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How may the nature of family firms explain the decisions concerning international diversification?

机译:家族企业的性质如何解释有关国际多元化的决定?

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This study explores how the ownership structure of family firms gives these organizations a distinctive nature in terms of international diversification. We argue that the heterogeneity of family firms may cause variations in the degree of international diversification among these types of businesses. We have studied three factors related to ownership structure: the degree of family ownership and the type and degree of ownership of the second largest shareholder (another family or a financial company). The empirical evidence is provided by a sample of European and Asian family firms (2004-2008). Our results show that the degree of family ownership has a negative impact on the degree of international diversification. However, the presence and ownership share of a financial company as the second largest shareholder in a family firm favor this diversification. This study also reveals the importance of the financial company as a second owner in the preference family firms show for growth in international markets.
机译:这项研究探讨了家族企业的所有权结构如何使这些组织在国际多元化方面具有独特的性质。我们认为,家族企业的异质性可能导致这些类型企业之间国际多元化程度的差异。我们研究了与所有权结构有关的三个因素:家庭所有权的程度以及第二大股东(另一个家庭或金融公司)的所有权类型和所有权程度。经验证据由欧洲和亚洲家族企业(2004-2008年)的样本提供。我们的结果表明,家庭所有制的程度对国际多元化的程度具有负面影响。但是,作为家族企业第二大股东的金融公司的存在和所有权份额有利于这种多元化。这项研究还揭示了金融公司作为家族企业对国际市场增长表现出的偏好的第二所有者的重要性。

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