{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,18]],"date-time":"2026-03-18T01:29:15Z","timestamp":1773797355883,"version":"3.50.1"},"reference-count":87,"publisher":"MDPI AG","issue":"2","license":[{"start":{"date-parts":[[2022,2,2]],"date-time":"2022-02-02T00:00:00Z","timestamp":1643760000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"COMPETE 2020 and Portuguese funds - PORTUGAL 2020","award":["POCI-01-0145-FEDER-032139"],"award-info":[{"award-number":["POCI-01-0145-FEDER-032139"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JRFM"],"abstract":"<jats:p>The objective of this paper is to empirically examine the relationship between the firms\u2019 ownership and control structure, in particular the presence of foreign capital, and their internationalization levels, measured in terms of intensity and diversification. The international performance of Portuguese SMEs, which is crucial for the domestic economy\u2019s growth, depends on a multitude of factors, with the existence of foreign investment inflows directed to industrial SMEs being a usually forgotten factor. This paper fills that gap using a balanced panel data of 5722 firms for the period from 2010 to 2017, researching if the presence of foreign capital influences the level and scope of internationalization, and controlling the effects of other variables such as profitability, age, size, indebtedness and sector of activity. The origin of foreign capital is also considered, being researched if issues of institutional or development differences exert any influence over firms\u2019 internationalization. The results evidence that the presence of foreign shareholders in SMEs positively influences internationalization and that the distance variable positively correlates with the internationalization measures. Moreover, there seems to exist a non-linear relationship between the development level of the country of origin of the share capital and internationalization, with the results indicating that firms with share capital originating from more advanced countries attain a higher degree of internationalization. As SMEs in Portugal face increasing competition, joining hands with resource-rich investors such as foreign corporations and institutional investors would be a fruitful strategy to enhance the international competitiveness of Portuguese firms.<\/jats:p>","DOI":"10.3390\/jrfm15020068","type":"journal-article","created":{"date-parts":[[2022,2,3]],"date-time":"2022-02-03T05:42:33Z","timestamp":1643866953000},"page":"68","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["The Presence of Foreign Capital and the Internationalization of Portuguese Industrial SMEs"],"prefix":"10.3390","volume":"15","author":[{"given":"Lu\u00eds","family":"Pacheco","sequence":"first","affiliation":[{"name":"REMIT, Department of Economics and Management, Universidade Portucalense, 4200-027 Porto, Portugal"}]},{"given":"Carla","family":"Lobo","sequence":"additional","affiliation":[{"name":"REMIT, Department of Economics and Management, Universidade Portucalense, 4200-027 Porto, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1292-6201","authenticated-orcid":false,"given":"Isabel","family":"Maldonado","sequence":"additional","affiliation":[{"name":"REMIT, Department of Economics and Management, Universidade Portucalense, 4200-027 Porto, Portugal"},{"name":"GOVCOPP (Aveiro\u2013Portugal), Campus Universit\u00e1rio de Santiago, 3810-193 Aveiro, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2022,2,2]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"50","DOI":"10.1016\/S0022-5428(96)90040-X","article-title":"Competing globally: How Japanese MNCs have matched goals and strategies in India and China","volume":"31","author":"Anand","year":"1996","journal-title":"Columbia Journal of World Business"},{"key":"ref_2","first-page":"413","article-title":"Ownership and market entry mode choices of emerging country multinationals in a transition country: Evidence from Turkish multinationals in Romania","volume":"19","author":"Anil","year":"2014","journal-title":"JEEMS Journal of East European Management Studies"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"359","DOI":"10.1016\/0304-405X(96)84701-5","article-title":"Detecting abnormal operating performance: The empirical power and specification of test statistics","volume":"41","author":"Barber","year":"1996","journal-title":"Journal of Financial Economics"},{"key":"ref_4","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_5","doi-asserted-by":"crossref","first-page":"23","DOI":"10.1177\/0266242604039479","article-title":"Small firm internationalization and business strategy: An exploratory study of \u2018knowledge-intensive\u2019 and \u2018traditional\u2019 manufacturing firms in the UK","volume":"22","author":"Bell","year":"2004","journal-title":"International Small Business Journal"},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"437","DOI":"10.1057\/jibs.2009.52","article-title":"Does ownership structure of emerging-market firms affect their outward FDI? The case of the Indian automotive and pharmaceutical sectors","volume":"41","author":"Bhaumik","year":"2010","journal-title":"Journal of International Business Studies"},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"915","DOI":"10.1016\/S0014-2921(98)00104-4","article-title":"Technology transfers and spillovers: Does local participation with multinationals matter?","volume":"43","year":"1999","journal-title":"European Economic Review"},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"1262","DOI":"10.1016\/j.ibusrev.2016.03.011","article-title":"How does the geographic export-diversification-performance relationship vary at different levels of export intensity?","volume":"25","author":"Boehe","year":"2016","journal-title":"International Business Review"},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"1282","DOI":"10.1177\/0149206316633746","article-title":"Ownership of corporations: A review, synthesis, and research agenda","volume":"42","author":"Boyd","year":"2016","journal-title":"Journal of Management"},{"key":"ref_10","doi-asserted-by":"crossref","unstructured":"Buckley, Peter, and Casson, Mark (1976). The Future of the Multinational Enterprise, Macmillan.","DOI":"10.1007\/978-1-349-02899-3"},{"key":"ref_11","doi-asserted-by":"crossref","unstructured":"Caves, Richard (2007). Multinational Enterprise and Economic Analysis, Cambridge University Press. [3rd ed.].","DOI":"10.1017\/CBO9780511619113"},{"key":"ref_12","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 & Governance"},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"173","DOI":"10.1002\/tie.21823","article-title":"Defying distance? Cross border acquisitions by emerging economy firms","volume":"59","author":"Chari","year":"2017","journal-title":"Thunderbird International Business Review"},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"52","DOI":"10.1111\/j.1467-9930.2004.00191.x","article-title":"Property rights and the control of strategy: Foreign ownership rules and domestic firm globalization in Indian industry","volume":"27","author":"Chhibber","year":"2005","journal-title":"Law & Policy"},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"417","DOI":"10.1177\/002224379102800404","article-title":"Investigating heterogeneity in brand preferences in logit models for panel data","volume":"28","author":"Chintagunta","year":"1991","journal-title":"Journal of Marketing Research"},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"209","DOI":"10.1016\/S0929-1199(01)00020-7","article-title":"Ownership structure and corporate performance","volume":"7","author":"Demsetz","year":"2001","journal-title":"Journal of Corporate Finance"},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"242","DOI":"10.1111\/1540-627X.00080","article-title":"A resource-based approach to the study of export performance","volume":"41","author":"Dhanaraj","year":"2003","journal-title":"Journal of Small Business Management"},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"449","DOI":"10.1093\/oep\/54.3.449","article-title":"Foreign ownership and production efficiency: A quantile regression analysis","volume":"54","author":"Dimelis","year":"2002","journal-title":"Oxford Economic Papers"},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"637","DOI":"10.1002\/smj.535","article-title":"Foreign and domestic ownership, business groups, and firm performance: Evidence from a large emerging market","volume":"27","author":"Douma","year":"2006","journal-title":"Strategic Management Journal"},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"9","DOI":"10.1057\/palgrave.jibs.8490593","article-title":"Towards an eclectic theory of international production: Some empirical tests","volume":"11","author":"Dunning","year":"1980","journal-title":"Journal of International Business Studies"},{"key":"ref_21","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":"2006","journal-title":"Journal of International Business Studies"},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"131","DOI":"10.1080\/08985620802176104","article-title":"Influence of the capacities of top management on the internationalization of SMEs","volume":"21","author":"Lombardo","year":"2009","journal-title":"Entrepreneurship and Regional Development"},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"556","DOI":"10.1057\/palgrave.jibs.8400279","article-title":"FDI by firms from newly industrialised economies in emerging markets: Corporate governance, entry mode and location","volume":"38","author":"Filatotchev","year":"2007","journal-title":"Journal of International Business Studies"},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"1515","DOI":"10.1057\/jibs.2009.59","article-title":"Valuation effects of global diversification","volume":"40","author":"Gande","year":"2009","journal-title":"Journal of International Business Studies"},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"235","DOI":"10.1007\/s11575-015-0240-0","article-title":"International diversification of emerging market firms: The role of ownership structure and group affiliation","volume":"55","author":"Gaur","year":"2015","journal-title":"Management International Review"},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"533","DOI":"10.1002\/(SICI)1097-0266(199806)19:6<533::AID-SMJ957>3.0.CO;2-#","article-title":"Management and ownership effects: Evidence from five countries","volume":"19","author":"Gedajlovic","year":"1998","journal-title":"Strategic Management Journal"},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"210","DOI":"10.1177\/0149206304271760","article-title":"Ownership and the internationalization of small firms","volume":"31","author":"George","year":"2005","journal-title":"Journal of Management"},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"97","DOI":"10.1016\/j.jinteco.2006.07.006","article-title":"Evaluating the foreign ownership wage premium using a difference-in-differences matching approach","volume":"72","author":"Girma","year":"2007","journal-title":"Journal of International Economics"},{"key":"ref_29","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_30","doi-asserted-by":"crossref","first-page":"681","DOI":"10.1080\/1351847X.2012.671785","article-title":"The more the better? Foreign ownership and corporate performance in China","volume":"20","author":"Greenaway","year":"2014","journal-title":"The European Journal of Finance"},{"key":"ref_31","unstructured":"Gujarati, Damodar, and Porter, Dawn (2008). Basic Econometrics, McGraw-Hill. [5th ed.]."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"167","DOI":"10.1007\/s11123-010-0174-2","article-title":"The effect of foreign ownership on SMEs performance: An efficiency analysis perspective","volume":"34","author":"Halkos","year":"2010","journal-title":"Journal of Production Analysis"},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"207","DOI":"10.1023\/A:1023622407571","article-title":"Foreign ownership and productivity in the United Kingdom: Estimates for UK manufacturing using the ARD","volume":"22","author":"Harris","year":"2003","journal-title":"Review of Industrial Organization"},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"353","DOI":"10.1016\/S0304-405X(99)00025-2","article-title":"Understanding the determinants of managerial ownership and the link between ownership and performance","volume":"53","author":"Himmelberg","year":"1999","journal-title":"Journal of Financial Economics"},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"29","DOI":"10.1515\/revecp-2016-0003","article-title":"The effect of the degree of foreign ownership on firms\u2019 performance","volume":"16","author":"Hintosova","year":"2016","journal-title":"Review of Economic Perspectives"},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"831","DOI":"10.1177\/0149206306293575","article-title":"International diversification: Antecedents, outcomes, and moderators","volume":"32","author":"Hitt","year":"2006","journal-title":"Journal of Management"},{"key":"ref_37","unstructured":"Holmes, Kim, Feulner, Edwin, and O\u2019Grady, Mary (2008). Index of Economic Freedom: The Link between Economic Opportunity and Prosperity, The Heritage Foundation and The Wall Street Journal."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"697","DOI":"10.2307\/3069305","article-title":"Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies","volume":"45","author":"Hoskisson","year":"2002","journal-title":"Academy of Management Journal"},{"key":"ref_39","unstructured":"INE (2018). Estat\u00edsticas da Globaliza\u00e7\u00e3o, Instituto Nacional de Estat\u00edstica."},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"305","DOI":"10.1016\/0304-405X(76)90026-X","article-title":"Theory of the firm: Managerial behavior, agency costs and ownership structure","volume":"3","author":"Jensen","year":"1976","journal-title":"Journal of Financial Economics"},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"287","DOI":"10.1016\/S0304-405X(03)00068-0","article-title":"Corporate governance and firm profitability: Evidence from Korea before the economic crisis","volume":"68","author":"Joh","year":"2003","journal-title":"Journal of Financial Economics"},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"305","DOI":"10.1111\/j.1467-6486.1975.tb00514.x","article-title":"The internationalization of the firm\u2014Four Swedish cases","volume":"12","author":"Johanson","year":"1975","journal-title":"Journal of Management Studies"},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"23","DOI":"10.1057\/palgrave.jibs.8490676","article-title":"The internationalization process of the firm: A model of knowledge development and increasing foreign market commitments","volume":"8","author":"Johanson","year":"1977","journal-title":"Journal of International Business Studies"},{"key":"ref_44","doi-asserted-by":"crossref","first-page":"1411","DOI":"10.1057\/jibs.2009.24","article-title":"The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership","volume":"40","author":"Johanson","year":"2009","journal-title":"Journal of International Business Studies"},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"376","DOI":"10.1287\/mnsc.35.3.376","article-title":"Developing a global diversification measure","volume":"35","author":"Kim","year":"1989","journal-title":"Management Science"},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"619","DOI":"10.1111\/1468-0351.00091","article-title":"The effects of foreign direct investment on domestic firms","volume":"9","author":"Konings","year":"2001","journal-title":"Economics of Transition"},{"key":"ref_47","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_48","doi-asserted-by":"crossref","first-page":"490","DOI":"10.1111\/j.1540-627X.2011.00326.x","article-title":"International opportunity recognition among small and medium-sized family firms","volume":"49","author":"Kontinen","year":"2011","journal-title":"Journal of Small Business Management"},{"key":"ref_49","doi-asserted-by":"crossref","first-page":"611","DOI":"10.1057\/palgrave.jibs.8490925","article-title":"Internationalization and firm risk: An upstream-downstream hypothesis","volume":"31","author":"Kwok","year":"2000","journal-title":"Journal of International Business Studies"},{"key":"ref_50","doi-asserted-by":"crossref","first-page":"232","DOI":"10.5771\/0949-6181-2013-2-232","article-title":"Determinants of foreign direct investment ownership mode choice: Evidence from Nordic investments in Central and Eastern Europe","volume":"18","author":"Larimo","year":"2013","journal-title":"Journal for East European Management Studies"},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"279","DOI":"10.1111\/j.1540-627X.2004.00112.x","article-title":"An analysis of the barriers hindering small business export development","volume":"42","author":"Leonidou","year":"2004","journal-title":"Journal of Small Business Management"},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"735","DOI":"10.1108\/02651330710832685","article-title":"An analytical review of the factors stimulating smaller firms to export","volume":"24","author":"Leonidou","year":"2007","journal-title":"International Marketing Review"},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"383","DOI":"10.1057\/palgrave.jibs.8490075","article-title":"Information internationalization and hurdle rates in small and medium enterprise internationalization","volume":"30","author":"Liesch","year":"1999","journal-title":"Journal of International Business Studies"},{"key":"ref_54","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_55","doi-asserted-by":"crossref","first-page":"565","DOI":"10.1002\/smj.184","article-title":"The internationalization and performance of SMEs","volume":"22","author":"Lu","year":"2001","journal-title":"Strategic Management Journal"},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"455","DOI":"10.1007\/s11575-009-0004-9","article-title":"The effects of corporate governance and institutional environments on export behaviour in emerging economies","volume":"49","author":"Lu","year":"2009","journal-title":"Management International Review"},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"879","DOI":"10.1007\/s11575-012-0148-x","article-title":"International diversification: The impact of ownership structure, the market for corporate control and board independence","volume":"52","author":"Majocchi","year":"2012","journal-title":"Management International Review"},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"9","DOI":"10.1177\/0266242602201003","article-title":"Internationalization of small firms: Personal factors revisited","volume":"20","author":"Manolova","year":"2002","journal-title":"International Small Business Journal"},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"31","DOI":"10.1111\/j.1540-6261.1990.tb05079.x","article-title":"Do managerial objectives drive bad acquisitions?","volume":"45","author":"Morck","year":"1990","journal-title":"The Journal of Finance"},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"105","DOI":"10.15678\/EBER.2015.030208","article-title":"Export barriers for small and medium-sized enterprises: A literature review based on Leonidou\u2019s Model","volume":"3","author":"Narayanan","year":"2015","journal-title":"Entrepreneurial Business and Economics Review"},{"key":"ref_61","doi-asserted-by":"crossref","first-page":"252","DOI":"10.1504\/IJGSB.2017.089900","article-title":"Financial structure effects on export intensity and diversification: The case of Portuguese industrial firms","volume":"9","author":"Pacheco","year":"2017","journal-title":"International Journal of Globalisation and Small Business"},{"key":"ref_62","doi-asserted-by":"crossref","first-page":"483","DOI":"10.1016\/S0969-5931(98)00012-2","article-title":"Explaining gradually increasing resource commitment to a foreign market","volume":"7","author":"Pedersen","year":"1998","journal-title":"International Business Review"},{"key":"ref_63","doi-asserted-by":"crossref","first-page":"345","DOI":"10.1002\/smj.227","article-title":"Variations in ownership behavior and propensity to diversify: A study of the Indian corporate context","volume":"23","author":"Ramaswamy","year":"2002","journal-title":"Strategic Management Journal"},{"key":"ref_64","doi-asserted-by":"crossref","first-page":"21","DOI":"10.1061\/(ASCE)0742-597X(1996)12:2(21)","article-title":"Going global: A CEO\u2019s perspective","volume":"12","author":"Rocco","year":"1996","journal-title":"Journal of Management in Engineering"},{"key":"ref_65","doi-asserted-by":"crossref","first-page":"476","DOI":"10.1108\/14626000610705705","article-title":"SME internationalization research: Past, present, and future","volume":"13","author":"Ruzzier","year":"2006","journal-title":"Journal of Small Business and Enterprise Development"},{"key":"ref_66","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_67","doi-asserted-by":"crossref","first-page":"737","DOI":"10.1111\/j.1540-6261.1997.tb04820.x","article-title":"A survey of corporate governance","volume":"52","author":"Shleifer","year":"1997","journal-title":"The Journal of Finance"},{"key":"ref_68","doi-asserted-by":"crossref","first-page":"300","DOI":"10.1016\/j.intman.2013.03.006","article-title":"Governance structure, innovation and internationalization: Evidence from India","volume":"19","author":"Singh","year":"2013","journal-title":"Journal of International Management"},{"key":"ref_69","doi-asserted-by":"crossref","first-page":"130","DOI":"10.1016\/j.jbusres.2017.08.016","article-title":"Ownership structure and internationalization of Indian firms","volume":"81","author":"Singla","year":"2017","journal-title":"Journal of Business Research"},{"key":"ref_70","doi-asserted-by":"crossref","first-page":"288","DOI":"10.1007\/s10843-010-0052-z","article-title":"Internationalization processes of small-and medium-sized enterprises\u2014A matter of attitude?","volume":"8","author":"Sommer","year":"2010","journal-title":"Journal of International Entrepreneurship"},{"key":"ref_71","doi-asserted-by":"crossref","first-page":"343","DOI":"10.1111\/j.1468-2370.2008.00232.x","article-title":"The determinants of export performance: A review of the research in the literature between 1998 and 2005","volume":"10","author":"Sousa","year":"2008","journal-title":"International Journal of Management Reviews"},{"key":"ref_72","doi-asserted-by":"crossref","first-page":"35","DOI":"10.1108\/IJEBR-05-2015-0120","article-title":"Motivators of SME initial export choice and the European Union regional effect in manufacturing","volume":"23","author":"Stouraitis","year":"2017","journal-title":"International Journal of Entrepreneurial Behavior & Research"},{"key":"ref_73","doi-asserted-by":"crossref","first-page":"32","DOI":"10.1007\/s10290-008-0136-1","article-title":"Analysis of productivity differences among foreign and domestic firms: Evidence from Germany","volume":"144","author":"Temouri","year":"2008","journal-title":"Review of World Economics"},{"key":"ref_74","doi-asserted-by":"crossref","first-page":"689","DOI":"10.1002\/(SICI)1097-0266(200006)21:6<689::AID-SMJ115>3.0.CO;2-Y","article-title":"Ownership structure and economic performance in the largest European companies","volume":"21","author":"Thomsen","year":"2000","journal-title":"Strategic Management Journal"},{"key":"ref_75","doi-asserted-by":"crossref","first-page":"195","DOI":"10.2307\/30040614","article-title":"Institutional ownership differences and international diversification: The effects of boards of directors and technological opportunity","volume":"46","author":"Tihanyi","year":"2003","journal-title":"Academy of Management Journal"},{"key":"ref_76","doi-asserted-by":"crossref","first-page":"801","DOI":"10.2307\/258398","article-title":"Measurement of business performance in strategy research: A comparison of approaches","volume":"11","author":"Venkatraman","year":"1986","journal-title":"Academy of Management Review"},{"key":"ref_77","doi-asserted-by":"crossref","first-page":"267","DOI":"10.1108\/IJMF-03-2016-0062","article-title":"Debt policy and firm performance of family firms: The impact of economic adversity","volume":"13","author":"Vieira","year":"2017","journal-title":"International Journal of Managerial Finance"},{"key":"ref_78","doi-asserted-by":"crossref","first-page":"385","DOI":"10.1016\/j.jfineco.2004.12.005","article-title":"How do family ownership, control and management affect firm value?","volume":"80","author":"Villalonga","year":"2006","journal-title":"Journal of Financial Economics"},{"key":"ref_79","unstructured":"Kiendl-Wendner, Doris, and Wach, Krzysztof (2014). The Role of Knowledge in the Internationalisation Process: An Empirical Investigation among Polish Businesses. International Competitiveness in Visegrad Countries: Macro and Micro Perspectives, Fachhochschule Joanneum. Chapter 7."},{"key":"ref_80","doi-asserted-by":"crossref","first-page":"205","DOI":"10.15678\/EBER.2017.050410","article-title":"Exploring the role of ownership in international entrepreneurship: How does ownership affect internationalisation of Polish firms?","volume":"5","author":"Wach","year":"2017","journal-title":"Entrepreneurial Business and Economics Review"},{"key":"ref_81","doi-asserted-by":"crossref","first-page":"44","DOI":"10.1177\/1069031X9300100104","article-title":"Inward-outward connections in internationalization","volume":"1","author":"Welch","year":"1993","journal-title":"Journal of International Marketing"},{"key":"ref_82","doi-asserted-by":"crossref","first-page":"171","DOI":"10.1002\/smj.4250050207","article-title":"A resource-based view of the firm","volume":"5","author":"Wernerfelt","year":"1984","journal-title":"Strategic Management Journal"},{"key":"ref_83","doi-asserted-by":"crossref","first-page":"383","DOI":"10.1111\/1468-0351.00157","article-title":"Does foreign ownership matter","volume":"11","author":"Yudaeva","year":"2003","journal-title":"Economics of Transition"},{"key":"ref_84","doi-asserted-by":"crossref","first-page":"341","DOI":"10.2307\/256683","article-title":"Overcoming the liability of foreignness","volume":"38","author":"Zaheer","year":"1995","journal-title":"Academy of Management Journal"},{"key":"ref_85","doi-asserted-by":"crossref","first-page":"109","DOI":"10.1002\/gsj.6","article-title":"The geographic scope of the MNC and its alliance portfolio: Resolving the paradox of distance","volume":"1","author":"Zaheer","year":"2011","journal-title":"Global Strategy Journal"},{"key":"ref_86","doi-asserted-by":"crossref","first-page":"495","DOI":"10.1016\/S0883-9026(03)00057-0","article-title":"International expansion of US manufacturing family businesses: The effect of ownership and involvement","volume":"18","author":"Zahra","year":"2003","journal-title":"Journal of Business Venturing"},{"key":"ref_87","unstructured":"Zhang, Hai-Yan, and Bulcke, Danny Van Den (1996). China: Rapid changes in the investment development path. Foreign Direct Investment and Governments: Catalysts for Economic Restructuring, Routledge."}],"container-title":["Journal of Risk and Financial Management"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/1911-8074\/15\/2\/68\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,10]],"date-time":"2025-10-10T22:13:09Z","timestamp":1760134389000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/1911-8074\/15\/2\/68"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,2,2]]},"references-count":87,"journal-issue":{"issue":"2","published-online":{"date-parts":[[2022,2]]}},"alternative-id":["jrfm15020068"],"URL":"https:\/\/doi.org\/10.3390\/jrfm15020068","relation":{},"ISSN":["1911-8074"],"issn-type":[{"value":"1911-8074","type":"electronic"}],"subject":[],"published":{"date-parts":[[2022,2,2]]}}}