Performance of Foreign Subsidiaries Acquired by Family Firms: A Configurational Perspective
采用组态视角，探索外部家族中心制度与内部企业特定因素的组合如何驱动家族企业收购的外国子公司绩效，对87家子公司进行模糊集定性比较分析，发现最优配置。
Abstract Although international business research has extensively focused on foreign subsidiary performance, the performance of foreign subsidiaries owned by “family firms” has surprisingly received scant attention. In this paper, we adopt a configurational perspective to explore the diverse combinations of external family-centric institutions and internal firm-specific factors that drive the performance of family firms’ acquired foreign subsidiaries. Such configurations include the combination of (1) family business legitimacy (FBL) within the host country of the foreign subsidiary, (2) FBL of the family firm’s home country, (3) the presence of a family CEO in the parent firm, (4) the proportion of family members on the board of directors, and (5) name congruence. By applying fuzzy-set qualitative comparative analysis (fs/QCA) to a sample of 87 foreign subsidiaries acquired by 56 family firms over the period 2011–2019, our findings show optimal configurations of the aforesaid factors that lead to the successful performance of family firms’ acquired foreign subsidiaries.