Does Concentrated Shareholding Impact Family Firm Internationalisation?

V. Vijayagopal and M. Thenmozhi

Indian Journal of Corporate Governance, 2023, vol. 16, issue 2, 298-322

Abstract: This article investigates whether increase in concentrated shareholding impacts the internationalisation of family firms. Based on a multi-theoretic approach and using zero inflated beta model on a panel data set covering 307 largest Indian listed companies, we observe that concentrated ownership, adverse employee relations and business group affiliation discourage internationalisation. But as family shareholding exceeds 50%, concentrated ownership has an indirect positive balancing impact on internationalisation. Besides, status as a family firm has a significant favourable impact on internationalisation and it moderates the impact of concentrated ownership, adverse employee relations and group affiliation on internationalisation.

Keywords: Ownership concentration; family business; international business; business group affiliation; employee relations (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ijcgvn:v:16:y:2023:i:2:p:298-322

DOI: 10.1177/09746862231206870

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