The ownership structure contingency in the sequential international entry mode decision process: Family owners and institutional investors in family-dominant versus family-influenced firms

• 成果类型: Article
• 署名作者: Xu, Kai; Hitt, Michael A.; Miller, Stewart R.
• 署名单位: University of Texas System; University of Texas at San Antonio; Texas A&M University System; Texas A&M University College Station; Mays Business School; Texas Christian University
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-019-00250-8
• 发表日期: 2020
• 页码: 151-171
• 关键词: family firms; entry mode decisions; institutional investors; sequential decision making

摘要

Extending our understanding of family firms and international business research with respect to entry mode decisions, this study explains how entry mode choice is the product of a sequential decision-making process, with an important ownership structure contingency. We propose that firms with a dominant family owner (family-dominant firms) prefer low equity ownership as their entry mode for the purpose of preserving their socioemotional wealth. Their preference is persistent even when the institutional investors are the dominant shareholders in the firm (family-influenced firms). This nuanced examination of the role family values play in the entry mode decision extends our understanding of how family firms enter international markets.