Based on the socioemotional wealth approach and a sample of 3,904 subsidiary ownership choices made by 586 family firms, this study shows that family-managed firms (i.e., those family firms with a family member in a leadership position) prefer wholly owned subsidies over joint ventures when entering foreign markets. Family-managed firms are also more likely to revise their subsidiary ownership choices and form joint ventures when in vulnerability conditions, that is, when they experience performance below aspirations and when entering a culturally distant market.

中文翻译：

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走出舒适区！家族领导的子公司所有权选择和漏洞的作用

基于社会情感财富方法和 586 家家族企业做出的 3,904 家子公司所有权选择的样本，本研究表明，家族管理的企业（即家族成员处于领导地位的家族企业）更喜欢全资补贴而不是合资企业在进入国外市场时。家族管理的企业也更有可能在脆弱的情况下修改其子公司的所有权选择并组建合资企业，即当他们的业绩低于期望值和进入一个文化疏远的市场时。