal' variables that may be considered as remarkable explanatory elements of the internationalisation processes, just recently the relationship between the ownership structure and the access to foreign markets has become particularly important. Entrepreneurial, managerial and financial resources are of great importance in the process of internationalisation of family businesses. The internationalisation is an important dimensional and organisational growth opportunity, thus allowing to revitalise both the family system and the enterprise system, through new job opportunities for the members of the controlling family and through the business sustainability for the future generations. The presence of family members, with a different level of risk perception and risk appetite, may influence the decision to undertake international activities. The discussion of the factors that promote or inhibit the internationalisation of the family business has not come to unambiguous results yet.