The Influence of Family Directors on Internationalization Strategies in Family Businesses

This study analyzes the relationship between family control and the internationalization of family firms in Mexico. Grounded in the resource-based view and socioemotional wealth theory, it addresses the theoretical problem of how familiness and governance mechanisms influence strategic decisions in emerging markets. Based on 326 observations of family businesses (51) listed on the Mexican Stock Exchange (BMV) from 2009 to 2016, and using a probit regression model, five hypotheses are tested regarding the effects of family directors, board independence, CEO duality, tenure, and ownership concentration on internationalization. The results show that board independence and chair tenure foster internationalization, while ownership concentration and family directors discourage it. The findings contribute to understanding the need for governance reforms that promote more independence and leadership stability to foment internationalization strategies among family businesses in emerging markets.