earticle

영어

Notwithstanding much academic attention, the relationship between family management and firm internationalization has been inconclusive. Based on the behavioral agency model, the study argues that performance feedback relative to aspiration level shapes family firms’ frame of loss of their own socioeomtional wealth, and that this frame affects the relationship between family management and firm internationalization. Using data on Korean listed pharmaceutical firms during the period 1998 to 2010, the empirical results show that there is a positive relationship between family management and firm internationalization. We also find that the positive relationship strengthens as performance feedback below historical aspiration level decreases and weakens as performance feedback above historical aspiration level increases. This study provides reconciliation among mixed findings on family firms’ internationalization and implications for their management.