Open AccessThe Influence of Socio-Emotional Wealth on the Speed of the Export Development Proces in Family and Non-Family Firms
Author(s) -
Ana M. Moreno-Menéndez,
M Castiglioni,
Mar Cobeña
Publication year - 2021
Publication title -
european journal of family business
Language(s) - English
Resource type - Journals
eISSN - 2444-8788
pISSN - 2444-877X
DOI - 10.24310/ejfbejfb.v11i2.10782
Subject(s) - internationalization , business , family business , process (computing) , industrial organization , panel data , economic geography , demographic economics , marketing , economics , international trade , econometrics , computer science , operating system
This paper proposes that family firms do not necessarily internationalize less than non-family businesses, but rather, they do it more slowly. Lower speed of internationalization process of family business (measured by the speed of the export development process) is a consequence of the role of the socio-emotional wealth (SEW) in these firms. SEW operates through three different mechanisms: (1) long-term orientation, (2) risk avoidance, and (3) lack of resources to be independent. The empirical research, based on a panel of more than a thousand Spanish manufacturing firms along nine years (2006-2014), supports the hypothesis proposed, independently of firm’s previous size, age, and export commitment level.