Family Firms, Corporate Governance and Export

Raoul Minetti, Pierluigi Murro and Susan Chun Zhu ()

No wpC03, CERBE Working Papers from CERBE Center for Relationship Banking and Economics

Abstract: This paper tests the impact of family ownership on fi rms' export decisions using a data set of 20,000 Italian manufacturers. We fi nd that family ownership increases the probability that fi rms export, although the effect weakens as ownership concentration rises. The bene fit of family owners is especially pronounced when they retain control rights (ownership is aligned with control) and seek the support of external managers (ownership is partially separated from management). The results suggest that families better internalize the long-run benefi ts of internationalization, but that their limited competencies could attenuate this benefi t in high-tech industries and in remote and unfamiliar export markets.

Keywords: Family firms; Export; Corporate governance (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Pages: 52 pages
Date: 2014-10
New Economics Papers: this item is included in nep-cfn and nep-sbm
References: Add references at CitEc
Citations: View citations in EconPapers (1)

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https://repec.lumsa.it/wp/wpC03.pdf (application/pdf)

Related works:
Journal Article: Family Firms, Corporate Governance and Export (2015)
Working Paper: Family Firms, Corporate Governance, and Export (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:lsa:wpaper:wpc03

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