{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,12,19]],"date-time":"2025-12-19T22:05:16Z","timestamp":1766181916443,"version":"build-2065373602"},"reference-count":125,"publisher":"MDPI AG","issue":"7","license":[{"start":{"date-parts":[[2022,7,18]],"date-time":"2022-07-18T00:00:00Z","timestamp":1658102400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Economies"],"abstract":"<jats:p>COVID-19 is the last nail in the coffin of globalization as we know it. This research aims to explore the influence of capital ownership in the (re)design of internationalization strategies among firms, considering the new macroeconomic challenges. It is commonly accepted that the extent to which family businesses approach internationalization differs from their counterparts; as such, the identification of leverages or hinderers in this process and the potential singularities of these firms is urgent. Intermittences in global operation and discontinuous internationalization paths remain overlooked in the theory. Continuity or intermittence across the internationalization strategies, as well as their determinants, were tested using data from the triennia of 2018, 2019, and 2020; the data were gathered from the Iberian Balance Sheet Analysis System Database (SABI), through a balanced panel of 26,154 firms belonging to all sectors of the manufacturing industry. Empirical evidence supports the heterogeneity of strategies among family businesses, as well as dissimilarities from their non-family counterparts. The firm dimension, experience in global operation, and the regional ecosystem in which the firm is embedded are identified as being central in internationalization endeavors. Urgency and assertiveness of policy action addressing the new macroeconomic challenges are required to foster economic recovery, and exploring extant entrepreneurial fabric potential and the already-established networks will determine the pace and success of the measures. Moreover, empirical evidence reinforces region-specific actions to be implemented, proposing the re-location of economic activities while promoting the intensification of spatial clustering and international networking. Designing an accurate policy package places demands upon heterogeneous players and layers of action, overlapping clusters and networks, and the creation of a multilevel ecosystem in which the flow of economic, human, and knowledge aspects circulate, reinforcing community resilience.<\/jats:p>","DOI":"10.3390\/economies10070170","type":"journal-article","created":{"date-parts":[[2022,7,18]],"date-time":"2022-07-18T11:32:23Z","timestamp":1658143943000},"page":"170","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":8,"title":["Internationalization Strategies at a Crossroads: Family Business Market Diffusion in the Post-COVID Era"],"prefix":"10.3390","volume":"10","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-7514-9836","authenticated-orcid":false,"given":"Joana","family":"Costa","sequence":"first","affiliation":[{"name":"DEGEIT\u2014Department of Economics, Management, Industrial Engineering and Tourism, University of Aveiro, Campus Universit\u00e1rio de Santiago, 3810-193 Aveiro, Portugal"},{"name":"GOVCOPP\u2014Research Unit on Governance, Competitiveness and Public Policies, Campus Universit\u00e1rio de Santiago, 3810-193 Aveiro, Portugal"},{"name":"INESCTEC\u2014Institute for Systems and Computer Engineering, Technology and Science, R. Roberto Frias, 4200-465 Porto, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2022,7,18]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"108","DOI":"10.1016\/j.jfbs.2010.04.004","article-title":"Family versus nonfamily business: A comparison of international strategies","volume":"1","author":"Abdellatif","year":"2010","journal-title":"Journal of Family Business Strategy"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"48","DOI":"10.1016\/j.ibusrev.2018.06.003","article-title":"Internationalization and entrepreneurial orientation of family SMEs: The influence of the family character","volume":"28","author":"Alayo","year":"2019","journal-title":"International Business Review"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"46","DOI":"10.1002\/gsj.1201","article-title":"The mixed gamble of internationalization in family and nonfamily firms: The moderating role of organizational slack","volume":"8","author":"Alessandri","year":"2018","journal-title":"Global Strategy Journal"},{"key":"ref_4","doi-asserted-by":"crossref","unstructured":"Amato, Stefano, Fernanda, Ricotta, and Basco, Rodrigo (2021). Family-managed firms, external sources of knowledge and innovation. Industry and Innovation, in press.","DOI":"10.1080\/13662716.2021.1976623"},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"106385","DOI":"10.1016\/j.jbankfin.2021.106385","article-title":"Family ownership during the COVID-19 pandemic","volume":"135","author":"Amore","year":"2020","journal-title":"Journal of Banking & Finance"},{"key":"ref_6","doi-asserted-by":"crossref","unstructured":"Antr\u00e0s, Pol (2021). De-Globalisation? Global Value Chains in the Post-COVID-19 Age. 2021 ECB Forum: Central Banks in a Shifting World. Conference Proceedings.","DOI":"10.3386\/w28115"},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"1159","DOI":"10.1057\/s41267-021-00425-2","article-title":"Family firm internationalization: Past research and an agenda for the future","volume":"52","author":"Liena","year":"2021","journal-title":"Journal of International Business Studies"},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"801","DOI":"10.1111\/etap.12246","article-title":"Why Is Family Firms\u2019 Internationalization Unique? A Meta\u2013Analysis","volume":"41","author":"Patricio","year":"2017","journal-title":"Entrepreneurship Theory and Practice"},{"key":"ref_9","first-page":"1115","article-title":"Internationalization of Family-Controlled Firms: A Study of the Effects of External Involvement in Governance","volume":"36","author":"Lucia","year":"2012","journal-title":"Entrepreneurship: Theory and Practice"},{"key":"ref_10","unstructured":"Associa\u00e7\u00e3o Empresas Familiares (2021, December 17). Family Businesses in Portugal. Available online: https:\/\/empresasfamiliares.pt\/?lang=en;numbersandfacts."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"567","DOI":"10.1016\/S0883-9026(03)00010-7","article-title":"Commentary on the special issue: The emergence of a field","volume":"18","author":"Astrachan","year":"2003","journal-title":"Journal of Business Venturing"},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"909","DOI":"10.2307\/1556419","article-title":"Effects of Age at Entry, Knowledge Intensity, and Imitability on International Growth","volume":"43","author":"Autio","year":"2000","journal-title":"AMJ"},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"330","DOI":"10.1108\/JFBM-02-2015-0014","article-title":"Do family managed and non-family-managed firms internationalize differently?","volume":"6","author":"Avrichir","year":"2016","journal-title":"Journal of Family Business Management"},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"99","DOI":"10.1177\/014920639101700108","article-title":"Firm resources and sustained competitive advantage","volume":"17","author":"Barney","year":"1991","journal-title":"Journal of Management"},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"1579","DOI":"10.1093\/ia\/iiab119","article-title":"Globalization, deglobalization and knowledge production","volume":"97","author":"Behera","year":"2021","journal-title":"International Affairs"},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"339","DOI":"10.1023\/A:1025629424041","article-title":"Towards an Integrative Model of Small Firm Internationalisation","volume":"1","author":"Bell","year":"2003","journal-title":"Journal of International Entrepreneurship"},{"key":"ref_17","doi-asserted-by":"crossref","unstructured":"Belsley, David, Edwin, Kuh, and Welsch, Roy (1980). Regression Diagnostics, John Wiley & Sons.","DOI":"10.1002\/0471725153"},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"258","DOI":"10.1177\/0894486511435355","article-title":"Socioemotional Wealth in Family Firms: Theoretical Dimensions, Assessment Approaches, and Agenda for Future Research","volume":"25","author":"Berrone","year":"2012","journal-title":"Family Business Review"},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"1035","DOI":"10.1007\/s11187-012-9414-3","article-title":"Family firms\u2019 investments, uncertainty and opacity","volume":"40","author":"Bianco","year":"2013","journal-title":"Small Business Economics"},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"61","DOI":"10.1177\/104225879602000405","article-title":"The Internationalization of New High-Potential U.S. Ventures: Antecedents and Outcomes","volume":"20","author":"Bloodgood","year":"1996","journal-title":"Entrepreneurship Theory and Practice"},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"333","DOI":"10.1504\/IJGSB.2016.081421","article-title":"Go East! How family businesses choose markets and entry modes when internationalising","volume":"8","author":"Boers","year":"2016","journal-title":"International Journal of Globalisation and Small Business"},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"153","DOI":"10.1007\/s40888-016-0035-1","article-title":"The Pavitt Taxonomy, revisited: Patterns of innovation in manufacturing and services","volume":"33","author":"Bogliacino","year":"2016","journal-title":"Economia Politica"},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"1505","DOI":"10.1093\/ia\/iiab089","article-title":"Globalization\/deglobalization: Lessons from liberal monetary orders","volume":"97","author":"Brawley","year":"2021","journal-title":"International Affairs"},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"679","DOI":"10.1111\/jsbm.12165","article-title":"What Does Really Matter in the Internationalization of Small and Medium-Sized Family Businesses?","volume":"54","author":"Brogy","year":"2016","journal-title":"Journal of Small Business Management"},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"100442","DOI":"10.1016\/j.jfbs.2021.100442","article-title":"Business families in times of crises: The backbone of family firm resilience and continuity","volume":"12","author":"Frank","year":"2021","journal-title":"Journal of Family Business Strategy"},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"509","DOI":"10.1016\/j.ibusrev.2012.07.002","article-title":"The influence of ownership structure and board strategic involvement on international sales: The moderating effect of family involvement","volume":"22","author":"Mariateresa","year":"2013","journal-title":"International Business Review"},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"91","DOI":"10.1016\/j.redeen.2016.04.002","article-title":"Return on capital in Spanish tourism businesses: A comparative analysis of family vs non-family businesses","volume":"25","author":"Beatriz","year":"2016","journal-title":"European Journal of Management and Business Economics"},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"1393","DOI":"10.1007\/s11365-020-00675-w","article-title":"Effects of ownership structure and corporate and family governance on dynamic capabilities in family firms","volume":"16","author":"Beatriz","year":"2020","journal-title":"International Entrepreneurship and Management Journal"},{"key":"ref_29","doi-asserted-by":"crossref","unstructured":"Memili, Esra, and Dibrell, Clay (2019). Environmental jolts, family centered non-economic goals and innovation: Toward a framework of family firm resilience. The Palgrave Handbook of Heterogeneity among Family Firms, Palgrave Macmilan.","DOI":"10.1007\/978-3-319-77676-7"},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"132","DOI":"10.1016\/j.iedeen.2016.10.002","article-title":"Influence of the lack of a standard definition of \u201cfamily business\u201d on research into their international strategies","volume":"23","author":"Guadalupe","year":"2017","journal-title":"European Research on Management and Business Economics"},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"123","DOI":"10.1016\/j.jfbs.2017.06.001","article-title":"Family firms, internationalization, and national competitiveness: Does family firm prevalence matter?","volume":"8","author":"Carney","year":"2017","journal-title":"Journal of Family Business Strategy"},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"134","DOI":"10.1504\/IJGSB.2005.008010","article-title":"Internationalisation of Spanish family SMEs: An analysis of family involvement","volume":"1","author":"Casillas","year":"2005","journal-title":"International Journal of Globalisation and Small Business"},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"101263","DOI":"10.1016\/j.jwb.2021.101263","article-title":"International business policy in an age of political turbulence","volume":"56","author":"Casson","year":"2021","journal-title":"Journal of World Business"},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"617","DOI":"10.1007\/s10997-010-9166-x","article-title":"The internationalization of small and medium-sized enterprises: The effect of family management, human capital and foreign ownership","volume":"16","author":"Cerrato","year":"2012","journal-title":"Journal of Management and Governance"},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"19","DOI":"10.1177\/104225879902300402","article-title":"Defining the Family Business by Behavior","volume":"23","author":"Chua","year":"1999","journal-title":"Entrepreneurship Theory and Practice"},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"976","DOI":"10.5465\/amj.2011.0211","article-title":"Variations in R&D investments of family and nonfamily firms: Behavioral agency and myopic loss aversion perspectives","volume":"55","author":"Chrisman","year":"2012","journal-title":"Academy of Management Journal"},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"595","DOI":"10.1007\/s11187-013-9490-z","article-title":"Innovation in family and non-family SMEs: An exploratory analysis","volume":"42","author":"Classen","year":"2014","journal-title":"Small Business Economics"},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"457","DOI":"10.1108\/14626000810892283","article-title":"Family firms\u2019 risk perception: Empirical evidence on the internationalization process","volume":"15","author":"Claver","year":"2008","journal-title":"Journal of Small Business and Enterprise Development"},{"key":"ref_39","doi-asserted-by":"crossref","unstructured":"Masouras, Andrea, Maris, Georgios, and Kavoura, Androniki (2020a). Performance Determinants in Family Business: Linking Innovation and Internationalisation. Entrepreneurial Development and Innovation in Family Businesses and SMEs, IGI.","DOI":"10.4018\/978-1-7998-3648-3"},{"key":"ref_40","unstructured":"Leit\u00e3o, Jo\u00e3o, Nunes, Ant\u00f3nio, Pereira, Dina, and Ramadani, Veland (2020b). Innovation and Internationalization as Efficiency Engines for Family Businesses: Analyzing the Case of Portugal. Intrapreneurship and Sustainable Human Capital. Studies on Entrepreneurship, Structural Change and Industrial Dynamics, Springer."},{"key":"ref_41","unstructured":"Association, Management (2022a). Performance Determinants in Family Business: Linking Innovation and Internationalisation. Research Anthology on Strategies for Maintaining Successful Family Firms, IGI Global."},{"key":"ref_42","doi-asserted-by":"crossref","unstructured":"Management Association (2022b). Internationalization of Family Businesses: Does Size Really Matter?. Research Anthology on Strategies for Maintaining Successful Family Firms, IGI Global.","DOI":"10.4018\/978-1-6684-3550-2"},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"1239","DOI":"10.1016\/j.respol.2013.03.012","article-title":"You can\u2019t manage right what you can\u2019t measure well: Technological innovation efficiency","volume":"42","author":"Cristina","year":"2013","journal-title":"Research Policy"},{"key":"ref_44","doi-asserted-by":"crossref","unstructured":"Czakon, Wojciech, Monika, Hajdas, and Radomska, Joanna (2022). Playing the wild cards: Antecedents of family firm resilience. Journal of Family Business Strategy, 100484.","DOI":"10.1016\/j.jfbs.2022.100484"},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"534","DOI":"10.1016\/j.jwb.2016.01.004","article-title":"External managers, family ownership and the scope of SME internationalization","volume":"51","author":"Antonio","year":"2016","journal-title":"Journal of World Business"},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"80","DOI":"10.1108\/02651331311314538","article-title":"Geographical pathways for SME internationalization: Insights from an Italian sample","volume":"30","author":"Antonio","year":"2013","journal-title":"International Marketing Review"},{"key":"ref_47","doi-asserted-by":"crossref","first-page":"296","DOI":"10.1177\/08944865211008350","article-title":"Family Firm Heterogeneity: A Definition, Common Themes, Scholarly Progress, and Directions Forward","volume":"34","author":"Daspit","year":"2021","journal-title":"Family Business Review"},{"key":"ref_48","unstructured":"De Ciantis, Devin, and Lansberg, Ivan (2022, February 09). What Family Businesses Need to Adapt to a Crisis. Harvard Business Review, Available online: https:\/\/hbr.org\/2020\/05\/what-family-businesses-need-to-adapt-to-a-crisis."},{"key":"ref_49","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1002\/gsj.1199","article-title":"Family firms in the global economy: Toward a deeper understanding of internationalization determinants, processes, and outcomes","volume":"8","author":"Frederico","year":"2018","journal-title":"Global Strategy Journal"},{"key":"ref_50","doi-asserted-by":"crossref","first-page":"101144","DOI":"10.1016\/j.jwb.2020.101144","article-title":"Riding the waves of family firm internationalization: A systematic literature review, integrative framework, and research agenda","volume":"56","author":"Debellis","year":"2021","journal-title":"Journal of World Business"},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"253","DOI":"10.1111\/j.1741-6248.2006.00074.x","article-title":"Examining the \u201cfamily effect\u201d on firm performance","volume":"19","author":"Dyer","year":"2006","journal-title":"Family Business Review"},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"369","DOI":"10.1111\/j.1540-6520.2010.00403.x","article-title":"Parent-child relationships: Planting the seeds of deviant behavior in the family firm","volume":"36","author":"Eddleston","year":"2012","journal-title":"Entrepreneurship Theory & Practice"},{"key":"ref_53","first-page":"20","article-title":"Managing the Tradition and Innovation Paradox in Family Firms: A Family Imprinting Perspective","volume":"44","author":"Erdogan","year":"2020","journal-title":"Entrepreneurship: Theory and Practice"},{"key":"ref_54","doi-asserted-by":"crossref","unstructured":"Espitia Rueda, Alvaro Raul, Ruta, Michele, Rocha, Nadia, Winkler, Deborah Elisabeth, and Mattoo, Aaditya (2021). Pandemic Trade: COVID-19, Remote Work and Global Value Chains, World Bank. Policy Research Working Paper 9508.","DOI":"10.1596\/1813-9450-9508"},{"key":"ref_55","doi-asserted-by":"crossref","first-page":"137","DOI":"10.1016\/j.jfbs.2017.07.001","article-title":"Collaborative Innovation in Family Firms: Past Research, Current Debates and Agenda for Future Research","volume":"8","author":"Feranita","year":"2017","journal-title":"Journal of Family Business Strategy"},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"77","DOI":"10.1111\/j.1741-6248.2005.00031.x","article-title":"Internationalization strategy of small and medium-sized family businesses: Some influential factors","volume":"18","author":"Nieto","year":"2005","journal-title":"Family Business Review"},{"key":"ref_57","first-page":"77","article-title":"Internationalization strategy of small and medium sized family businesses: Some influential factors","volume":"18","author":"Nieto","year":"2006a","journal-title":"Family Business Review"},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"340","DOI":"10.1057\/palgrave.jibs.8400196","article-title":"Impact of Ownership on the international involvement of SMEs","volume":"37","author":"Nieto","year":"2006b","journal-title":"International Business"},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"766","DOI":"10.3926\/ic.544","article-title":"Which companies have better weathered the crisis, family firms or non-family firms?","volume":"10","author":"Gallizo","year":"2014","journal-title":"Intangible Capital"},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"4","DOI":"10.3926\/ic.916","article-title":"Productivity and value added distribution in family-owned businesses","volume":"13","author":"Gallizo","year":"2017","journal-title":"Intangible Capital"},{"key":"ref_61","doi-asserted-by":"crossref","first-page":"181","DOI":"10.1111\/j.1741-6248.1991.00181.x","article-title":"Internationalizing the Family Business: Facilitating and Restraining Factors","volume":"4","author":"Gallo","year":"1991","journal-title":"Family Business Review"},{"key":"ref_62","doi-asserted-by":"crossref","first-page":"155","DOI":"10.1016\/j.jfbs.2015.07.003","article-title":"Does family involvement foster or hinder firm performance? The missing role of family-based branding strategies","volume":"6","author":"Gallucci","year":"2015","journal-title":"Journal of Family Business Strategy"},{"key":"ref_63","doi-asserted-by":"crossref","first-page":"2665","DOI":"10.1080\/00036846.2012.665597","article-title":"Location, internationalization and performance of firms in Italy: A multilevel approach","volume":"45","author":"Giovannetti","year":"2013","journal-title":"Applied Economics"},{"key":"ref_64","doi-asserted-by":"crossref","first-page":"106","DOI":"10.2189\/asqu.52.1.106","article-title":"Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from Spanish Olive Oil Mills","volume":"52","author":"Haynes","year":"2007","journal-title":"Administrative Science Quarterly"},{"key":"ref_65","doi-asserted-by":"crossref","first-page":"387","DOI":"10.1080\/09638180.2014.944420","article-title":"Financial reporting and the protection of socioemotional wealth in family-controlled firms","volume":"23","author":"Cruz","year":"2014","journal-title":"European Accounting Review"},{"key":"ref_66","first-page":"223","article-title":"Diversification decisions in family controlled firms","volume":"47","author":"Makri","year":"2010","journal-title":"Journal of Management Studies"},{"key":"ref_67","doi-asserted-by":"crossref","first-page":"2308","DOI":"10.1016\/j.jbusres.2012.03.014","article-title":"Family firms and debt: Risk aversion versus risk of losing control","volume":"66","author":"Pombo","year":"2013","journal-title":"Journal of Business Research"},{"key":"ref_68","doi-asserted-by":"crossref","first-page":"7","DOI":"10.1504\/IJGSB.2004.005615","article-title":"Internationalisation of the family business: A longitudinal perspective","volume":"1","author":"Graves","year":"2004","journal-title":"International Journal of Globalisation and Small Business"},{"key":"ref_69","doi-asserted-by":"crossref","first-page":"151","DOI":"10.1111\/j.1741-6248.2008.00119.x","article-title":"Determinants of the internationalization pathways of family firms: An examination of family influence","volume":"21","author":"Graves","year":"2008","journal-title":"Family Business Review"},{"key":"ref_70","doi-asserted-by":"crossref","first-page":"142","DOI":"10.1177\/0894486513491588","article-title":"An Empirical Analysis of the Effect of Internationalization on the Performance of Unlisted Family and Nonfamily Firms in Australia","volume":"27","author":"Graves","year":"2014","journal-title":"Family Business Review"},{"key":"ref_71","doi-asserted-by":"crossref","first-page":"758","DOI":"10.1057\/s41267-017-0091-y","article-title":"The myth of the stay-at-home family firm: How family-managed SMEs can overcome their internationalization limitations","volume":"50","author":"Hennart","year":"2019","journal-title":"Journal of International Business Studies"},{"key":"ref_72","first-page":"1","article-title":"Conditional mediation of absorptive capacity and environment in international entrepreneurial orientation of family businesses","volume":"9","author":"Xu","year":"2018","journal-title":"Frontiers in Psychology"},{"key":"ref_73","doi-asserted-by":"crossref","first-page":"441","DOI":"10.1177\/0894486518784475","article-title":"How familial is family social capital? Analyzing bonding social capital in family and nonfamily firms","volume":"31","author":"Herrero","year":"2018","journal-title":"Family Business Review"},{"key":"ref_74","unstructured":"INE (2007). Classifica\u00e7\u00e3o Portuguesa das Actividades Econ\u00f3micas Rev. 3, INE."},{"key":"ref_75","unstructured":"INE (2021). Boletim Mensal de Estat\u00edstica\u20142021 (November), INE."},{"key":"ref_76","doi-asserted-by":"crossref","first-page":"31","DOI":"10.1108\/JBS-01-2016-0006","article-title":"When family businesses go international: Management sets the path","volume":"38","author":"Jorge","year":"2017","journal-title":"Journal of Business Strategy"},{"key":"ref_77","doi-asserted-by":"crossref","first-page":"63","DOI":"10.1016\/j.technovation.2007.07.009","article-title":"The role of internationalization in explaining innovation performance","volume":"28","author":"Kafouros","year":"2008","journal-title":"Technovation"},{"key":"ref_78","doi-asserted-by":"crossref","first-page":"148","DOI":"10.1057\/s41267-020-00308-y","article-title":"The family as a platform for FSA development: Enriching new internalization theory with insights from family firm research","volume":"52","author":"Kano","year":"2020","journal-title":"Journal of International Business Studies"},{"key":"ref_79","doi-asserted-by":"crossref","first-page":"85","DOI":"10.1007\/s11187-010-9268-5","article-title":"Innovativeness in family firms: A family influence perspective","volume":"38","author":"Kellermanns","year":"2012","journal-title":"Small Business Economics"},{"key":"ref_80","doi-asserted-by":"crossref","first-page":"418","DOI":"10.5465\/amr.2011.0162","article-title":"The family innovator\u2019s dilemma: How family influence affects the adoption of discontinuous technologies by incumbent firms","volume":"38","author":"Kammerlander","year":"2013","journal-title":"Academy of Management Review"},{"key":"ref_81","doi-asserted-by":"crossref","first-page":"97","DOI":"10.1016\/j.jfbs.2010.04.001","article-title":"The internationalization of family businesses: A review of extant research","volume":"1","author":"Kontinen","year":"2010","journal-title":"Journal of Family Business Strategy"},{"key":"ref_82","doi-asserted-by":"crossref","first-page":"1305","DOI":"10.1093\/ia\/iiab120","article-title":"Globalization, deglobalization and the liberal international order","volume":"97","author":"Kornprobst","year":"2021","journal-title":"International Affairs"},{"key":"ref_83","doi-asserted-by":"crossref","first-page":"1067","DOI":"10.1108\/IJEBR-04-2020-0214","article-title":"The economics of COVID-19: Initial empirical evidence on how family firms in five European countries cope with the corona crisis","volume":"26","author":"Kraus","year":"2020","journal-title":"International Journal of Entrepreneurial Behavior & Research"},{"key":"ref_84","doi-asserted-by":"crossref","first-page":"813","DOI":"10.1002\/gsj.1376","article-title":"Behind the internationalization of family SMEs: A strategy tripod synthesis","volume":"10","author":"Lahiri","year":"2020","journal-title":"Global Strategy Journal"},{"key":"ref_85","doi-asserted-by":"crossref","first-page":"100452","DOI":"10.1016\/j.jfbs.2021.100452","article-title":"Family businesses under COVID-19: Inspiring models\u2014Sometimes","volume":"13","author":"Miller","year":"2021","journal-title":"Journal of Family Business Strategy"},{"key":"ref_86","doi-asserted-by":"crossref","first-page":"704","DOI":"10.1287\/orsc.1100.0541","article-title":"Stewardship or Agency? A Social Embeddedness Reconciliation of Conduct and Performance in Public Family Businesses","volume":"22","author":"Miller","year":"2011","journal-title":"Organization Science"},{"key":"ref_87","first-page":"86","article-title":"Fostering entrepreneurship by linking organizational unlearning and innovation: The moderating role of family business","volume":"21","year":"2017","journal-title":"Management International"},{"key":"ref_88","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1111\/j.1540-627X.2011.00341.x","article-title":"SME survival: The impact of internationalization, technology resources, and alliances","volume":"50","author":"Lee","year":"2012","journal-title":"Journal of Small Business Management"},{"key":"ref_89","doi-asserted-by":"crossref","first-page":"47","DOI":"10.1016\/j.emj.2011.10.003","article-title":"Family ownership and internationalization processes: Internationalization pace, internationalization scope, and internationalization rhythm","volume":"30","author":"Lin","year":"2012","journal-title":"European Management Journal"},{"key":"ref_90","doi-asserted-by":"crossref","first-page":"201","DOI":"10.1111\/j.1740-8784.2011.00220.x","article-title":"Family Ownership and the International Involvement of Taiwan\u2019s High-Technology Firms: The Moderating Effect of High-Discretion Organizational Slack","volume":"7","author":"Liu","year":"2011","journal-title":"Management and Organization Review"},{"key":"ref_91","doi-asserted-by":"crossref","first-page":"673","DOI":"10.1080\/00343404.2017.1331296","article-title":"Innovation, Heterogeneous Firms and the Region: Evidence from Spain","volume":"52","year":"2018","journal-title":"Regional Studies"},{"key":"ref_92","doi-asserted-by":"crossref","first-page":"7","DOI":"10.1504\/IJESB.2020.106930","article-title":"The influence of socioemotional wealth on firm financial performance: Evidence from small and medium privately held family businesses","volume":"40","year":"2020","journal-title":"International Journal of Entrepreneurship and Small Business"},{"key":"ref_93","unstructured":"McKinsey and Company (2021, November 12). Globalization in Transition: The Future of Trade and Value Chains. Available online: https:\/\/www.mckinsey.com\/featured-insights\/innovation-and-growth\/globalizationin-transition-the-future-of-trade-and-value-chains."},{"key":"ref_94","doi-asserted-by":"crossref","first-page":"101665","DOI":"10.1016\/j.ibusrev.2020.101665","article-title":"Process in family business internationalisation: The state of the art and ways forward","volume":"29","author":"Metsola","year":"2020","journal-title":"International Business Review"},{"key":"ref_95","doi-asserted-by":"crossref","first-page":"20","DOI":"10.1525\/cmr.2015.58.1.20","article-title":"Resources and innovation in family businesses","volume":"58","author":"Miller","year":"2015","journal-title":"California Management Review"},{"key":"ref_96","unstructured":"Morgan, Jp (2021, December 18). 2022 Market Outlook: More Upside for Stocks, Economic Growth to Rebound. Available online: https:\/\/www.jpmorgan.com\/insights\/research\/market-outlook-2022."},{"key":"ref_97","doi-asserted-by":"crossref","first-page":"15","DOI":"10.5539\/ijef.v2n3p15","article-title":"Generational Perspectives of the Export Behavior of Family Businesses","volume":"2","author":"Okoroafo","year":"2010","journal-title":"International Journal of Economics and Finance"},{"key":"ref_98","doi-asserted-by":"crossref","first-page":"100362","DOI":"10.1016\/j.jfbs.2020.100362","article-title":"Editor\u2019s note: Family business scholars, lead the charge!","volume":"11","author":"Pieper","year":"2020","journal-title":"Journal of Family Business Strategy"},{"key":"ref_99","doi-asserted-by":"crossref","first-page":"787","DOI":"10.1007\/s11187-016-9763-4","article-title":"Family business going abroad: The effect of family ownership on foreign market entry mode decisions","volume":"47","author":"Pongelli","year":"2016","journal-title":"Small Business Economics"},{"key":"ref_100","doi-asserted-by":"crossref","first-page":"103","DOI":"10.1177\/0894486513491423","article-title":"The Internationalization of Family Firms: A Critical Review and Integrative Model","volume":"27","author":"Pukall","year":"2014","journal-title":"Family Business Review"},{"key":"ref_101","doi-asserted-by":"crossref","first-page":"574","DOI":"10.1177\/0266242617753050","article-title":"The impact of family ownership on capital structure of firms: Exploring the role of zero-leverage, size, location and the global financial crisis","volume":"36","author":"Ramalho","year":"2018","journal-title":"International Small Business Journal: Researching Entrepreneurship"},{"key":"ref_102","doi-asserted-by":"crossref","first-page":"73","DOI":"10.1002\/gsj.1196","article-title":"How does family involvement affect a firm\u2019s internationalization? An investigation of Indian family firms","volume":"8","author":"Ray","year":"2018","journal-title":"Global Strategy Journal"},{"key":"ref_103","unstructured":"Raza, Werner, Grumiller, Jan, Grohs, Hannes, Essletzbichler, Jurgen, and Pintar, Nico (2021). Post COVID-19 Value Chains: Options for Reshoring Production Back to Europe in a Globalised Economy, European Parliament."},{"key":"ref_104","doi-asserted-by":"crossref","first-page":"6","DOI":"10.1057\/s41291-018-00053-z","article-title":"Family businesses from emerging markets and choice of entry mode abroad: Insights from Indian firms","volume":"18","author":"Rienda","year":"2019","journal-title":"Asian Business & Management"},{"key":"ref_105","doi-asserted-by":"crossref","first-page":"52","DOI":"10.3846\/16111699.2012.745812","article-title":"On the Relationship Between Firm Size, Resources, Age at Entry and Internationalization: The Case of Slovenian Smes","volume":"16","author":"Ruzzier","year":"2014","journal-title":"Journal of Business Economics and Management"},{"key":"ref_106","doi-asserted-by":"crossref","first-page":"800","DOI":"10.1111\/j.1467-6486.2008.00770.x","article-title":"Heterogeneity and Specificity of Inter-Firm Knowledge Flows in Innovation Networks","volume":"45","author":"Sammarra","year":"2008","journal-title":"Journal of Management Studies"},{"key":"ref_107","doi-asserted-by":"crossref","first-page":"753","DOI":"10.1057\/s41267-018-0151-y","article-title":"Internationalization through exaptation: The role of domestic geographical dispersion in the internationalization process","volume":"49","author":"Santangelo","year":"2018","journal-title":"Journal of International Business Studies"},{"key":"ref_108","doi-asserted-by":"crossref","unstructured":"Saurav, Abhishek, Kusek, Peter, Kuo, Ryan, and Viney, Brody (2020). The Impact of COVID-19 on Foreign Investors: Evidence from the Second Round of a Global Pulse Survey, World Bank.","DOI":"10.1596\/34638"},{"key":"ref_109","doi-asserted-by":"crossref","first-page":"15","DOI":"10.1007\/s11187-010-9264-9","article-title":"The role of family ownership in international entrepreneurship: Exploring nonlinear effects","volume":"38","author":"Sciascia","year":"2012","journal-title":"Small Business Economics"},{"key":"ref_110","unstructured":"Segaro, Ethiopia (, January July). Internationalization of family SMEs: The impact of ownership, governance, and top management team. Paper presented at the 5th International Institute of Statistics and Management Engineering Symposium 2012: Data-Driven Management Science under Developing, IISMES 2012, Dalian, China."},{"key":"ref_111","doi-asserted-by":"crossref","first-page":"381","DOI":"10.1016\/j.ibusrev.2013.06.004","article-title":"Internationalization of family small and medium sized enterprises: The role of stewardship orientation, family commitment culture and top management team","volume":"23","author":"Segaro","year":"2014","journal-title":"International Business Review"},{"key":"ref_112","doi-asserted-by":"crossref","first-page":"489","DOI":"10.1080\/14479338.2016.1233826","article-title":"Analysis of the relationship between sources of knowledge and innovation performance in family firms","volume":"18","year":"2016","journal-title":"Innovations"},{"key":"ref_113","doi-asserted-by":"crossref","unstructured":"Solberg, Carl Arthur, and Durrieu, Fran\u00e7ois (2015). Internationalisation Strategies and Industry Structure. International Marketing in the Fast Changing World, Emerald Group Publishing Limited.","DOI":"10.1108\/S1474-797920150000026003"},{"key":"ref_114","doi-asserted-by":"crossref","first-page":"325","DOI":"10.1057\/palgrave.jibs.8490203","article-title":"Measuring the Degree of Internationalization of a Firm","volume":"25","author":"Sullivan","year":"1994","journal-title":"Journal of International Business Studies"},{"key":"ref_115","doi-asserted-by":"crossref","first-page":"130","DOI":"10.1007\/s10843-012-0101-x","article-title":"A taxonomy of small and medium-sized international family firms","volume":"10","author":"Swoboda","year":"2013","journal-title":"Journal of International Entrepreneurship"},{"key":"ref_116","doi-asserted-by":"crossref","unstructured":"Van Bergeijk, Peter AG. (2019). Deglobalization 2.0: Trade and Openness during the Great Depression and the Great Recession, Edward Elgar.","DOI":"10.4337\/9781788973465"},{"key":"ref_117","doi-asserted-by":"crossref","first-page":"69","DOI":"10.1007\/s11366-020-09706-3","article-title":"From Globalization to Regionalization: The United States, China, and the Post-COVID-19 World Economic Order","volume":"26","author":"Wang","year":"2021","journal-title":"Journal of Chinese Political Science"},{"key":"ref_118","doi-asserted-by":"crossref","first-page":"247","DOI":"10.1080\/08985620110112088","article-title":"Ownership and management issues in first generation and multi-generation family firms","volume":"14","author":"Westhead","year":"2002","journal-title":"Entrepreneurship & Regional Development"},{"key":"ref_119","unstructured":"World Bank Group (2021, November 17). Global Economic Prospects. Available online: https:\/\/openknowledge.worldbank.org\/bitstream\/handle\/10986\/35647\/9781464816659.pdf."},{"key":"ref_120","doi-asserted-by":"crossref","first-page":"417","DOI":"10.1007\/s10490-018-9579-7","article-title":"How family firm characteristics affect internationalization of Chinese family SMEs","volume":"37","author":"Yang","year":"2020","journal-title":"Asia Pacific Journal of Management"},{"key":"ref_121","doi-asserted-by":"crossref","first-page":"495","DOI":"10.1016\/S0883-9026(03)00057-0","article-title":"International expansion of U.S. manufacturing family businesses: The effect of ownership and involvement","volume":"18","author":"Zahra","year":"2003","journal-title":"Journal of Business Venturing"},{"key":"ref_122","doi-asserted-by":"crossref","first-page":"101143","DOI":"10.1016\/j.jwb.2020.101143","article-title":"International entrepreneurship in the post Covid world","volume":"56","author":"Zahra","year":"2021","journal-title":"Journal of World Business"},{"key":"ref_123","doi-asserted-by":"crossref","first-page":"100482","DOI":"10.1016\/j.jfbs.2021.100482","article-title":"International entrepreneurship by family firms post Covid","volume":"13","author":"Zahra","year":"2022","journal-title":"Journal of Family Business Strategy"},{"key":"ref_124","first-page":"52","article-title":"Determinants of family business internationalization. Review of existing research","volume":"31","author":"Zaniewska","year":"2013","journal-title":"Economia Marche Journal of Applied Economics"},{"key":"ref_125","doi-asserted-by":"crossref","first-page":"268","DOI":"10.1016\/j.jwb.2007.04.008","article-title":"The drivers of the early internationalization of the firm","volume":"42","author":"Zucchella","year":"2007","journal-title":"Journal of World Business"}],"container-title":["Economies"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2227-7099\/10\/7\/170\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,10]],"date-time":"2025-10-10T23:53:10Z","timestamp":1760140390000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2227-7099\/10\/7\/170"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,7,18]]},"references-count":125,"journal-issue":{"issue":"7","published-online":{"date-parts":[[2022,7]]}},"alternative-id":["economies10070170"],"URL":"https:\/\/doi.org\/10.3390\/economies10070170","relation":{},"ISSN":["2227-7099"],"issn-type":[{"type":"electronic","value":"2227-7099"}],"subject":[],"published":{"date-parts":[[2022,7,18]]}}}