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Listing pathway, industry competition and internationalization: the case of Chinese family firms

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Abstract

The question of whether family firms (FFs) perform differently in internationalizing is still somewhat unclear. As FFs’ growth trajectories may affect the owners’ perceptions and expectations, this paper explores whether FFs’ listing pathways on financial markets help to explain their moves to internationalize. It is proposed that FFs pursuing backdoor listings differ from those that pursue direct initial public offerings (IPOs) in terms of internationalization because of the different extent of dysfunction caused by their bifurcation bias. The dysfunction is further amplified by industry competition as this introduces greater uncertainties and higher needs for reliance on nonfamily assets. Based on a panel sample of listed Chinese FFs, this research finds that FFs pursuing backdoor listings have a lower level of internationalization than FFs pursuing direct IPOs, and this difference is strengthened by industry competition. Overall, this study contributes to the debates on FFs’ internationalization by unveiling that their listing pathways constitute an important heterogeneity among FFs. It also supplements the international business (IB) literature with micro-foundation determinants of FFs’ internationalization based on the bifurcation bias perspective while highlighting industry competition as a critical boundary condition.

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Notes

  1. The journals include Entrepreneurship Theory and Practice, Family Business Review, Global Strategy Journal, Journal of International Business Studies, Journal of World Business, and Strategic Management Journal. We searched them through the major business databases including ABI/INFORM Global, Business Source Complete, EconLit, Emerald, JTSOR, ScienceDirect Books, Scopus, Social Science Citation Index and supplemented by Google Scholar and Live Academic Search.

  2. We have further checked and confirmed that the results persist if we use data derived from the research sample. That is, we counted the number of firms in each of the 12 industry sectors from our sample directly and reran the regressions. We found that the results still fit well with our hypotheses such that FSTS was significantly lower for back-door-listed FFs than for direct IPO FFs (β = -5.66, p = 0.001), and industry competition strengthens such divergence (β = -0.01, 0.001).

  3. Agriculture, mining, manufacturing, electrics, construction, sales, logistics, hoteling and restaurant, professional service and consulting, real estate, media, and conglomerate.

  4. As suggested, we have also tried fractional logit as an alternative model specification given the bounded nature of the dependent variable. While we found that FSTS was significantly lower for back-door-listed FFs than for direct IPO FFs (β = -0.60, p = 0.001), the industry competition persistently strengthens such divergence but in a less significant way (β = -0.00003, p = 0.888). We speculate that this might be because fractional logit specification treats our sample as a cross-sectional dataset with independent observations, which does not fit the nature of the sample used in our study. Nevertheless, we have further calculated the root mean squared error for our original model specification and that of the fractional logit specification. We found the former generates a value of 0.1688 whereas the latter has a value of 4.8361, thus our original model specification presents better predictive accuracy.

  5. Yet, we used this crude OFDI measure as an additional control variable to account for the extreme case that some born-global firms might focus more on OFDIs rather than on exporting even at their earlier internationalization stage. Although quite a few of our sampled publicly listed firms would be born-global ones, given the listing regulations, the inclusion of this additional control did not qualitatively change our results.

  6. The results remain quantitatively similar even if we remove all the control variables,

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Acknowledgements

The earlier version has been presented at the 2020 Annual Conference of Academy of International Business and accepted for the Global Strategy Journal Paper Development Workshop at 2022 Annual Conference of Academy of International Business. We give special thanks to the reviewers and participants. We also sincerely appreciate Shige Makino and Dongxu Li for his suggestions on the earlier version of the manuscript. The study was partially supported by the National Natural Science Foundation of China (No. 72102199) and the Fundamental Research Funds for the Central Universities (No. 2072021126).

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Authors and Affiliations

  1. Department of Business Management, School of Management, Xiamen University, Xiamen, China

    Bin Liu

  2. Department of Information Systems and Management Engineering, School of Business, Southern University of Science and Technology, Shenzhen, China

    Gongming Qian

  3. Department of Management, City University of Hong Kong, Kowloon, Hong Kong SAR, China

    Jane Wenzhen Lu

  4. Department of Business Management, School of Management, Xiamen University, Xiamen, China

    Diya Shu

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Liu, B., Qian, G., Lu, J.W. et al. Listing pathway, industry competition and internationalization: the case of Chinese family firms. Asia Pac J Manag (2023). https://doi.org/10.1007/s10490-023-09875-8

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