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The purpose of this paper is to help close the gap between what is known and what needs to be known about the decision-making processes of internationalization of family managers (FM) and non-family managers (NFMs).<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>The paper analyzes the story of Busscar, a Brazilian firm that began internationalization under an FM and ended it under an NFM. The management transition took place suddenly, as the family CEO died in a tragic accident, and the company appointed an NFM to replace him virtually overnight. These circumstances, as well as the fact that Busscar accelerated its internationalization process after the transition only to go bankrupt a few years later makes this case critical.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>The paper concludes that under NFMs, the speed and scope of the firm internationalization processes were accelerated and the financial risks were augmented, which is in line with the agency theory hypothesis and contradicts suggestions that NFMs tend to be more structured.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Research limitations\/implications<\/jats:title><jats:p>Many researchers argue that it is important to professionalize the management of family firms. It is expected that an NFM leads to a more structured strategy. The study shows otherwise; changing the manager leads to opportunistic internationalization using emerging strategies rather than deliberate ones.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>This study suggests that firms, networks, entrepreneurship, and ownership are not the only important variables. Manager origin (inside or outside the family) can change everything.<\/jats:p><\/jats:sec>","DOI":"10.1108\/jfbm-02-2015-0014","type":"journal-article","created":{"date-parts":[[2016,10,12]],"date-time":"2016-10-12T10:44:40Z","timestamp":1476269080000},"page":"330-349","source":"Crossref","is-referenced-by-count":26,"title":["Do family-managed and non-family-managed firms internationalize differently?"],"prefix":"10.1108","volume":"6","author":[{"given":"Ilan","family":"Avrichir","sequence":"first","affiliation":[]},{"given":"Raquel","family":"Meneses","sequence":"additional","affiliation":[]},{"given":"Agnaldo Antonio","family":"dos Santos","sequence":"additional","affiliation":[]}],"member":"140","reference":[{"issue":"3","key":"key2020121220240318500_ref001","doi-asserted-by":"crossref","first-page":"1301","DOI":"10.1111\/1540-6261.00567","article-title":"Founding-family ownership and firm performance: evidence from the S&P 500","volume":"58","year":"2003","journal-title":"Journal of Finance"},{"issue":"6","key":"key2020121220240318500_ref002","doi-asserted-by":"crossref","first-page":"1115","DOI":"10.1111\/j.1540-6520.2012.00541.x","article-title":"Internationalization of family-controlled firms: a study of the effects of external involvement in governance","volume":"36","year":"2012","journal-title":"Entrepreneurship Theory and Practice"},{"key":"key2020121220240318500_ref003","volume-title":"Finan\u00e7as Corporativas e Valor","year":"2007","edition":"3a ed"},{"issue":"1","key":"key2020121220240318500_ref004","doi-asserted-by":"crossref","first-page":"459","DOI":"10.22495\/cocv5i1c3p9","article-title":"Conservatism: an explanation of the financial choices of the small and medium family enterprise","volume":"5","year":"2007","journal-title":"Corporate Ownership and Control"},{"issue":"3","key":"key2020121220240318500_ref005","doi-asserted-by":"crossref","first-page":"173","DOI":"10.1016\/S1075-4253(01)00043-6","article-title":"Born-again global\u2019 firms: an extension to the \u2018born global\u2019 phenomenon","volume":"7","year":"2001","journal-title":"Journal of International Management"},{"issue":"4","key":"key2020121220240318500_ref006","doi-asserted-by":"crossref","first-page":"321","DOI":"10.1111\/j.1741-6248.2007.00102.x","article-title":"Creating an environment for successful nonfamily CEOs: an exploratory study of good principals","volume":"20","year":"2007","journal-title":"Family Business Review"},{"key":"key2020121220240318500_ref007","unstructured":"Cad\u00f3, L.C.D. 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