Not all family firms are equal: The moderating effect of family involvement on the political risk exposure of the foreign direct investment portfolio. Preliminary evidence from Spanish multinational enterprises

Alfredo Jimenez; Antonio Majocchi; Bice Delia Piana

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Not all family firms are equal: The moderating effect of family involvement on the political risk exposure of the foreign direct investment portfolio. Preliminary evidence from Spanish multinational enterprises

机译：并非所有家族企业都是平等的：家族参与对外国直接投资组合的政治风险承担的调节作用。来自西班牙跨国企业的初步证据

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We investigate the effect of political risk (PR) exposure and family control on the internationalization strategy of multinational enterprises (MNEs) using social capital theory. Our results from a negative binomial cross-sectional analysis in 2007 of Spanish MNEs show family ownership or the limited presence of family members on the board has no effect on internationalization. However, when the conceptualization of family firms (FFs) includes majority ownership and board presence, we find a direct negative effect on their internationalization scope but a positive moderating effect on the relationship between the exposure to PR and internationalization scope. FFs have some specific advantages suitable to be employed in their corporate political activity allowing them to develop long-lasting relationships with relevant political actors. By disentangling the effects of family control on internationalization and PR, this article explains how FFs can be simultaneously risk-willing and risk-averse.

机译：我们使用社会资本理论研究政治风险（PR）暴露和家族控制对跨国企业（MNEs）国际化战略的影响。我们根据2007年西班牙多国企业的二项式横截面分析得出的结果显示，家族拥有权或董事会中家庭成员的存在有限对国际化没有影响。但是，当家族企业的概念化包括多数股权和董事会存在时，我们发现其对国际化范围的直接负面影响，但对公关风险和国际化范围之间关系的积极调节作用。 FF具有一些特殊的优势，适合在公司的政治活动中使用，使它们可以与相关政治角色建立长期的关系。通过区分家庭控制对国际化和PR的影响，本文解释了FF如何同时具有风险意愿和规避风险的能力。

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来源
《Thunderbird International Business Review》 |2019年第2期|309-323|共15页
作者
Alfredo Jimenez; Antonio Majocchi; Bice Delia Piana;
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作者单位

Kedge Business School, Grenoble, France;

Department of Economics and Management, University of Pavia, Pavia, Italy;

Department of Management and Innovation Systems, University of Salerno, Fisciano, Italy;

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正文语种 eng
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关键词
experience by exposure; family firms; foreign direct investments; internationalization; political risk; social capital theory;

机译：接触经验;家族企业;外国直接投资;国际化政治风险;社会资本理论;

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Not all family firms are equal: The moderating effect of family involvement on the political risk exposure of the foreign direct investment portfolio. Preliminary evidence from Spanish multinational enterprises

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