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Family Firms, Corporate Governance and Export

Author

Listed:
  • Raoul Minetti

    (Michigan State University)

  • Pierluigi Murro

    (LUMSA University)

  • Susan Chun Zhu

    (Michigan State University)

Abstract

This paper tests the impact of family ownership on fi rms' export decisions using a data set of 20,000 Italian manufacturers. We fi nd that family ownership increases the probability that fi rms export, although the effect weakens as ownership concentration rises. The bene fit of family owners is especially pronounced when they retain control rights (ownership is aligned with control) and seek the support of external managers (ownership is partially separated from management). The results suggest that families better internalize the long-run benefi ts of internationalization, but that their limited competencies could attenuate this benefi t in high-tech industries and in remote and unfamiliar export markets.

Suggested Citation

  • Raoul Minetti & Pierluigi Murro & Susan Chun Zhu, 2014. "Family Firms, Corporate Governance and Export," CERBE Working Papers wpC03, CERBE Center for Relationship Banking and Economics.
    • Handle: RePEc:lsa:wpaper:wpc03
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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