Research Summary: We develop a new conceptual framework to uncover governance‐related determinants of family firms’ internationalization, building upon internalization theory. We assess how family firm governance features determine internationalization patterns on two key dimensions: location choice and operating mode. We focus on family governance characteristics that might drive suboptimal internationalization patterns and on removing such suboptimality. We conclude that bifurcation bias, defined as the de facto differential treatment of family or heritage assets versus nonfamily assets, represents a critical family firm‐specific barrier to achieving efficiency in international operations. In the short run, the key difference in international governance is between bifurcation‐biased family MNEs and all other types of MNEs. In the longer run, inefficient, bifurcation‐biased decision making will make place for comparatively more efficient governance.
Global Strategy Journal – Wiley
Published: Jan 1, 2018
Keywords: ; ; ; ; ; ;
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