摘要：This paper examines whether the export decision of firms is affected by their
ownership structure, specifically it looks at whether family control is an
obstacle to entering foreign markets. The underlying assumption is that family
firms are risk averse. Risk aversion may be an obstacle to entering foreign
markets, as far as these are perceived as more volatile and risky than the
domestic one, particularly when such choice entices bearing relatively high sunk
costs. We develop an illustrative theoretical model that shows how the
combination between high risk aversion and low initial productivity may hinder
family firms’ decision to enter foreign markets, particularly distant ones. The
empirical analysis, based on a detailed panel data set of Italian firms covering
the years from 1995 to 2003, confirms such predictions by showing that family
controlled firms do indeed export less than other type of companies even after
controlling for firm heterogeneity in productivity, size, technology and access
to credit.
关键词：firm structure, foreign markets, family firms, exports
