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Family Business Across National Borders: Strategies and Processes of Internationalization

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Cross-Border Life and Work

Part of the book series: Contributions to Management Science ((MANAGEMENT SC.))

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Abstract

Family businesses (FBs) are increasingly operating internationally; however, they show a different internationalization pattern than non-FBs, since they face unique barriers when it comes to internationalization. To draw a more comprehensive picture of the internationalization process of FBs, we add a financial perspective. We identify the benefits of diversification (with decreasing cost of capital and cost of equity, resulting in an increasing value of the FB) and the real options based on the internationalization process as well as the advantages arising from access to foreign corporate tax systems as key factors for influencing FB internationalization. Furthermore, we elaborate the stages of the internationalization process and observe that exporting and subcontracting are the most used entry modes by FBs, but their probability of opening a subsidiary abroad was half of that of an NFB.

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Authors and Affiliations

  1. Liechtenstein Business School, University of Liechtenstein, Vaduz, Liechtenstein

    Philipp Stieg, Tanja Kirn & Marco J. Menichetti

  2. Free University of Bozen-Bolzano, Bolzano, Italy

    Sascha Kraus

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  1. Philipp Stieg
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  2. Sascha Kraus
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  3. Tanja Kirn
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  4. Marco J. Menichetti
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Correspondence to Tanja Kirn .

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  1. Liechtenstein Institute for Strategic Development AG, Vaduz, Liechtenstein

    Peter Droege

  2. EHL Hospitality Business School, HES-SO, Lausanne, Switzerland

    Stefan Güldenberg

  3. Liechtenstein Business School, University of Liechtenstein, Vaduz, Liechtenstein

    Marco J. Menichetti

  4. University of Cologne, Cologne, Germany

    Stefan Seidel

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Stieg, P., Kraus, S., Kirn, T., Menichetti, M.J. (2023). Family Business Across National Borders: Strategies and Processes of Internationalization. In: Droege, P., Güldenberg, S., Menichetti, M.J., Seidel, S. (eds) Cross-Border Life and Work. Contributions to Management Science. Springer, Cham. https://doi.org/10.1007/978-3-031-34362-9_6

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