Family ownership and internationalization of family firms: An S-curve hypothesis
基于混合博弈逻辑和有限与扩展的社会情感财富优先级，提出家族所有权与国际化呈S形关系，即低水平所有权时国际化下降、中等水平时上升、高水平时再次下降，并用200家印度企业2006-2020年数据验证了拐点在52%和76%所有权水平。
Despite the proliferation of scholarship on family firms the relationship between family ownership and internationalization is far from clear. Drawing on the mixed gamble logic and restricted versus extended socioemotional wealth (SEW) priority of family firms we propose an S-curve relationship. We hypothesize that internationalization decreases at a low level of family ownership, increases at a moderate level of family ownership, and decreases again at a high level of family ownership. This S-shaped relationship is the outcome of family owners’ assessment of different gains and losses associated with internationalization (mixed gamble) and their subsequent decision to support or oppose internationalization. Our analyses of 200 Indian firms from 2006 to 2020 time-period support our predictions and demonstrate that the inflection points in the S-curve appear at family ownership levels of 52% and 76%.