Abstract
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.
Résumé
En élargissant notre compréhension des entreprises familiales et de la recherche en international business en ce qui concerne les décisions relatives au mode d’entrée, cette étude explique comment le choix du mode d’entrée est le produit d’un processus séquentiel de prise de décision, avec une contingence importante concernant la structure de propriété. Nous proposons que les firmes ayant un propriétaire familial principal (firmes à dominante familiale) préfèrent une faible participation au capital comme mode d’entrée afin de préserver leur richesse socio-émotionnelle. Leur préférence persiste même lorsque les investisseurs institutionnels sont les principaux actionnaires de la firme (firmes à influence familiale). Cet examen nuancé du rôle que jouent les valeurs familiales dans la décision du mode d’entrée nous permet de mieux comprendre comment les firmes familiales accèdent aux marchés internationaux.
Resumen
Extendiendo nuestra comprensión de empresas familiares y la investigación en negocios internacionales con relación a las decisiones de modo de entrada, este estudio explica como la elección de modo de entrada es el producto de un proceso secuencial de toma de decisiones, con una importante contingencia de estructura de propiedad. Proponemos que las empresas con un propietario familiar dominante (empresas dominadas por la familia) prefieren la propiedad de capital bajo como modo de entrada con el propósito de preservar la riqueza socio-emocional. Su preferencia es persistente incluso cuando los inversionistas institucionales son los accionistas dominantes en la empresa (empresas influenciadas por la familia). Esta examinación matizada del rol que juegan los valores familiares en las decisiones de modo de entrada amplía nuestro entendimiento de cómo las empresas familiares entran a mercados internacionales.
Resumo
Ampliando nosso entendimento sobre empresas familiares e pesquisa em negócios internacionais em relação às decisões de modo de entrada, este estudo explica como a escolha do modo de entrada é o produto de um processo de tomada de decisão sequencial, com uma importante contingência de estrutura de propriedade. Propomos que empresas com um proprietário familiar dominante (empresas dominadas por família) prefiram baixa participação acionária como seu modo de entrada com o propósito de preservar sua riqueza socioemocional. Sua preferência é persistente mesmo quando os investidores institucionais são os acionistas dominantes na empresa (empresas influenciadas por família). Esse exame nuançado do papel que valores familiares desempenham na decisão do modo de entrada amplia nosso entendimento sobre como as empresas familiares entram em mercados internacionais.
摘要
本研究通过扩展我们对家族企业和国际商业研究在进入模式决策方面的理解, 解释了进入模式的选择如何成为顺序决策过程的产物,具有重要的所有权结构偶然性。我们提出, 拥有占主导地位的家族所有者(以家族为主导的公司)的公司更倾向于将低股权作为其进入模式, 以保护其社会情感财富。即使机构投资者是公司的主要股东(受家族影响的公司), 他们的偏好也是持久的。对家庭价值观在进入模式决策中所起作用的细致考察, 扩展了我们对家族企业如何进入国际市场的理解。
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We would like to thank Peter Liesch, the editor, and three anonymous reviewers for their helpful comments and suggestions. We also acknowledge the constructive comments offered by Professors Heather Berry, Garry Bruton, and Laszlo Tihanyi on previous versions of this paper.
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Xu, K., Hitt, M.A. & Miller, S.R. The ownership structure contingency in the sequential international entry mode decision process: Family owners and institutional investors in family-dominant versus family-influenced firms. J Int Bus Stud 51, 151–171 (2020). https://doi.org/10.1057/s41267-019-00250-8
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DOI: https://doi.org/10.1057/s41267-019-00250-8