Does Concentrated Shareholding Impact Family Firm Internationalisation?

Q3 Business, Management and Accounting

Indian Journal of Corporate Governance Pub Date : 2023-12-01 DOI:10.1177/09746862231206870

V. Vijayagopal, M. Thenmozhi

引用次数: 0

Abstract

This article investigates whether increase in concentrated shareholding impacts the internationalisation of family firms. Based on a multi-theoretic approach and using zero inflated beta model on a panel data set covering 307 largest Indian listed companies, we observe that concentrated ownership, adverse employee relations and business group affiliation discourage internationalisation. But as family shareholding exceeds 50%, concentrated ownership has an indirect positive balancing impact on internationalisation. Besides, status as a family firm has a significant favourable impact on internationalisation and it moderates the impact of concentrated ownership, adverse employee relations and group affiliation on internationalisation.

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集中持股是否会影响家族企业的国际化？

本文研究了股权集中度的提高是否会影响家族企业的国际化。基于多理论方法，并对覆盖307家最大的印度上市公司的面板数据集使用零膨胀beta模型，我们观察到集中的所有权，不利的员工关系和商业集团从属关系阻碍了国际化。但当家族持股超过50%时，股权集中对国际化具有间接的正向平衡作用。此外，家族企业身份对国际化具有显著的有利影响，并能调节股权集中、不良员工关系和集团隶属关系对国际化的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Indian Journal of Corporate Governance Business, Management and Accounting-Business and International Management

CiteScore

2.00

自引率

0.00%

发文量

期刊介绍： Indian Journal of Corporate Governance is a bi-annual refereed journal that provides a forum for discussions and exchanging views on a wide range of corporate governance issues ranging from board practices, independent directors, whistle blower policies and shareholder activism on one hand to media’s role in corporate governance, corporate social responsibility and sustainability reporting on the other. It comprises of research articles, concept papers, case studies and reports providing a blend of theory and practices of corporate governance globally to cater to the interests of practitioners, academics, researchers and policy makers.