Emprendimiento internacional y características de los Consejos de Administración y Directores Generales de las empresas familiares listadas en México

Autores/as

  • Karen Watkins-Fassler Profesora, Facultad de Empresa y Comunicación, Universidad Internacional de La Rioja (UNIR), Logroño, España.
  • Lázaro Rodríguez-Ariza Director Cátedra Santander de Empresa Familiar, Departamento de Organización de Empresas, Universidad de Granada, Granada, España.

DOI:

https://doi.org/10.18046/j.estger.2019.153.3166

Palabras clave:

Análisis cuantitativo, Emprendimiento internacional, Empresa familiar, México

Resumen

El objetivo de este trabajo es analizar la influencia tanto de características de los Directores Generales (CEO, por su sigla en inglés) como de los consejos de administración, en el emprendimiento internacional. Se contemplan 52 empresas familiares listadas en México (2001-2015), un mercado emergente donde la concentración de la propiedad es particularmente alta. Los resultados obtenidos a partir de un modelo probit binario muestran que la participación de la familia reduce las probabilidades de internacionalización. No obstante, cuando el CEO tiene formación académica en negocios, la probabilidad de tener filiales o sucursales en el extranjero aumenta. Finalmente, hay evidencia que la presencia de mujeres en los consejos reduce las probabilidades de emprendimiento internacional.

Descargas

Los datos de descarga aún no están disponibles.

Referencias

Ahn, J.M., Minshall, T., & Mortara, L. (2017). Understanding the human side of openness: The fit between open innovation modes and CEO characteristics. R&D Management, 47(5), 727-740. https://doi.org/10.1111/radm.12264

Alayo, M., Maseda, A., Iturralde, T., & Arzubiaga, U. (2019). Internationalization and entrepreneurial orientation of family SMEs: The influence of the family character. International Business Review, 28(1), 48-59. https://doi.org/10.1016/j.ibusrev.2018.06.003

Amorós, J.E., Etchebarne, M.S., Torres-Zapata, I., & Felzensztein, C. (2016). International entrepreneurial firms in Chile: An exploratory profile. Journal of Business Research, 69(1), 2052-2060. https://doi.org/10.1016/j.jbusres.2015.10.150

Andersen, O., & Rynning, M.R. (1994). Prediction of export intentions - Managing with structural characteristics? Scandinavian Journal of Management, 10(1), 17-27. https://doi.org/10.1016/0956-5221(94)90034-5

Arregle, J. L., Hitt, M. A., Sirmon, D. G., & Very, P. (2007). The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44(1), 73-95. https://doi.org/10.1111/j.1467-6486.2007.00665.x

Bai, X., Tsang, E.W.K., & Xia, W. (2019). Domestic versus foreign listing: Does a CEO´s educational experience matter? Journal of Business Venturing (article in press), 1-30.https://doi.org/10.1016/j.jbusvent.2018.10.004

Dang, R., Bender, A.F., & Scotto, M.J. (2014). Women on French corporate board of directors: How do they differ from their male counterparts? The Journal of Applied Business Research, 30(2), 489-508. https://doi.org/10.19030/jabr.v30i2.8420

Bianco, M., Ciavarella, A., & Signoretti, R. (2015). Women on corporate boards in Italy: The role of family connections. Corporate Governance: An International Review, 23(2), 129-144. https://doi.org/10.1111/corg.12097

Binacci, M., Peruffo, E., Oriani, R., & Minichilli, A. (2016). Are all non- family managers (NFMs) equal? The impact of NFM characteristics and diversity on family firm performance. Corporate Governance: An International Review, 24(6), 569-583. https://doi.org/10.1111/corg.12130

Block, J. (2011). How to pay nonfamily managers in large family firms: A principal-agent model. Family Business Review, 24(1), 9-27. https://doi.org/10.1177/0894486510394359

Calabró, A., & Mussolino, D. (2013). How do boards of directors contribute to family SME export intensity? The role of formal and informal governance mechanisms. The Journal of Management and Governance, 17(2), 363- 403. https://doi.org/10.2139/ssrn.1858925

Casillas, J.C., Barbero, J.L., & Sapienza, H.J. (2015). Knowledge acquisition, learning, and the initial pace of internationalization. International Business Review, 24(1), 102-114. http://dx.doi.org/10.1016/j.ibusrev.2014.06.005

Cerrato, D., & Piva, M. (2012). The internationalization of small and medium-sized enterprises: The effect of family management, human capital and foreign ownership. Journal of Management & Governance, 16(1), 617-644. https://doi.org/10.1007/s10997-010-9166-x

Chen, H.L., Hsu, W.T., & Chang, C.Y. (2016). Independent directors´ human and social capital, firm internationalization and performance implications: An integrated agency-resource dependence view. International Business Review, 25(1), 859-871. https://doi.org/10.1016/j.ibusrev.2015.10.010

Chirico, F., & Nordqvist, M. (2010). Dynamic capabilities and trans- generational value creation in family firms: The role of organizational culture. International Small Business Journal, 28(5), 487-504. https://doi.org/10.1177/0266242610370402

Christiansen, C., Joensen, J., & Rangvid, J. (2008). Are economists more likely to hold stocks? Review of Finance, 12(1), 465-496. https://doi.org/10.1093/rof/rfm026

Claver, E., Rienda, L., & Quer, D. (2009). Family firms’ international commitment: The influence of family-related factors. Family Business Review, 22(2), 125-135. https://doi.org/10.1177/0894486508330054

D´Angelo, A., Majocchi, A., & Buck, T. (2016). External managers, family ownership and the scope of SME internationalization. Journal of World Business, 51(1), 534-547. https://doi.org/10.1016/j.jwb.2016.01.004

Dalziel, T., Gentry, R.J., & Bowerman, M. (2011). An integrated agency- resource dependence view of the influence of directors' human and relational capital on firms R&D spending. Journal of Management Studies, 48(1), 1217-1242. https://doi.org/10.1111/j.1467-6486.2010.01003.x

Daspit, J.J., Chrisman, J.J., Sharma, P., Pearson, A.W., & Long, R.G. (2017). A strategic management perspective of the family firm: Past trends, new insights, and future directions. Journal of Managerial Issues, 29(1), 6-29.

Dimitratos, P., Johnson, J.E., Plakoyiannaki, E., & Young, S. (2016). SME internationalization: How does the opportunity-based international entrepreneurial culture matter? International Business Review, 25(1), 1211-1222. http://dx.doi.org/10.1016/j.ibusrev.2016.03.006

Durán, P., Kammerlander, N., van Essen, M., & Zellweger, T. (2016). Doing more with less: Innovation input and output in family firms. Academy of Management Journal, 59(4), 1224-1264. https://doi.org/10.5465/amj.2014.0424

Eddleston, K. A., Kellermanns, F. W., & Zellweger, T. M. (2010). Exploring the entrepreneurial behavior of family firms: Does the stewardship perspective explain differences? Entrepreneurship Theory and Practice, 36(2), 347-367. https://doi.org/10.1111/j.1540-6520.2010.00402.x

Fernández, Z., & Nieto, M. (2005). Internationalization strategy of small and medium sized family businesses: Some influential factors. Family Business Review, 18(1), 77-89. https://doi.org/10.1111/j.1741-6248.2005.00031.x

Finkelstein, S., & Hambrick, D. C. (1996). Strategic leadership, top executives and their effects in organizations. Academy of Management Executive, 17(1), 96-109.

Goll, I., Johnson, N. B., & Rasheed, A. A. (2007). Knowledge capability, strategic change, and firm performance: The moderating role of the environment. Management Decision, 45(2), 161-179. https://doi.org/10.1108/00251740710727223

Hambrick, D. C. , & Fukutomi, G. D. S. (1991). The seasons of a CEO’s tenure. Academy of Management Review, 16(1), 719-742. https://doi.org/10.5465/amr.1991.4279621

Herrera-Echaverri, H., Geleilate, J.G., & Gaitan-Riaño, S. (2016). Export behavior and board independence in Colombian family firms: The reverse causality relationship. Journal of Business Research, 69(1), 2018- 2029. https://doi.org/10.1016/j.jbusres.2015.10.147

Herrmann, P., & Datta, D. K. (2005). Relationships between top management team characteristics and international diversification: An empirical investigation. British Journal of Management, 16(1), 69-78. https://doi.org/10.1111/j.1467-8551.2005.00429.x

Hitt, M., & Tyler, B. (1991). Strategic decision models: Integrating different perspectives. Strategic Management Journal, 12(5), 327-351. https://doi.org/10.1002/smj.4250120502

Hsu, W. T., Chen, H. L., & Cheng, C. Y. (2013). Internationalization and firm performance of SMEs: The moderating effects of CEO attributes. Journal of World Business, 48(1), 1-12. https://doi.org/10.1016/j.jwb.2012.06.001

Huse, M., Nielsen, S., & Hagen, I. (2009). Women and employee-elected board members, and their contributions to board control tasks. Journal of Business Ethics, 89(1), 581-597. https://doi.org/10.1007/s10551-008-0018-4

International Monetary Fund. (2017). Report for Selected Countries and Subjects. World Economic Outlook Database. Retrieved on 08-February-2019, from: Retrieved on 08-February-2019, from: https://www.imf.org/external/pubs/ft/weo/2017/02/weodata/index.aspx

Jaw, Y.L., & Lin, W.T. (2009). Corporate elite characteristics and firm’s internationalization: CEO-level and TMT-level roles. The International Journal of Human Resource Management, 20(1), 220-233. https://doi.org/10.1080/09585190802528797

Karra, N., & Phillips, N. (2004). Entrepreneurship goes global. Retrieved on 08-February-2019, from: Retrieved on 08-February-2019, from: https://iveybusinessjournal.com/publication/

Kellermanns, F.W., & Eddleston, K.A. (2006). Corporate entrepreneurship in family firms: A family perspective. Entrepreneurship: Theory and Practice, 30(6), 809-830. https://doi.org/10.1111/j.1540-6520.2006.00153.x

Kirsch, A. (2018). The gender composition of corporate boards: A review and research agenda. The Leadership Quarterly, 29(1), 346-364. https://doi.org/10.1016/j.leaqua.2017.06.001

Le Breton-Miller, I., Miller, D., & Bares, F. (2015). Governance and entrepreneurship in family firms: Agency, behavioral agency and resource-based comparisons. Journal of Family Business Strategy, 6(1), 58-62. https://doi.org/10.1016/j.jfbs.2014.10.002

Li, P.Y. (2018). Top management team characteristics and firm internationalization: The moderating role of the size of middle managers. International Business Review, 27(1), 125-138. https://doi.org/10.1016/j.ibusrev.2017.05.011

Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135-172. https://doi.org/10.5465/amr.1996.9602161568

Martin, W.L., & Lumpkin, G.T. (2003). From entrepreneurial orientation to ¨family orientation¨: Generational differences in the management of family businesses. Retrieved on 08-February-2019, from: Retrieved on 08-February-2019, from: https://fusionmx.babson.edu/entrep/fer/BABSON2003/XII/XII-P2/XII-P2

McDougall, P., & Oviatt, B. (2000). International entrepreneurship: The intersection of two research paths. Academy of Management Journal, 43(1), 902-908. https://doi.org/10.5465/1556418

Meyer, M., Libaers, D., Thijs, B., Grant, K., Glanzel, W., & Debackere, K. (2014). Origin and emergence of entrepreneurship as a research field. Scientometrics, 98(1), 473-485. https://doi.org/10.1007/s11192-013-1021-9

Min, B.S., & Smyth, R. (2014). Corporate governance, globalization and firm productivity. Journal of World Business, 49(1), 372-385. https://doi.org/10.1016/j.jwb.2013.07.004

Mitter, C., Duller, C., Feldbauer-Durstmüller, B., & Kraus, S. (2014). Internationalization of family firms: The effect of ownership and governance. Review of Managerial Science, 8(1), 1-28. https://doi.org/10.1007/s11846-012-0093-x

Molina-Parra, P.A., Botero-Botero, S., & Montoya-Restrepo, A. (2017). Estudios de rendimiento en las empresas de familia. Una nueva perspectiva. Estudios Gerenciales, 33(1), 76-86. http://dx.doi.org/10.1016/j.estger.2016.10.009

Oviatt, B. M., & McDougall, P. P. (2005). Defining international entrepreneurship and modeling the speed of internationalization. Entrepreneurship Theory and Practice, 29(5), 537-554. https://doi.org/10.1111/j.1540-6520.2005.00097.x

Perks, K.J., & Hughes, M. (2008). Entrepreneurial decision - making in internationalization: Propositions from mid-size firms. International Business Review, 17(1), 310-330. https://doi.org/10.1016/j.ibusrev.2007.10.001

Peni, E. (2014). CEO and chairperson characteristics and firm performance. Journal of Management Governance, 18(1), 185-205. https://doi.org/10.1007/s10997-012-9224-7

Pinheiro, R., & Yung, C. (2015). CEOs in family firms: Does junior know what he's doing? Journal of Corporate Finance, 33(1), 345-361. http://dx.doi.org/10.2139/ssrn.1941865

Pukall, T. J., & Calabró, A. (2014). The internationalization of family firms: A critical review and integrative model. Family Business Review, 27(1), 103-125. https://doi.org/10.1177/0894486513491423

Ramón-Llorens, M.C., García-Meca, E., & Duréndez, A. (2017). Influence of CEO characteristics in family firm internationalization. International Business Review, 26(1), 786-799. https://doi.org/10.1016/j.ibusrev.2017.01.007

Reuber, A. R., & Fischer, E. (1999). Understanding the consequences of founders’ experience. Journal of Small Business Management, 37(2), 30-45.

Rivas, J.L. (2012). Diversity & internationalization: The case of boards and TMT´s. International Business Review, 21(1), 1-12. https://doi.org/10.1016/j.ibusrev.2010.12.001

San Martín-Reyna, J.M., & Durán-Encalada, J.A. (2012). The relationship among family business, corporate governance, and firm performance: Evidence from the Mexican stock exchange. Journal of Family Business Strategy, 3(1), 106-117. https://doi.org/10.1016/j.jfbs.2012.03.001

Schumpeter, J. A. (1934). The theory of economic development; An inquiry into profits, capital, credit, interest, and the business cycle. Cambridge, MA: Harvard University Press.

Sepúlveda, J.P., & Bonilla, C.A. (2014). The factors affecting the risk attitude in entrepreneurship: Evidence from Latin America. Applied Economics Letters, 21(8), 573-581. https://doi.org/10.1080/13504851.2013.875104

Sharma, P., & Chrisman, J. J. (1999). Toward a reconciliation of the definitional issues in the field of corporate entrepreneurship. Entrepreneurship Theory and Practice, 23(3), 11-27. https://doi.org/10.1007/978-3-540-48543-8_4

The World Factbook. (2018). Download the World Factbook 2018. Central Intelligence Agency. Retrieved on 08-February-2019, from: Retrieved on 08-February-2019, from: https://www.cia.gov/library/publications/download/download-2018/index.html

Venkataraman, S. (1997). The distinctive domain of entrepreneurship research. In J. Katz (Ed.), Advances in entrepreneurship, firm emergence and growth (Vol. 3, pp. 119-138). Greenwich, CN: JAI Press.

Weerawardena, J., Sullivan, G., Mort, P., Liesch, W., & Knight, G. (2007). Conceptualizing accelerated internationalization in the born global firm: A dynamic capabilities perspective. Journal of World Business, 42(1), 294- 306. https://doi.org/10.1016/j.jwb.2007.04.004

Wei, L.Q., & Ling, Y. (2015). CEO characteristics and corporate entrepreneurship in transition economies: Evidence from China. Journal of Business Research, 68(1), 1157-1165. https://doi.org/10.1016/j.jbusres.2014.11.010

Wilson, N., Wright, M., & Scholes, L. (2013). Family business survival and the role of boards. Entrepreneurship Theory and Practice, 37(1), 1369-1389. https://doi.org/10.1111/etap.12071

Wincent, J., Thorgren, S., & Anokhin, S. (2014). Entrepreneurial orientation and network board diversity in network organizations. Journal of Business Venturing, 29(2), 327-344. https://doi.org/10.1016/j.jbusvent.2013.04.002

Wright, M., De Massis, A., Scholes, L., Hughes, M., & Kotlar, J. (2016). Family business entrepreneurship. London: Institute for Family Business.

Wright, R.W., & Etemad, H. (2001). SMEs and the global economy. Journal of International Management, 7(1), 151-154. https://doi.org/10.1016/S1075-4253(01)00041-2

Zahra, S. A., & George, G. (2002). International entrepreneurship: The current status of the field and future research agenda. In M. A. Hitt, D. R. Ireland, S. M. Camp, and D. L. Sexton (Eds.), Strategic entrepreneurship: Creating a new mindset (pp. 255-288). Oxford, UK: Blackwell.

Zahra, S. A. (1993). Environment, corporate entrepreneurship, and financial performance: A taxonomic approach. Journal of Business Venturing, 8(4), 319-340. https://doi.org/10.1016/0883-9026(93)90003-N

Zahra, S. A. (2003). International expansion of U.S. manufacturing family businesses: The effect of ownership and involvement. Journal of Business Venturing, 18(4), 495-512. https://doi.org/10.1016/S0883-9026(03)00057-0

Zellweger, T. M. , Nason, R.S., & Nordqvist, M. (2012). From longevity of firms to transgenerational entrepreneurship of families: Introducing family entrepreneurial orientation. Family Business Review, 25(2), 136-155. https://doi.org/10.1177/0894486511423531

Zucchella, A., Palamara, G., & Denicolai, S. (2007). The drivers of the early internationalization of the firm. Journal of World Business, 42(1), 268-280. https://doi.org/10.1016/j.jwb.2007.04.008

Publicado

2019-11-08

Número

Sección

Artículo de investigación

Cómo citar

Emprendimiento internacional y características de los Consejos de Administración y Directores Generales de las empresas familiares listadas en México. (2019). Estudios Gerenciales, 35(153), 361-369. https://doi.org/10.18046/j.estger.2019.153.3166