Purpose The debate over differences in the behaviors of firms facing globalization is ongoing. This study examines whether globalization impacts the behavior of family firms and if this influence differs between family and non-family firms. Design/methodology/approach Drawing on panel data from the Amadeus database on 62 family firms and 98 non-family firms in Europe, the authors employ panel vector autoregression estimation and the Wald test of Granger causality to verify our conjecture. Additional impulse response functions and the forecast error variance decomposition technique were applied to illustrate complementary shock dynamics. Additionally, the KOF globalization index is used as a proxy for globalization. Findings The results show that globalization visibly impacts family and non-family firms, but the polarity and extent of the effect are different. The authors demonstrate that family firms are in a more favorable position regarding globalization and are less vulnerable to the adverse effects of the globalization process. In contrast, non-family firms fare worse, generating adverse effects. Non-family firms take a more open stance toward globalization than family firms' more conservative behaviors. Research limitations/implications Of course, there are some limitations to the work presented in this paper. On the one hand, the authors’ data span only ten years due to data limitations. This causes the generalizability of the results to be hindered. Therefore, the authors encourage scholars to collect more time series data to increase confidence in the empirical results in future studies. On the other hand, the selection of proxy indicators concerning family firm behavior is mainly focused on financial and employment facets. A multidimensional selection of indicators could make the findings of this study more convincing. Despite its limitations, the study certainly adds to the authors’ understanding of its behavior and globalization activities. Practical implications The authors’ findings have twofold theoretical and practical implications, as they highlight the necessity of developing specific policies aimed at reducing the gap between family and non-family facing globalization and promoting sustainable operations of non-family firms. Although family firms tend to be more frugal and conservative in their overall decision-making, it should be acknowledged that stockholder and stakeholder interest-oriented corporate management policies have made them more capable of steadily improving corporate performance in the sweep of globalization. Social implications To this end, this study deepens the authors’ understanding of the theory of global governance of family firms. It also provides possible paths and directions for future theoretical research on family firms. Globalization affects both family and non-family firms, but our results suggest that family firms are better able to withstand the adverse effects of globalization shocks and adopt efficient governance paths and strategic thinking to gain a competitive advantage. In this regard, the authors encourage non-family firms to actively learn from family firms' operational practices and systems to achieve better adaptability. Originality/value This study provides strong empirical evidence on the effectiveness of family firms' governance patterns and business behavior under globalization. Additionally, this study also reveals that managers can learn from the practical experience of family firms to help them confront business crises and gain a sustainable competitive advantage.

中文翻译：

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全球化对欧洲家族企业商业模式的影响

目的 关于面临全球化的公司行为差异的争论仍在继续。本研究考察了全球化是否会影响家族企业的行为，以及这种影响在家族企业和非家族企业之间是否存在差异。设计/方法/方法 作者利用 Amadeus 数据库中欧洲 62 家家族企业和 98 家非家族企业的面板数据，采用面板向量自回归估计和格兰杰因果关系的 Wald 检验来验证我们的猜想。应用额外的脉冲响应函数和预测误差方差分解技术来说明互补冲击动力学。此外，KOF 全球化指数被用作全球化的代表。调查结果 结果表明，全球化对家族企业和非家族企业有明显影响，但影响的极性和程度不同。作者表明，家族企业在全球化方面处于更有利的地位，并且不太容易受到全球化进程的不利影响。相比之下，非家族企业的情况更糟，产生了不利影响。与家族企业更为保守的行为相比，非家族企业对全球化采取更开放的立场。研究限制/影响 当然，本文介绍的工作存在一些限制。一方面，由于数据限制，作者的数据仅跨越十年。这会导致结果的普遍性受到阻碍。所以，作者鼓励学者们收集更多的时间序列数据，以增加对未来研究的实证结果的信心。另一方面，有关家族企业行为的代理指标的选择主要集中在财务和就业方面。多维度的指标选择可以使本研究的结果更有说服力。尽管存在局限性，但该研究无疑增加了作者对其行为和全球化活动的理解。实践意义 作者的研究结果具有双重理论和实践意义，因为它们强调了制定具体政策的必要性，这些政策旨在缩小面临全球化的家族与非家族之间的差距，并促进非家族企业的可持续运营。尽管家族企业在整体决策上往往更加节俭和保守，但应该承认，以股东和利益相关者利益为导向的企业管理政策使其更有能力在全球化浪潮中稳步提升企业绩效。社会意义 为此，本研究加深了作者对家族企业全球治理理论的理解。也为未来家族企业的理论研究提供了可能的路径和方向。全球化对家族企业和非家族企业都有影响，但我们的研究结果表明，家族企业能够更好地抵御全球化冲击的不利影响，并采用有效的治理路径和战略思维来获得竞争优势。在这方面，作者鼓励非家族企业积极学习家族企业的运营实践和制度，以实现更好的适应性。原创性/价值 本研究为全球化下家族企业治理模式和商业行为的有效性提供了强有力的实证证据。此外，本研究还表明，管理者可以借鉴家族企业的实践经验，帮助他们应对商业危机并获得可持续的竞争优势。全球化下的治理模式和商业行为。此外，本研究还表明，管理者可以借鉴家族企业的实践经验，帮助他们应对商业危机并获得可持续的竞争优势。全球化下的治理模式和商业行为。此外，本研究还表明，管理者可以借鉴家族企业的实践经验，帮助他们应对商业危机并获得可持续的竞争优势。