Template-Type: ReDIF-Paper 1.0
Author-Name: Raoul Minetti 
Author-X-Name-First: Raoul
Author-X-Name-Last: Minetti
Author-Email: minetti@msu.edu
Author-Workplace-Name: Michigan State University 
Author-Name: Pierluigi Murro 
Author-X-Name-First: Pierluigi 
Author-X-Name-Last: Murro
Author-Email: p.murro@lumsa.it
Author-Workplace-Name: LUMSA University
Author-Name: Susan Chun Zhu
Author-X-Name-First: Susan Chun 
Author-X-Name-Last: Zhu
Author-Email: zhuc@msu.edu
Author-Workplace-Name: Michigan State University
Title: Family Firms, Corporate Governance and Export

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. 

Length: 52 pages
Creation-Date: 2014-10
Publication-Status:
File-URL: https://repec.lumsa.it/wp/wpC03.pdf
File-Format: Application/pdf
Number: wpC03
Classification-JEL: G32; G34
Keywords: Family firms; Export; Corporate governance
Handle: RePEc:lsa:wpaper:wpC03