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Ana M. Moreno-Menéndez
University of Sevilla
Spain
https://orcid.org/0000-0002-0040-1459
Marco Castiglioni
Universidad de Sevilla
Spain
María-del-Mar Cobeña-Ruiz-Lopera
Universidad de Sevilla
Spain
https://orcid.org/0000-0003-4970-8897
Vol. 11 No. 2 (2021), Research Paper (SI)
DOI: https://doi.org/10.24310/ejfbejfb.v11i2.10782
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Abstract

This paper proposes that family firms do not necessarily internationalize less than non-family businesses, but rather, they do it more slowly. Lower speed of internationalization process of family business (measured by the speed of the export development process) is a consequence of the role of the socio-emotional wealth (SEW) in these firms. SEW operates through three different mechanisms: (1) long-term orientation, (2) risk avoidance, and (3) lack of resources to be independent. The empirical research, based on a panel of more than a thousand Spanish manufacturing firms along nine years (2006-2014), supports the hypothesis proposed, independently of firm’s previous size, age, and export commitment level.

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