Intra-family succession and firm’s internationalization: a network-based resource perspective
研究中国A股上市家族企业12年数据发现，家族内部传承会降低企业国际化规模，且当创始人完全退出管理层时负面影响更大，但继承人的社会资本有助于缓解这一效应。
Purpose This study investigates how intra-family succession impacts the internationalization of family firms, focusing on generational factors such as the departure of incumbents and the social capital of successors. Design/methodology/approach The study collects secondary data from Chinese A-share-listed family firms over a 12-year period, spanning from 2007 to 2019. It employs two regression models, mixed OLS regression and Probit regression, to analyze the data. To address potential sample selection bias, the study conducts robustness checks using Propensity Score Matching (PSM). Findings The study finds that intra-family succession negatively impacts the internationalization scale, contrary to common assumptions. This effect worsens when incumbents fully exit the top management team and the board. The findings show succession’s disruptive effects, incumbents’ role in international expansion, and the importance of successors’ social capital in family firm internationalization. Originality/value This study questions the traditional belief that family succession enhances a firm’s international growth. Instead, it reveals the critical but often overlooked role of predecessors in assisting with international efforts. Furthermore, the study highlights the importance of successors’ social capital as an essential asset for global expansion.