Corporate ownership types and internationalization strategies : The moderating role of home country capitalism

Kishk, I. and Rao-Nicholson, R. (2025) Corporate ownership types and internationalization strategies : The moderating role of home country capitalism. International Business Review. 34(6), pp. 1-30. 0969-5931.

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Abstract:

Despite widespread academic consensus that firm ownership impacts internationalization, there is disagreement on which ownership type increases internationalization. Also, the risk differentials of internationalization strategies need to be considered: sales internationalization (a low-risk strategy) and asset internationalization (a high-risk strategy). Furthermore, home-country capitalism can moderate these relationships – a relationship unexamined in such research. Using a sample of US, Western European, and emerging-market firms, this paper addresses these research gaps. It examines how five different firm-ownership types (government, family, institutional, managerial, and corporate) and home-country capitalism influence internationalization strategies. We find that government ownership reduces sales internationalization. Family and institutional ownership increases sales internationalization, whereas institutional, managerial, and corporate ownership increases asset internationalization. Higher home-country capitalism reduces the impact of institutional and corporate owners on sales internationalization while increasing the impact of all five ownership types on asset internationalization. Our findings have implications for corporate governance and internationalization literature and practice.

Additional Information:

Uncontrolled Keywords:

Ownership types, Internationalization, Government ownership, Family ownership, Institutional ownership, Managerial ownership, Corporate ownership, Home-country capitalism

Creators:

Kishk, I. and Rao-Nicholson, R.

Date:

5 August 2025

Date Type:

Publication

Page Range:

pp. 1-30

Journal or Publication Title:

International Business Review

Volume:

Number:

Number of Pages:

Language:

English

ISSN:

0969-5931

Status:

Published / Disseminated

Refereed:

Yes