Purpose

Internationalization is an important strategy for the long-term survivability of the firms and is often influenced by the ownership groups along with the family involvement in the management decisions. The purpose of this study is to investigate empirically the outward propensities of various ownership groups such as foreign institutional investors, domestic mutual funds and lending institutions.

Design/methodology/approach

This paper analyzes the moderating effects of the family’s influence on the relationship between various ownership categories and internationalization, which is measured in terms of foreign investments and export intensity. An analysis of listed non-financial Indian firms recorded during the years 2005–2019, constituting a panel of 43,928 firm-year observations was conducted by using the tobit and probit panel regression models.

Findings

The results demonstrate that internationalization of the firm is positively impacted by the foreign institutional investors and lending institutions. However, when the family ownership is moderated across the ownership categories, it can be seen that it negatively impacts the lending institutions and positively impacts the foreign institutional investors. In the case of mutual funds, no impact of family ownership in the firm’s foreign investment decisions can be seen.

Originality/value

As there are limited studies about family ownership influence on the firm’s internationalization decision in the context of India, this paper takes an inclusive approach to the changing nature of the influence of ownership on the international expansion process.

中文翻译：

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探索家族所有制在国际化中的作用：对印度公司的实证研究

目的

国际化是企业长期生存的重要战略，通常受所有权集团以及家族成员参与管理决策的影响。本研究的目的是通过实证研究各种所有权集团的外部倾向，例如外国机构投资者，国内共同基金和贷款机构。

设计/方法/方法

本文分析了家庭影响力对各种所有制类别与国际化之间关系的调节作用，以外国投资和出口强度来衡量。使用tobit和probit面板回归模型对2005-2019年间记录的印度非金融上市公司进行了分析，构成了43,928个公司年观察结果。

发现

结果表明，公司的国际化受到外国机构投资者和贷款机构的积极影响。但是，在对所有制类别的家庭所有权进行调节时，可以看出，它对贷款机构产生了负面影响，对外国机构投资者产生了积极影响。对于共同基金，家族所有权对公司的外国投资决策没有影响。

创意/价值

由于在印度的背景下，关于家族所有制对公司国际化决策的影响的研究很少，因此本文采用包容性方法来研究所有权对国际扩张过程的影响的变化性质。