Family Firms, Corporate Governance and Export

40 Pages Posted: 18 Jan 2016

See all articles by Raoul Minetti

Raoul Minetti

Michigan State University - Department of Economics

Pierluigi Murro

Luiss Guido Carli University - Department of Business and Management

Susan Chun Zhu

Michigan State University

Date Written: December 2015

Abstract

This paper investigates the effects of family ownership on export using rich data on Italian firms. We find that family ownership increases the probability that firms export. This benefit is especially pronounced when family owners retain control rights and seek the support of external managers. The results suggest that families better internalize the long‐run benefits of internationalization, but that their limited competencies attenuate this benefit in high‐tech industries and in remote and unfamiliar export markets. Family firms also exhibit some tendency to enter foreign markets in a progressive way (sequential exporting) and through limited collaborations with foreign firms and intermediaries.

Suggested Citation

Minetti, Raoul and Murro, Pierluigi and Zhu, Susan Chun, Family Firms, Corporate Governance and Export (December 2015). Economica, Vol. 82, pp. 1177-1216, 2015, Available at SSRN: https://ssrn.com/abstract=2716501 or http://dx.doi.org/10.1111/ecca.12156

Raoul Minetti (Contact Author)

Michigan State University - Department of Economics ( email )

101 Marshall Hall
East Lansing, MI 48824
United States
517-355-7349 (Phone)
517-432-1068 (Fax)

Pierluigi Murro

Luiss Guido Carli University - Department of Business and Management ( email )

Via Salvini, 3
Rome, 00198
Italy

Susan Chun Zhu

Michigan State University

Agriculture Hall
East Lansing, MI 48824-1122
United States

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