Initial international entry timing: The effects of family control and firm performance
研究了家族控制如何影响企业首次进入国际市场的时机，发现家族企业通常更早进入，但高所有权水平下模式转变，且企业绩效正向调节这一关系。
The timing of initial international entry—a firm’s first expansion into a foreign market—is an important strategic action with far-reaching implications for firm success. This study employs a mixed gamble theoretical perspective to investigate how family control impacts the timing of initial international entry in 472 firms between 2006 and 2019. Contrary to expectations, we find that family firms tend to initially enter international markets earlier than nonfamily firms, though this pattern shifts at higher levels of family ownership. We also confirm heterogeneity among family firms, finding a positive relationship between family control and later initial international entry timing. Further, we find that prior firm performance moderates the relationship between family ownership and initial international entry timing such that entry occurs earlier for superior performing firms. Together, this study suggests a more complex association between family control and the timing of entry into an international market for the first time.