Listing pathway, industry competition and internationalization: the case of Chinese family firms

Liu，Bin1; Qian，Gongming2; Lu，Jane Wenzhen3; Shu，Diya1

2023

10.1007/s10490-023-09875-8

Asia Pacific Journal of Management   影响因子和分区

0217-4561

1572-9958

The question of whether family firms (FFs) perform differently in internationalizing is still somewhat unclear. As FFs’ growth trajectories may affect the owners’ perceptions and expectations, this paper explores whether FFs’ listing pathways on financial markets help to explain their moves to internationalize. It is proposed that FFs pursuing backdoor listings differ from those that pursue direct initial public offerings (IPOs) in terms of internationalization because of the different extent of dysfunction caused by their bifurcation bias. The dysfunction is further amplified by industry competition as this introduces greater uncertainties and higher needs for reliance on nonfamily assets. Based on a panel sample of listed Chinese FFs, this research finds that FFs pursuing backdoor listings have a lower level of internationalization than FFs pursuing direct IPOs, and this difference is strengthened by industry competition. Overall, this study contributes to the debates on FFs’ internationalization by unveiling that their listing pathways constitute an important heterogeneity among FFs. It also supplements the international business (IB) literature with micro-foundation determinants of FFs’ internationalization based on the bifurcation bias perspective while highlighting industry competition as a critical boundary condition.

Bifurcation bias China Exporting Family firm Industry competition Listing pathway

SSCI

英语

其他

National Natural Science Foundation of China[72102199] ; Fundamental Research Funds for the Central Universities[2072021126]

Business & Economics

Management

WOS:000980317000001

SPRINGER

2-s2.0-85157963738

Scopus

1.Department of Business Management,School of Management,Xiamen University,Xiamen,China
2.Department of Information Systems and Management Engineering,School of Business,Southern University of Science and Technology,Shenzhen,China
3.Department of Management,City University of Hong Kong,Kowloon,Hong Kong

Liu，Bin,Qian，Gongming,Lu，Jane Wenzhen,et al. Listing pathway, industry competition and internationalization: the case of Chinese family firms[J]. Asia Pacific Journal of Management,2023.

Liu，Bin,Qian，Gongming,Lu，Jane Wenzhen,&Shu，Diya.(2023).Listing pathway, industry competition and internationalization: the case of Chinese family firms.Asia Pacific Journal of Management.

Liu，Bin,et al."Listing pathway, industry competition and internationalization: the case of Chinese family firms".Asia Pacific Journal of Management (2023).