Abstract
Building upon social capital theory, this study investigates to what extent board openness to non-family directors affects family firm internationalization. We suggest that board compositions relate to different levels of bonding (internal) and bridging (external) social capital, which affect firm internationalization. In particular, we hypothesize a curvilinear relationship between the percentage of non-family directors in the board and FDI geographic scope. Moreover, we argue that firm age moderates the main relationship. Our analysis of a panel dataset of 7,707 family firms suggests a balanced juxtaposition of family and non-family directors in more mature firms is detrimental for FDI geographic scope. Moreover, our results show that, except for young family firms, broader FDI geographic scope emerges when the board is dominated by one homogeneous type (either family or non-family directors); however, boards dominated by non-family directors always lead to higher FDI geographic scope. We offer important theoretical insights to research on family firm internationalization, social capital, and corporate governance as well as managerial implications.
Plain English Summary
The presence of both family and non-family members in the board is a double-edged sword. Drawing on social capital theory, we advance that there is a curvilinear relationship between the presence of non-family directors in the board and family firm internationalization. In addition, we study the moderating role of firm age. Our results show that, in mature firms, boards in which there is a balanced juxtaposition of family and non-family directors lead to lower FDI geographic scope. Therefore—except for young firms—it is more functional for internationalization to rely entirely on external board members or to have a board dominated by family members. For young firms, the relationship between the family board ratio and the FDI geographic scope is more negatively linearly related rather than curvilinear, with the lowest level of internationalization occurring when the board is dominated by family members.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
References
Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2010). The role of boards of directors in corporate governance: A conceptual framework and survey. Journal of Economic Literature, 48(1), 58–107. https://doi.org/10.1257/jel.48.1.58
Adler, P. S., & Kwon, S.-W. (2002). Social capital: Prospects for a new concept. Academy of Management Review, 27(1), 17–40. https://doi.org/10.2307/4134367
Alayo, M., Maseda, A., Iturralde, T., & Arzubiaga, U. (2019). Internationalization and entrepreneurial orientation of family SMEs: The influence of the family character. International Business Review, 28(1), 48–59. https://doi.org/10.1016/j.ibusrev.2018.06.003
Amore, M. D., Minichilli, A., & Corbetta, G. (2011). How do managerial successions shape corporate financial policies in family firms? Journal of Corporate Finance, 17(4), 1016–1027. https://doi.org/10.1016/j.jcorpfin.2011.05.002
Amore, M. D., Garofalo, O., & Minichilli, A. (2014). Gender interactions within the family firm. Management Science, 60(5), 1083–1097. https://doi.org/10.1287/mnsc.2013.1824
Amore, M. D., Miller, D., Le Breton-Miller, I., & Corbetta, G. (2017). For love and money: Marital leadership in family firms. Journal of Corporate Finance, 46, 461–476.
Anderson, R. C., & Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209–237. https://doi.org/10.2307/4131472
Anderson, R. C., Reeb, D. M., Upadhyay, A., & Zhao, W. (2011). The economics of director heterogeneity. Financial Management, 40(1), 5–38. https://doi.org/10.1111/j.1755-053X.2010.01133.x
Arregle, J. L., Hitt, M. A., Sirmon, D. G., & Very, P. (2007). The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44(1), 73–95. https://doi.org/10.1111/j.1467-6486.2007.00665.x
Arregle, J. L., Naldi, L., Nordqvist, M., & Hitt, M. A. (2012). Internationalization of family-controlled firms: A study of the effects of external involvement in governance. Entrepreneurship Theory and Practice, 36(6), 1115–1143. https://doi.org/10.1111/j.1540-6520.2012.00541.x
Arregle, J. L., Duran, P., Hitt, M. A., & Essen, M. (2017). Why is family firms’ internationalization unique? A Meta-Analysis Entrepreneurship Theory and Practice, 41(5), 801–831. https://doi.org/10.1111/etap.12246
Arregle, J. L., Miller, T. L., Hitt, M. A., & Beamish, P. W. (2018). The role of MNEs’ internationalization patterns in their regional integration of FDI locations. Journal of World Business, 53(6), 896–910. https://doi.org/10.1016/j.jwb.2018.07.004
Arregle, J. L., Chirico, F., Kano, L., Kundu, S. K., Majocchi, A., & Schulze, W. S. (2021). Family firm internationalization: Past research and an agenda for the future. Journal of International Business Studies, 52(6), 1159–1198. https://doi.org/10.1057/s41267-021-00425-2
Arzubiaga, U., Kotlar, J., De Massis, A., Maseda, A., & Iturralde, T. (2018). Entrepreneurial orientation and innovation in family SMEs: Unveiling the (actual) impact of the Board of Directors. Journal of Business Venturing, 33(4), 455–469. https://doi.org/10.1016/j.jbusvent.2018.03.002
Bammens, Y., Voordeckers, W., & Van Gils, A. (2008). Boards of directors in family firms: A generational perspective. Small Business Economics, 31(2), 163–180. https://doi.org/10.1007/s11187-007-9087-5
Bammens, Y., Voordeckers, W., & Van Gils, A. (2011). Boards of directors in family businesses: A literature review and research agenda. International Journal of Management Reviews, 13(2), 134–152. https://doi.org/10.1111/j.1468-2370.2010.00289.x
Banalieva, E. R., & Eddleston, K. A. (2011). Home-region focus and performance of family firms: The role of family vs non-family leaders. Journal of International Business Studies, 42(8), 1060–1072. https://doi.org/10.1057/jibs.2011.28
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Barney, J. B., Ketchen, D. J., Jr., & Wright, M. (2011). The future of resource-based theory: Revitalization or decline? Journal of Management, 37(5), 1299–1315. https://doi.org/10.1177/0149206310391805
Barroso, C., Villegas, M. M., & Pérez-Calero, L. (2011). Board influence on a firm’s internationalization. Corporate Governance: An International Review, 19(4), 351–367. https://doi.org/10.1111/j.1467-8683.2011.00859.x
Barroso-Castro, C., Villegas-Periñan, M. D. M., & Casillas-Bueno, J. C. (2016). How boards’ internal and external social capital interact to affect firm performance. Strategic Organization, 14(1), 6–31. https://doi.org/10.1177/1476127015604799
Bauweraerts, J., Sciascia, S., Naldi, L., & Mazzola, P. (2019). Family CEO and board service: Turning the tide for export scope in family SMEs. International Business Review, 28(5), https://doi.org/10.1016/j.ibusrev.2019.05.003
Bettinelli, C. (2011). Boards of directors in family firms: An exploratory study of structure and group process. Family Business Review, 24(2), 151–169. https://doi.org/10.1177/0894486511402196
Brouthers, K. D., & Hennart, J.-F. (2007). Boundaries of the firm: Insights from international entry mode research. Journal of Management, 33(3), 395–425. https://doi.org/10.1177/0149206307300817
Buckley, P. J. (2014). Forty years of internalisation theory and the multinational enterprise. Multinational Business Review, 22(3), 227–245. https://doi.org/10.1108/MBR-06-2014-0022
Buckley, P. J., Chen, L., Clegg, L. J., & Voss, H. (2018). Risk propensity in the foreign direct investment location decision of emerging multinationals. Journal of International Business Studies, 49(2), 153–171. https://doi.org/10.1057/s41267-017-0126-4
Burt, R. S. (2000). The network structure of social capital. Research in Organizational Behavior, 22, 345–423. https://doi.org/10.1016/S0191-3085(00)22009-1
Burt, R. S. (1992). Structural holes: The social structure of competition. Harvard University Press.
Calabrò, A., & Mussolino, D. (2013). How do boards of directors contribute to family SME export intensity? The role of formal and informal governance mechanisms. Journal of Management & Governance, 17(2), 363–403. https://doi.org/10.1007/s10997-011-9180-7
Calabrò, A., Torchia, M., Pukall, T., & Mussolino, D. (2013). The influence of ownership structure and board strategic involvement on international sales: The moderating effect of family involvement. International Business Review, 22(3), 509–523. https://doi.org/10.1016/j.ibusrev.2012.07.002
Calabrò, A., Minichilli, A., Amore, M. D., & Brogi, M. (2018). The courage to choose! Primogeniture and leadership succession in family firms. Strategic Management Journal, 39(7), 2014–2035. https://doi.org/10.1002/smj.2760
Calabrò, A. (2020). Introducing a research agenda for family business. A research agenda for family business. Edward Elgar Publishing.
Carney, M. (2005). Corporate governance and competitive advantage in family-controlled firms. Entrepreneurship Theory and Practice, 29(3), 249–265. https://doi.org/10.1111/j.1540-6520.2005.00081.x
Carr, J. C., Haggard, K. S., Hmieleski, K. M., & Zahra, S. A. (2010). A study of the moderating effects of firm age at internationalization on firm survival and short-term growth. Strategic Entrepreneurship Journal, 4(2), 183–192. https://doi.org/10.1002/sej.90
Carr, J. C., Cole, M. S., Ring, J. K., & Blettner, D. P. (2011). A measure of variations in internal social capital among family firms. Entrepreneurship Theory and Practice, 35(6), 1207–1227. https://doi.org/10.1111/j.1540-6520.2011.00499.x
Cohen, S. G., & Bailey, D. E. (1997). What makes teams work: Group effectiveness research from the shop floor to the executive suite. Journal of Management, 23(3), 239–290. https://doi.org/10.1016/S0149-2063(97)90034-9
Corbetta, G., & Salvato, C. A. (2004). The board of directors in family firms: One size fits all? Family Business Review, 17(2), 119–134. https://doi.org/10.1111/j.1741-6248.2004.00008.x
De Massis, A., & Foss, N. J. (2018). Advancing family business research: The promise of microfoundations. Family Business Review, 31(4), 386–396. https://doi.org/10.1177/0894486518803422
De Massis, A., Frattini, F., Majocchi, A., & Piscitello, L. (2018). Family firms in the global economy: Toward a deeper understanding of internationalization determinants, processes, and outcomes. Global Strategy Journal, 8(1), 3–21. https://doi.org/10.1002/gsj.1199
Debellis, F., Rondi, E., Plakoyiannaki, E., & De Massis, A. (2021). Riding the waves of family firm internationalization: A systematic literature review, integrative framework, and research agenda. Journal of World Business, 56(1), 101–144. https://doi.org/10.1016/j.jwb.2020.101144
Debellis, F., De Massis, A., Petruzzelli, A. M., Frattini, F., & Del Giudice, M. (2020). Strategic agility and international joint ventures: The willingness-ability paradox of family firms. Journal of International Management, 27(1), https://doi.org/10.1016/j.intman.2020.100739 .
Delios, A., & Beamish, P. W. (1999). Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal, 20(8), 711–727.
Eddleston, K. A., Sarathy, R., & Banalieva, E. R. (2019). When a high-quality niche strategy is not enough to spur family-firm internationalization: The role of external and internal contexts. Journal of International Business Studies, 50(5), 783–808.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301–325.
Fang, H., Kotlar, J., Memili, E., Chrisman, J. J., & De Massis, A. (2018). The pursuit of international opportunities in family firms: Generational differences and the role of knowledge-based resources. Global Strategy Journal, 8(1), 136–157. https://doi.org/10.1002/gsj.1197
Fernández, Z., & Nieto, M. J. (2006). Impact of ownership on the international involvement of SMEs. Journal of International Business Studies, 37(3), 340–351. https://doi.org/10.1057/palgrave.jibs.8400196
Finkelstein, S., & Mooney, A. C. (2003). Not the usual suspects: How to use board process to make boards better. Academy of Management Perspectives, 17(2), 101–113.
Forbes, D. P., & Milliken, F. J. (1999). Cognition and corporate governance: Understanding boards of directors as strategic decision-making groups. Academy of Management Review, 24(3), 489–505. https://doi.org/10.2307/259138
Foss, N. J., & Pedersen, T. (2016). Microfoundations in strategy research. Strategic Management Journal, 37, E22–E34. https://doi.org/10.1002/smj.2362
Gersick, K. E., Lansberg, I., Desjardins, M., & Dunn, B. (1999). Stages and transitions: Managing change in the family business. Family Business Review, 12(4), 287–297. https://doi.org/10.1111/j.1741-6248.1999.00287.x
Gomez-Mejia, L. R., Haynes, K. T., Nuñez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106–137. https://doi.org/10.2189/asqu.52.1.106
Gomez-Mejia, L. R., Makri, M., & Kintana, M. L. (2010). Diversification decisions in family-controlled firms. Journal of Management Studies, 47(2), 223–252. https://doi.org/10.1111/j.1467-6486.2009.00889.x
Gomez-Mejia, L. R., Patel, P. C., & Zellweger, T. M. (2018). In the horns of the dilemma: Socioemotional wealth, financial wealth, and acquisitions in family firms. Journal of Management, 44(4), 1369–1397. https://doi.org/10.1177/0149206315614375
Gormley, T. A., Matsa, D. A., & Milbourn, T. (2013). CEO compensation and corporate risk: Evidence from a natural experiment. Journal of Accounting and Economics, 56(2–3), 79–101. https://doi.org/10.1016/j.jacceco.2013.08.001
Greene, W. (2008). Functional forms for the negative binomial model for count data. Economics Letters, 99(3), 585–590. https://doi.org/10.1016/j.econlet.2007.10.015
Hair, J., Black, W., Babin, B., & Anderson, R. (2009). Multivariate Data Analysis, 7th Edition. Pearson Prentice Hall.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.2307/258434
Hausman, J. A., Hall, B. H., & Griliches, Z. (1984). Econometric models for count data with an application to the patents-R&D relationship. Econometrica, 52(4), 909–938. https://doi.org/10.2307/1911191
Henderson, A. D. (1999). Firm strategy and age dependence: A contingent view of the liabilities of newness, adolescence, and obsolescence. Administrative Science Quarterly, 44(2), 281–314. https://doi.org/10.2307/2666997
Hennart, J. F., Majocchi, A., & Forlani, E. (2019). The myth of the stay-at-home family firm: How family-managed SMEs can overcome their internationalization limitations. Journal of International Business Studies, 50(5), 758–782. https://doi.org/10.1057/s41267-017-0091-y
Herrero, I. (2018). How familial is family social capital? Analyzing bonding social capital in family and nonfamily firms. Family Business Review, 31(4), 441–459. https://doi.org/10.1177/0894486518784475
Hillman, A. J., Withers, M. C., & Collins, B. J. (2009). Resource dependence theory: A review. Journal of Management, 35(6), 1404–1427. https://doi.org/10.1177/0149206309343469
Hitt, M. A., Bierman, L., Uhlenbruck, K., & Shimizu, K. (2006). The importance of resources in the internationalization of professional service firms: The good, the bad, and the ugly. Academy of Management Journal, 49(6), 1137–1157. https://doi.org/10.5465/amj.2006.23478217
Hoskisson, R. E., Chirico, F., Zyung, J., & Gambeta, E. (2017). Managerial risk taking: A multitheoretical review and future research agenda. Journal of Management, 43(1), 137–169. https://doi.org/10.1177/0149206316671583
Hutzschenreuter, T., Voll, J. C., & Verbeke, A. (2011). The impact of added cultural distance and cultural diversity on international expansion patterns: A Penrosean perspective. Journal of Management Studies, 48(2), 305–329. https://doi.org/10.1111/j.1467-6486.2010.00966.x
Ilhan-Nas, T., Okan, T., Tatoglu, E., Demirbag, M., Wood, G., & Glaister, K. W. (2018). Board composition, family ownership, institutional distance and the foreign equity ownership strategies of Turkish MNEs. Journal of World Business, 53(6), 862–879. https://doi.org/10.1016/j.jwb.2018.07.006
Kano, L., & Verbeke, A. (2018). Family firm internationalization: Heritage assets and the impact of bifurcation bias. Global Strategy Journal, 8(1), 158–183. https://doi.org/10.1002/gsj.1186
Kim, Y., & Cannella, A. A. (2008). Toward a social capital theory of director selection. Corporate Governance: An International Review, 16(4), 282–293. https://doi.org/10.1111/j.1467-8683.2008.00693.x
Kirkels, Y., & Duysters, G. (2010). Brokerage in SME networks. Research Policy, 39(3), 375–385. https://doi.org/10.1016/j.respol.2010.01.005
Kor, Y. Y., & Misangyi, V. F. (2008). Outside directors’ industry-specific experience and firms’ liability of newness. Strategic Management Journal, 29(12), 1345–1355. https://doi.org/10.1002/smj.709
Kor, Y. Y., & Sundaramurthy, C. (2009). Experience-based human capital and social capital of outside directors. Journal of Management, 35(4), 981–1006. https://doi.org/10.1177/0149206308321551
Kraus, S., Mensching, H., Calabrò, A., Cheng, C. F., & Filser, M. (2016). Family firm internationalization: A configurational approach. Journal of Business Research, 69(11), 5473–5478. https://doi.org/10.1016/j.jbusres.2016.04.158
Kumar, P., & Zattoni, A. (2019). Farewell editorial: Exiting editors’ perspective on current and future challenges in corporate governance research. Corporate Governance: An International Review, 27(1), 2–11. https://doi.org/10.1111/corg.12268
Kwon, S.-W., Rondi, E., Levin, D., De Massis, A., & Brass, D. (2020). Network brokerage: An integrative review and future research agenda. Journal of Management, In press https://doi.org/10.1177/0149206320914694
Le Breton-Miller, I., & Miller, D. (2013). Socioemotional wealth across the family firm life cycle: A commentary on “family business survival and the role of boards.” Entrepreneurship Theory and Practice, 37(6), 1391–1397. https://doi.org/10.1111/etap.12072
Liang, X., Wang, L., & Cui, Z. (2014). Chinese private firms and internationalization: Effects of family involvement in management and family ownership. Family Business Review, 27(2), 126–141. https://doi.org/10.1177/0894486513480885
Lin, W.-T. (2012). Family ownership and internationalization processes: Internationalization pace, internationalization scope, and internationalization rhythm. European Management Journal, 30(1), 47–56. https://doi.org/10.1016/j.emj.2011.10.003
Lu, J. W., & Beamish, P. W. (2001). The internationalization and performance of SMEs. Strategic Management Journal, 22(6–7), 565–586.
Lu, J. W., & Beamish, P. W. (2004). International diversification and firm performance: The S-curve hypothesis. Academy of Management Journal, 47(4), 598–609. https://doi.org/10.2307/20159604
Mariotti, S., Marzano, R., & Piscitello, L. (2021). The role of family firms’ generational heterogeneity in the entry mode choice in foreign markets. Journal of Business Research, 132, 800–812.
Metsola, J., Leppäaho, T., Paavilainen-Mäntymäki, E., & Plakoyiannaki, E. (2020). Process in family business internationalisation: The state of the art and ways forward. International Business Review, 29(2), 101665.
Meyer, K. E., Mudambi, R., & Narula, R. (2011). Multinational enterprises and local contexts: The opportunities and challenges of multiple embeddedness. Journal of Management Studies, 48, 235–252. https://doi.org/10.1111/j.1467-6486.2010.00968.x
Miller, D., Minichilli, A., & Corbetta, G. (2013). Is family leadership always beneficial? Strategic Management Journal, 34(5), 553–571. https://doi.org/10.1002/smj.2024
Miller, D., Le Breton-Miller, I., Minichilli, A., Corbetta, G., & Pittino, D. (2014). When do non-family CEOs outperform in family firms? Agency and Behavioural Agency Perspectives. Journal of Management Studies, 51(4), 547–572. https://doi.org/10.1111/joms.12076
Miller, D., Amore, M. D., Le Breton-Miller, I., Minichilli, A., & Quarato, F. (2018). Strategic distinctiveness in family firms: Firm institutional heterogeneity and configurational multidimensionality. Journal of Family Business Strategy, 9(1), 16–26. https://doi.org/10.1016/j.jfbs.2018.01.004
Minichilli, A., Corbetta, G., & MacMillan, I. C. (2010). Top management teams in family-controlled companies:‘Familiness’, ‘faultlines’, and their impact on financial performance. Journal of Management Studies, 47(2), 205–222. https://doi.org/10.1111/j.1467-6486.2009.00888.x
Minichilli, A., Zattoni, A., Nielsen, S., & Huse, M. (2012). Board task performance: An exploration of micro-and macro-level determinants of board effectiveness. Journal of Organizational Behavior, 33(2), 193–215. https://doi.org/10.1002/job.743
Minichilli, A., Nordqvist, M., Corbetta, G., & Amore, M. D. (2014). CEO succession mechanisms, organizational context, and performance: A socio-emotional wealth perspective on family-controlled firms. Journal of Management Studies, 51(7), 1153–1179. https://doi.org/10.1111/joms.12095
Minichilli, A., Brogi, M., & Calabrò, A. (2016). Weathering the storm: Family ownership, governance, and performance through the financial and economic crisis. Corporate Governance: An International Review, 24, 552–568. https://doi.org/10.1111/corg.12125
Mitter, C., Duller, C., Feldbauer-Durstmüller, B., & Kraus, S. (2014). Internationalization of family firms: The effect of ownership and governance. Review of Managerial Science, 8(1), 1–28. https://doi.org/10.1007/s11846-012-0093-x
Nahapiet, J., & Ghoshal, S. (1998). Social capital, intellectual capital, and the organizational advantage. Academy of Management Review, 23(2), 242–266. https://doi.org/10.2307/259373
Naldi, L., & Davidsson, P. (2014). Entrepreneurial growth: The role of international knowledge acquisition as moderated by firm age. Journal of Business Venturing, 29(5), 687–703. https://doi.org/10.1016/j.jbusvent.2013.08.003
Pearson, A. W., Carr, J. C., & Shaw, J. C. (2008). Toward a theory of familiness: A social capital perspective. Entrepreneurship Theory and Practice, 32(6), 949–969. https://doi.org/10.1111/j.1540-6520.2008.00265.x
Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. Harper & Row.
Prashantham, S., & Dhanaraj, C. (2010). The dynamic influence of social capital on the international growth of new ventures. Journal of Management Studies, 47(6), 967–994. https://doi.org/10.1111/j.1467-6486.2009.00904.x
Pukall, T. J., & Calabrò, A. (2014). The internationalization of family firms: A critical review and integrative model. Family Business Review, 27(2), 103–125. https://doi.org/10.1177/0894486513491423
Puthusserry, P., Child, J., & Khan, Z. (2020). Social capital development through the stages of internationalization: Relations between British and Indian SMEs. Global Strategy Journal, 10(2), 282–308. https://doi.org/10.1002/gsj.1361
Ramón-Llorens, M. C., García-Meca, E., & Duréndez, A. (2017). Influence of CEO characteristics in family firms internationalization. International Business Review, 26(4), 786–799. https://doi.org/10.1016/j.ibusrev.2017.01.007
Reuber, A. R. (2016). An assemblage-theoretic perspective on the internationalization processes of family firms. Entrepreneurship Theory and Practice, 40(6), 1269–1286. https://doi.org/10.1111/etap.12243
Rico, R., Molleman, E., Sánchez-Manzanares, M., & Van der Vegt, G. S. (2007). The effects of diversity faultlines and team task autonomy on decision quality and social integration. Journal of Management, 33(1), 111–132. https://doi.org/10.1177/0149206306295307
Rondi, E., Debellis, F., De Massis, A., & Garzoni, A. (2020). Bonding and bridging social capital in family firm internationalization. Sinergie Italian Journal of Management, 38(2), 113–131. https://doi.org/10.7433/s112.2020.06
Rondi E, Debellis F, Bettinelli C, & De Massis A (2022). Family multinationals: A systematic literature review to take stock and look ahead. International Marketing Review . https://doi.org/10.1108/IMR-01-2021-0025
Ruigrok, W., & Wagner, H. (2003). Internationalization and performance: An organizational learning perspective. Management International Review, 63–83. https://www.jstor.org/stable/40835634
Sciascia, S., Mazzola, P., Astrachan, J. H., & Pieper, T. M. (2013). Family involvement in the board of directors: Effects on sales internationalization. Journal of Small Business Management, 51(1), 83–99.
Scott, B. R. (1971). Stages of corporate development-part I. Harvard Business School.
Sharma, P. (2008). Commentary: Familiness: Capital stocks and flows between family and business. Entrepreneurship Theory and Practice, 32(6), 971–977. https://doi.org/10.1111/j.1540-6520.2008.00266.x
Singh, J. V., Tucker, D. J., & House, R. J. (1986). Organizational legitimacy and the liability of newness. Administrative Science Quarterly, 171–193.
Stevenson, W. B., & Radin, R. F. (2009). Social capital and social influence on the board of directors. Journal of Management Studies, 46(1), 16–44. https://doi.org/10.1111/j.1467-6486.2008.00800.x
Stoian, M.-C., Dimitratos, P., & Plakoyiannaki, E. (2018). SME internationalization beyond exporting: A knowledge-based perspective across managers and advisers. Journal of World Business, 53(5), 768–779. https://doi.org/10.1016/j.jwb.2018.06.001
Strike, V. M., Berrone, P., Sapp, S. G., & Congiu, L. (2015). A socioemotional wealth approach to CEO career horizons in family firms. Journal of Management Studies, 52(4), 555–583. https://doi.org/10.1111/joms.12123
Sundaramurthy, C., & Kreiner, G. E. (2008). Governing by managing identity boundaries: The case of family businesses. Entrepreneurship Theory and Practice, 32(3), 415–436. https://doi.org/10.1111/j.1540-6520.2008.00234.x
Sundaramurthy, C., Pukthuanthong, K., & Kor, Y. (2014). Positive and negative synergies between the CEO’s and the corporate board’s human and social capital: A study of biotechnology firms. Strategic Management Journal, 35(6), 845–868. https://doi.org/10.1002/smj.2137
Tagiuri, R., & Davis, J. (1996). Bivalent attributes of the family firm. Family Business Review, 9(2), 199–208. https://doi.org/10.1111/j.1741-6248.1996.00199.x
Tang, J., Crossan, M., & Rowe, W. G. (2011). Dominant CEO, deviant strategy, and extreme performance: The moderating role of a powerful board. Journal of Management Studies, 48(7), 1479–1503. https://doi.org/10.1111/j.1467-6486.2010.00985.x
Thornhill, S., & Amit, R. (2003). Learning about failure: Bankruptcy, firm age, and the resource-based view. Organization Science, 14(5), 497–509. https://doi.org/10.1287/orsc.14.5.497.16761
Tuggle, C. S., Schnatterly, K., & Johnson, R. A. (2010). Attention patterns in the boardroom: How board composition and processes affect discussion of entrepreneurial issues. Academy of Management Journal, 53(3), 550–571. https://doi.org/10.5465/amj.2010.51468687
Uhlaner, L., Massis, A. D., Jorissen, A., & Du, Y. (2020). Are outside directors on the small and medium-sized enterprise board always beneficial? Disclosure of firm-specific information in board-management relations as the missing mechanism. Human Relations, in press. https://doi.org/10.1177/0018726720932985
Van Knippenberg, D., Van Ginkel, W. P., & Homan, A. C. (2013). Diversity mindsets and the performance of diverse teams. Organizational Behavior and Human Decision Processes, 121(2), 183–193. https://doi.org/10.1016/j.obhdp.2013.03.003
Vandebeek, A., Voordeckers, W., Lambrechts, F., & Huybrechts, J. (2016). Board role performance and faultlines in family firms: The moderating role of formal board evaluation. Journal of Family Business Strategy, 7(4), 249–259. https://doi.org/10.1016/j.jfbs.2016.10.002
Verbeke, A. (2013). International business strategy. Cambridge University Press.
Verbeke, A., & Brugman, P. (2009). Triple-testing the quality of multinationality–performance research: An internalization theory perspective. International Business Review, 18(3), 265–275. https://doi.org/10.1016/j.ibusrev.2009.01.005
Wagner, J. A., III., Stimpert, J., & Fubara, E. I. (1998). Board composition and organizational performance: Two studies of insider/outsider effects. Journal of Management Studies, 35(5), 655–677. https://doi.org/10.1111/1467-6486.00114
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT Press.
Zahra, S. A. (2003). International expansion of US manufacturing family businesses: The effect of ownership and involvement. Journal of Business Venturing, 18(4), 495–512. https://doi.org/10.1016/S0883-9026(03)00057-0
Zahra, S. A. (2010). Harvesting family firms’ organizational social capital: A relational perspective. Journal of Management Studies, 47(2), 345–366. https://doi.org/10.1111/j.1467-6486.2009.00894.x
Zahra, S. A. (2020). Technological capabilities and international expansion: The moderating role of family and non-family firms’ social capital. Asia Pacific Journal of Management, 37(2), 391–415.
Zattoni, A., Gnan, L., & Huse, M. (2015). Does family involvement influence firm performance? Exploring the mediating effects of board processes and tasks. Journal of Management, 41(4), 1214–1243. https://doi.org/10.1177/0149206312463936
Zona, F. (2015). Board ownership and processes in family firms. Small Business Economics, 44(1), 105–122. https://doi.org/10.1007/s11187-014-9587-z
Zona, F. (2016). CEO leadership and board decision processes in family-controlled firms: Comparing family and non-family CEOs. Small Business Economics, 47(3), 735–753. https://doi.org/10.1007/s11187-016-9764-3
Zona, F., & Zattoni, A. (2007). Beyond the black box of demography: Board processes and task effectiveness within Italian firms. Corporate Governance: An International Review, 15(5), 852–864. https://doi.org/10.1111/j.1467-8683.2007.00606.x
Acknowledgements
We are grateful to Jasper Brinkerink, Michael Nippa, and Michele Pinelli for their valuable suggestions on a previous version of the manuscript.
Author information
Authors and Affiliations
Corresponding author
Additional information
Publisher's note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Debellis, F., Torchia, M., Quarato, F. et al. Board openness and family firm internationalization: a social capital perspective. Small Bus Econ 60, 1431–1448 (2023). https://doi.org/10.1007/s11187-022-00670-1
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11187-022-00670-1