Please use this identifier to cite or link to this item: http://hdl.handle.net/11328/1852
Title: Internationalization vs. family ownership and management: The case of Portuguese wine firms
Authors: Pacheco, Luís Miguel
Keywords: Wine industry
Internationalization
Ownership structure
Family firms
Agency theory
Issue Date: May-2017
Publisher: International Journal of Wine Business Research
Citation: Pacheco, L. M.(2017). Internationalization vs. family ownership and management: The case of Portuguese wine firms. International Journal of Wine Business Research, 29(2), 195-209. doi: 10.1108/IJWBR-10-2016-0034. Disponível no Repositório UPT, http://hdl.handle.net/11328/1852
Abstract: Purpose: The objective of this paper is to empirically examine the relationship between the firms’ ownership and control structure and their export performance. The literature is traditionally focused on the relation between firms’ performance and internationalization, with the relation between ownership and control structure with internationalization being much less studied, particularly in the context of family firms. Design/methodology/approach: We focus our study on the Portuguese wine firms due to their increasing importance in the Portuguese economy and in the promotion of the country’s exports and image abroad. It is used a balanced panel data sample of 82 firms for the period from 2011 to 2015 and applied a random effects model and a Tobit specification. Findings: The degree of family involvement shows a negative and significant relationship with internationalization, meaning that family firms that intend to internationalize should be open to receive external managers with international experience and increase their internal competencies in order to enhance internationalization. Originality/value: This paper extends the literature since assesses, at the light of the agency theory, the presence of differences in the internationalization degree and export intensity between family firms that are managed and controlled by the owners and family firms that are managed by non-family members, with an application to a less studied sector and country.
URI: http://hdl.handle.net/11328/1852
ISSN: 1751-1062
Appears in Collections:REMIT – Artigos em Revistas Internacionais / Papers in International Journals

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