Purpose

The preference of firm internationalization is shaped by different groups of owners and the institutional environment in which the firm operates. Past studies have largely ignored the heterogeneity among the controlling groups in influencing the internationalization decision in emerging economy firms.

Design/methodology/approach

In this study, the authors draw understanding from behavioral risk perspective and institutional theory to inspect the risk perceptions and propensities of various ownership groups such as lending institutions, domestic mutual funds and foreign institutional investors (FIIs). Empirical analysis was conducted from a sample of 2695 unique BSE-listed nonfinancial Indian firms during 2005−2019 period using Tobit panel regression analysis.

Findings

The findings reveal that firms' international investments are impacted differently by ownership share of different types of institutional investors after controlling for firm-level resources and capabilities. While lending institutions and FIIs are supportive of foreign investments by firms, domestic mutual funds are not supportive of this strategic decision on foreign investment.

Research limitations/implications

Further, our results show that family ownership, measured in terms of family shareholding, negatively moderates the lending institutions toward internationalization and does not impact the FIIs and mutual fund investor's decision regarding the foreign investments.

Originality/value

To the best of the author's knowledge, the current paper is the first to address the risk perceptions of various ownership groups on firm's international outlook in an emerging economy context with the latest data. This practical perspective helps the organizations in managing the ownership holdings.

中文翻译：

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机构所有权是否会影响企业的国际投资？来自印度的经验证据

目的

公司国际化的偏好取决于所有者的不同群体和公司运营所处的制度环境。过去的研究在很大程度上忽略了控制集团之间在影响新兴经济企业国际化决策方面的异质性。

设计/方法/方法

在这项研究中，作者从行为风险的观点和制度理论中汲取了理解，以检查各种所有权集团（例如放贷机构，国内共同基金和外国机构投资者（FII））的风险感知和倾向。使用Tobit面板回归分析对2005年至2019年期间在BSE上市的非金融性印度公司中的2695家进行抽样调查，进行了实证分析。

发现

研究结果表明，在控制了公司一级的资源和能力之后，不同类型的机构投资者的所有权份额对公司的国际投资产生了不同的影响。尽管贷款机构和FII支持公司的外国投资，但国内共同基金不支持有关外国投资的这一战略决策。

研究局限/意义

此外，我们的结果表明，以家庭持股量衡量的家庭所有权会对放贷机构进行国际化产生负面影响，并且不会影响FII和共同基金投资者对外国投资的决定。

创意/价值

就作者所知，本文是第一篇使用最新数据来探讨新兴经济环境下不同所有权集团对公司国际视野的风险看法。这种实用的观点有助于组织管理所有权。