Ownership and the Internationalization of Small Firms
研究了中小企业所有权结构如何影响其国际化扩张的规模和范围，发现内部所有者（CEO和高管）比外部所有者（风投和机构投资者）更风险规避，从而国际化程度较低。
Small and medium-sized enterprises (SMEs) play an important role in international markets. This study argues that the ownership structures of SMEs influence their proclivity to take risks and expand the scale and scope of their internationalization efforts. Data from 889 Swedish SMEs reveal that internal owners (CEOs and other senior executives) tend to be risk averse and have a lower proclivity to increase scale and scope of internationalization than external owners (venture capitalists and institutional investors). The results provide interesting insights into the behavioral change of executives regarding the scale and scope of internationalization in the presence of external ownership.