The Influence of Socio-Emotional Wealth on the Speed of the Export Development Process in Family and Non-Family Firms

Ana M. Moreno-Menéndez; Marco Castiglioni; María-del-Mar Cobeña-Ruiz-Lopera

doi:10.24310/ejfbejfb.v11i2.10782

Authors

Ana M. Moreno-Menéndez University of Seville, Spain Spain https://orcid.org/0000-0002-0040-1459
Marco Castiglioni University of Seville, Spain Spain
María-del-Mar Cobeña-Ruiz-Lopera University of Seville, Spain Spain https://orcid.org/0000-0003-4970-8897

DOI:

https://doi.org/10.24310/ejfbejfb.v11i2.10782

Keywords:

Export behavior, Family firm, Internationalization process, Socio-emotional wealth, Speed of internationalization

Agencies: Ministry of Economy and Competitiveness (ECO2013-45329-R Project)

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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