Family Ownership and the International Involvement of Taiwan's High-Technology Firms: The Moderating Effect of High-Discretion Organizational Slack
研究家族所有权和高自由度组织冗余如何共同影响台湾高科技企业的国际化程度，发现家族控制越强、冗余越高，企业国际化水平越低。
This study examined the combined effect of family ownership and high-discretion organizational slack on the international involvement of Taiwanese firms. Employing a sample of 179 publicly listed high-tech firms in Taiwan over a period of 6 years (2000–2005), we found that firms with high levels of international involvement, that is, a higher degree of internationalization, (i) were not closely held, and (ii) were not excessively controlled by the family. Further, high-discretion organizational slack (indicated by resources that can be deployed in a flexible fashion such as in cash and receivables) moderated the negative relationship between family control and international involvement. This relationship is stronger with a higher level of high-discretion slack. The results support the hypothesis that family control and high-discretion organizational slack negatively influence the decision to internationalize.