Small Business &
Family Business
Management
Ahmed Eldeeb
Overview
• What is a family business?
• The family business as a system
• Internationalization
– Strategies & resources
– Structures & practices for growth
Modules
• Module 1
– The family business: Unique or not?
• Module 2
– The family business as an integrated system
Modules
• Module 3
– Internationalization: Strategies and resources
• Module 4
– Structures & practices for growth through
internationalization
Case Study
• Tavazo Co.
– 3rd generation family business with origins in
Iran
– Has undergone internationalization
Module 1
The Family Business: Unique or
Not?
Module Objectives
• To explore what constitutes a family
business & if it differs from a non-family
business
• To appreciate the nature of family
business & its potential contribution to
world economies through
internationalization
What is a Family Business?
Family Business: Towards
a Definition
• A family business is a synthesis of:
– Ownership control by two or more members
of a family or a partnership of families
– Family members exerting strategic influence
on the management of the firm
– Family relationships inside the firm
– Succession within the family
Family Business: A
Working Definition
• “A family business is one where:
i.
A family controlled dominant coalition has
shaped the vision that is being pursued
i.
The intention or behavior is potentially
sustainable across generations”
(Chua et al., 1999)
Internationalization
• No universally agreed upon definition
• Process of increasing involvement in
international markets (Susan, 2007)
• A dynamic process explained by
continuous interaction of ‘state’ & ‘change’
variables (Johanson & Vahlne, 2009)
Evolving Academy
• Long history of family businesses existing
(including archaeological evidence)!
• Academic fields of entrepreneurship &
family business, however, are relatively
new
Family Business & World
Economies (Poza, 2010)
• Constitute 80-90% of businesses in the
world’s developed economies
• Generate 64% of US GDP (more than
75% in other countries)
• Employ 80% of US workforce (more than
85% of working population globally)
Family Business Examples
FBs Slow to
Internationalize
Family vs. Non-Family Firm
Performance
• Evidence suggests a wide variation in
performance of family businesses cf nonfamily businesses
– Conflicting results due to variations in how
family business is defined, location, industry
etc.
• Makes comparison with non-family
businesses difficult
Family vs. Non-Family Firm
Performance Cont’d
• Founder-led (1st generation) firms found to
have superior performance than both later
generation & non-family firms
• Impact of later generation (2nd &
subsequent) management on performance
is dependent on the era & geographic
context
Succession
• Approx. 85% of entrepreneurial & family
owned businesses disappear in their first 5
years of operation
• Among those that survive, only 30% are
successfully transitioned to a 2nd
generation
– Only 12% survive to a 3rd generation
Succession &
Internationalization
• ‘Born again global’ used to describe a
push by 2nd & later generations to
internationalize their family businesses as
a means of renewal (Kontinen & Ojala,
2010)
How Are Non-Family
Businesses Different?
• Family and non-family firms differ on:
– Strategic & Organizational Dimensions
– Family Influence on the Firm
Strategic & Organizational
Dimensions
• Different ownership structure
• Overlap of family, ownership &
management
• Competitive advantage derived from
interaction of family, management &
ownership
Family Influence
• Most important difference
• Necessary to understand how the
concerns of family members affect
business decisions
• Also need to understand how those
decisions affect firm performance
Strengths of Family
Business
•
•
•
•
•
•
Stable culture & values
Balance tradition with innovation
Knowledge sharing
Flexibility
Practice long term thinking & planning
Instill a ‘stewardship’ approach
Challenges of Family
Business
•
•
•
•
•
Resistance to change
Managing transitions & succession
Raising capital
Emotional issues
Leadership
Family Influence on
Internationalization
• Mixed evidence (Arregle et al., 2012;
Calabro et al., 2012):
– Some scholars find a positive impact of family
ownership on internationalization
– Others argue that family-related factors have
a negative impact
– Finally, some scholars find no difference
between internationalization practices of
family vs. non-family businesses
Scholarly Findings
(Kontinen & Ojala, 2010)
• FB owner-managers maximize revenue
from certain foreign markets rather than
pursue several markets at once
• Networking has a positive impact on the
amount of internationalization knowledge
among family members
Scholarly Findings Cont’d
(Kontinen & Ojala, 2010)
• Three key determinants of family business
internationalization:
1. Level of commitment of family owners
2. Financial resources available
3. Ability to commit financial resources to
develop the required capabilities (including
recruitment of non-family managers to round
out skill set related to internationalization)
Scholarly Findings Cont’d
(Kontinen & Ojala, 2010)
• International joint ventures between family
businesses are more likely to succeed
than those between a family business & a
non-family business
– Explained by shared values (even across
cultures) which include trust, loyalty and
preservation of the family
Reflection & Discussion
• Reflect on the strengths & challenges of
family businesses identified in this module
and how applicable they are in your
personal experience
– Compare & contrast to those present in the
Case Study (Tavazo Co)
Reflection & Discussion
Cont’d
• Reflect on the internationalization strategy
outlined in the Tavazo Co Case Study
– Which strengths of the firm will be beneficial
to internationalization?
– What challenges may be problematic?
Module 2
The Family Business As An
Integrated System
Module Objectives
• To appreciate the contributions of
overlapping systems of family, ownership
& the business
• To appreciate the range of relationships
which will be present in the family
business & how these can be satisfactorily
balanced and managed to facilitate
growth, innovation & sustainability
Module Objectives Cont’d
• To identify the developmental stages of
the family, the business & the ownership
of the business
• To discuss the implications of these
stages for expansion & growth
Systems Theory
• The family business is a dynamic system
of varying interactions between family,
management & ownership subsystems
• Individual perspectives of family & the
business may differ
– MAY lead to an overemphasis on one subsystem at the expense of the others
Systems Theory Model
Three Circle Model’s Range of
Stakeholders
(Gersick et al., 1997)
1. A family member who is not working in
the business and has no ownership stake
(may include children & in-laws)
2. An owner/shareholder who does not work
in the business and is not a family
member
Range of Stakeholders
Cont’d
3. An employee, not a member of the family
4. An owner, not an employee but a
member of the founding family
5. An owner working in the business but not
a member of the family
Range of Stakeholders
Cont’d
6. A family member working in the business,
a member of the family but without any
ownership
7. A family member, working in the business
& with some ownership
Blurred System
Boundaries
• Boundaries among family, ownership &
management systems may become
blurred
– May result in diminished problem solving
ability
• Difficult to determine if decisions relate to
family, ownership or management issues
– Where are our priorities?
A Balancing Act…
(Carlock & Ward, 2001)
• Overemphasis on the
business erodes:
– Family
communications
– Family values
– Family time
– Family loyalty
– Family personal
identification
• Overemphasis on the
family erodes:
– Business
communications
– Business relations
– Business performance
– Business decisions
– Business strategy
Implications
• Too ‘family’ oriented
– IF family owners/managers don’t delegate the
management of relationships with
international partners to nonfamily managers,
they may suffer burnout
• Too ‘business’ oriented
– IF alliances are formed purely for monetary
gain, the values & culture of the family may
not be aligned with international partners
Reflection & Discussion
• What are some of the indicators in the
Tavazo Co case that help you appreciate
the value of considering the family
business to operate as a system?
Reflection & Discussion
Cont’d
• How balanced do you consider Tavazo Co
to be in its current (3rd) generation of
management?
– Is it more business oriented? Family oriented?
– Is some change of the organization necessary
if future growth and increased
internationalization are to be achieved?
Not Homogenous
• ‘Family business’ is not a homogenous
sector
• Operate across all industries & include
different levels of family ownership &
involvement
Three Dimensional Developmental
Model (Gersick et al., 1997)
• Model used as a framework to explore
challenges & opportunities for family
businesses at different stages of
development
• Modeled over three axes:
– Ownership
– Family
– Business
Three Dimensional Developmental
Model (Gersick et al., 1997)
Maturity
Business Axis
Expansion/
Formalisation
Start-up
Controlling
Owner
Sibling
Partnership
Cousin
Consortium
Ownership Axis
Young Business
Family
Entering the
Business
Working
Together
Family Axis
Passing
the Baton
Ownership Dimension
• Family business ownership over time will
generally move from:
Owner/founders as controlling owners
Sibling partnerships
Cousin consortiums
Challenges to Ownership
Subsystem: Controlling Owner
• Capital from savings and sweat equity:
– Can access funds unencumbered funds from
family but often emotional strings attached
• Handling consequences of ownership
concentration:
– Need input from others as business grows
– Clarity of direction but beware of dependency
on single owner
Challenges to Ownership
Subsystem: Sibling Partnership
• Need to develop process for sharing
control with each other
• Need to define role of unemployed owners
• Need to determine a process of retaining
capital
• Need to control potential factions in family
branches
Challenges to Ownership
Subsystem: Cousin Consortium
• Managing growth & complexity of shareholder
group of 3rd generation & on:
– Cousin relationships may be less intense
– Greater spread of interests & developmental stages
– May be concentration of siblings from one branch of
family
– Need to distinguish management & ownership roles
– Important to articulate options for withdrawal
Investments in Ownership
Subsystem
• Essential to preserve propensity to
manage with a long-term horizon
• Means investing in:
– Appropriate ownership & control structure
– Education, information & engagement of
stakeholders
– Systems & processes governing the
ownership-firm interaction (see Module 4)
Non-financial Motives
• Socio-emotional wealth (SEW)
– Family businesses motivated by more than financial return; wish to
build their socio-emotional wealth achieved through those firms
– Socio-emotional wealth being those non-financial aspects of the
firm that meet the family’s affective/emotional needs, such as
identity, the ability to exercise family influence, and the
perpetuation of the family dynasty (Berrone, Cruz & Gomez-Meja,
2012)
• Internationalization & SEW
– Owners might therefore pursue internationalization to enhance
SEW
Importance of SEW for
Internationalization
• Gomez-Meja et al. (2007):
– To avoid losing their SEW, family businesses
may be risk willing and risk averse
simultaneously
– Internationalization strategy
• Family businesses may be willing to give up some
control to preserve or enhance SEW by enabling
next generation
Reflection & Discussion
• In your view, to what extent will the current
sibling partnership help or hinder growth in
Tavazo Co?
• What options can you suggest if one
brother does not support growth while the
others do?
Business Dimension
• Three key components:
– Start-up
– Expansion/Formalization
– Maturity
Business Dimension:
Challenges
• Start-up:
– Survival
– Rational analysis vs. dream
• Expansion/Formalization:
– Evolving owner/manager role
– Professionalizing the business
– Integrating non-family managers
Business Dimension:
Challenges Cont’d
• Expansion/Formalization cont’d:
– Strategic planning (especially for
internationalization)
– Managing cash flow
• Maturity:
– Strategic re-focus as required
– Management & ownership commitment
– Re-investment
Family Circumstances
• ‘Young business family’ often too busy
building the business to worry about
internationalization
• Examples:
– Ford’s 2nd generation (Edsel Ford) was the
catalyst for international expansion
– Puig’s 2nd generation acted to internationalize
Family Dimension
• Young Business Family
• Entering the Business
• Working Together
• Passing the Baton
Family Dimension:
Challenges
• Young Business Family:
– Creating a workable marriage
– Delineating relationships between work &
family
– Raising children
• Entering the Business:
– Individuation of young children
– Decision about early career opportunities
Family Dimension:
Challenges
• Working Together:
– Fostering communication & co-operation
– Establishing processes for dealing with
conflict
– Managing up to 3 generations working
together
• Passing the Baton:
– Letting go & establishing smooth transfer
Let’s consider the implications of this
complexity of the family business for its
prospects for internationalization…
Traditional IB “Stage
Theory” (Uppsala Model)
• Firms enter foreign markets successively
as they become older & larger
• Firms gradually increase their commitment
to foreign markets
• Firms enter ‘proximate’ countries first
• Emphasize learning through experience
IB “Stage Theory”
(Uppsala Model) Cont’d
• This traditional theory has recently
challenged “born globals” (i.e. firms which
have a global focus from the beginning)
• FBs often follow the basics of the Uppsala
Model domestically & then slowly evolve to
do business internationally
– FBs likely to do business in countries that are
geographically &/or culturally similar
Early & Effective
Internationalization
Environmental Factors
Firm-Level Factors
Mgt-Level Factors
Transportation +
communication advances
Innovativeness
International
experience and/or
orientation
Openness of economies
Partnerships
Commitment to
internationalisation
Size + growth of market
(domestic, foreign)
Learning capacity
Few perceived barriers
to internationalisation
Competition (domestic,
foreign)
External ownership
Sector
Things To Consider
• In some cases, imperative exists to
internationalize immediately, as domestic
markets are too small to be viable (eg.
High tech sectors in AUS & CAN)
• “Born globals” can avoid developing a
domestic mindset, which can lead to
inertia
Internationalization
Ownership Structures
• Different ownership structures possible:
1.Levis Strauss
– Owned by descendants of Strauss but no
family members are employed
2.Puig
– Ownership is at the ‘cousin consortium’ stage
with family closely involved in management
Shared Ownership
• Can be a plus:
– Family SMEs who share ownership with some
corporate entities who have a block of shares
are more likely to compete internationally as
they draw on that corporate for resources &
utilize some professionalized structures which
help to minimize conflicts of interest within the
family firm (Zahra et al., 2005)
Reflection & Discussion
• Identify where Tavazo Co is along the
three axes of the Gersick et al. Three
Dimension Developmental model
• Discuss the particular challenges for
growth & internationalization they now
have as a family owned (sibling
partnership) & managed business
Module 3
Internationalization: Strategies &
Resources
Module Objectives
• To consider the implications of a growth
(or no growth) strategy of the family
business
• To understand basic principles of the
strategic planning process in the family
business context if internationalization is
pursued
• To understand the case for & against
internationalization
To Grow Or Not To Grow?
• What influences growth strategies in a
family business (local, national &/or
international)?
– Family values
– Degree of control
– Exit strategy
Reasons for Growth
Avoidance
• Maintain family control of the business
• Perception that family control will be lost
past a certain point of growth
Growing Pains
• Not enough hours in the day
• Spend too much time putting out fires
• Confusion over who is responsible for
what
• Lack of clarity of where the business is
headed
Growing Pains Cont’d
• Too few good managers, lack of trust &
delegation of authority
• Strategic plans are made but soon gather
dust
• The business may have experienced
growth in sales but not in profits
Why Internationalize?
• Potential benefits of internationalization
are well documenting, including:
– Exploitation of owner-specific advantages
– Efficiencies derived from integrating
operations
– Ability to take advantage of host countries’
sources of competitive advantages (eg. labor
costs)
– Utilization of networks developed
Power of Networking
“… networking has been crucial, I mean, John is
the sole distributor for us in Sweden. He was
introduced to us by a family-owned company in
Australia…. We looked after John, and he told all
his mates all the way around Europe about how
good our company was. It’s been 10 years since
meeting John at the international trade fair, and
he’s responsible for 40% of this company’s
exports. Crucial.”
Quote from an Australian plastics manufacturer
(Graves & Thomas, 2007)
The Case Against…
• Families usually wish to retain control &
fear losing it
– Important to evaluate culture of potential
partners to ensure both sides can work
together
• Overlap of family management &
governance is a double edged sword
– Provides flexibility but can block progress if no
formal systems are in place
Pros & Cons of FB Internationalization
(Graves, 2008)
Financial Outcomes
+ Financial performance
+ Sales & asset growth
+ Survival
+ Risk management
+ Increased value of firm
-
Strain on financial resources
Effect on domestic market
share
Losses from competitor
imitation
Non-Financial Outcomes
+ Overall competitiveness
+ Global perspective
+ Knowledge/experience
+ Managerial capabilities
+ Production capabilities
+ Brand image/reputation
+ Enjoyment/satisfaction
-
Strain on family/management
Conflict
Competitive Environment
• As families grow & as the business is
expected to cater to more owners, there is
often a re-evaluation of the focus of the
family business
• New markets will be contemplated just as
‘families’ evolve, so the ‘business’ cannot
remain static
Competitive Environment
Cont’d
• New methods, new expertise may be
required
• Strategic planning is required &
internationalization is one avenue to
achieve renewal…
Strategic Planning
• Requires:
– A new level of communication among family
members
– Ample financial & market information
– Building on the different perspectives &
predictable disagreements across generations
Key Questions for
Strategic Planning
•
•
•
•
•
•
What business(es) are we in?
Are we equipped to do this effectively?
Does this need to change?
What will our goals be?
How will we achieve these?
What resources do we need to achieve
our new goal(s)?
Specific Issues To
Consider
• Production capacity:
– Do we have the capacity to grow the
business?
– Do we have the right products at the right
price for the international marketplace?
Specific Issues To
Consider Cont’d
• What organizational capabilities need
development?
– International business networks & the role of
family members
– Managerial capabilities to manage growth
– Marketing capabilities
– Outside expertise
– Delegating authority
Disciplined Execution
• Strategy in the family business context is
guided by:
– The owners’ vision for the future
– Legacy derived from the firm’s competencies
• Both insulate the process from chaos and
loss of control
Disciplined Execution
Cont’d
• Wide consultation is a plus:
– Craft a strategy from accumulated wisdom of
the current generation, the dreams &
aspirations of the next generation
– Loyalty to one’s customers leads to innovation
& growth for the business across generations
• Planning change takes time & resources
Reflection & Discussion
• In your view, to what extent have
strategically focused questions been
addressed in the case of Tavazo Co as
they consider future international
expansion?
Module 4
Structures & Practices For Growth
Through Internationalization
Module Objectives
• To explore the resources necessary to effect an
internationalization strategy
• To consider why ownership structures that work
well in one generation often prove ineffective in
later generations
• To consider what governance structures will be
important if a family business is to pursue an
internationalization strategy
Owner-Firm Relationship
• The interaction between ownership, family
& management can be a source of
competitive advantage
• It can however ALSO be the biggest
challenge faced by family firms, hence the
need for effective governance of the
shareholder-firm relationship
Owner-Firm Relationship
Cont’d
• To effectively pursue an
internationalization strategy, owners must
ensure that:
– They harness appropriate resources
– They establish relevant structures & practices
for governance
Structures & Plans
(Gersick et al., 1997)
Ownership
Plans
Succession plan
Structure
Contingency plan
Shareholders’
Meetings
Family
Plans
Estate plans
Constitution
Shareholders’
Agreement
Business
Structure
Structure
Family Council/Forum
Board of Directors
Plan
Management Team
Family Plan
Plans
Strategic Plan
Business Plan
Family & Business
Governance
• At a minimum, FBs will benefit from looking at
options to encourage discussion amongst family
members on desired directions for the business
• More developed family governance might
include the formation of a family forum/council
• Also options to formalize discussion at the
business level (i.e. a board of directors &
formalization of the management team)
Formalize Board
• FB firms need to recognize inherent tradeoffs associated with maintaining greater
family control vs. successful
implementation of internationalization
strategy (Singla et al., 2014)
• If FB is pursing internationalization,
partners will look to governance practices
Management Team
• Guidelines for membership in the
management team and individuals’ roles
should be clear
• Particularly important if there is a nonfamily manager responsible for
international operations
Formalization of Policy
• FB employment policy needs to guide
employment of family members
– Do you want family members to gain
experience elsewhere before joining the
family business?
– What are the expectations for tertiary
education?
– Performance of employed family members
should be reviewed in the same way as that
of non-family employees
Managing Family
Expectations
• Have you had a dialogue to clarify the family’s
commitment to family business continuity?
• Some family members will wish to become
employees, others may do their own thing but
wish to be involved as be responsible
shareholders
• At family gatherings, are conversations about
both family & business acceptable, or should
they be separated?
Reflection & Discussion
• To what extent do you believe that Tavazo Co is
‘professionalized’?
• What needs attention/development if they wish
to internationalize further?
• What governance structures will be
useful/necessary if Tavazo Co is to expand
further?
Who Are Entrepreneurs?
• Entrepreneurs are:
– A person who starts and/or operates a
business.
– Individuals who discover market needs and
launch new firms to meet those needs.
– Risk takers who provide an impetus for
change, innovation, and progress.
– All active owner-managers (founders and/or
managers of small businesses).
What Is a Small Business?
• Criteria for Defining Smallness in Business
1. Small in size relative to larger competitors
(fewer than 100 employees)
2. Localized business operations (except
marketing)
3. Financing supplied by one person or small
group
4. Has the potential to become more
than a “one-person show”
3 Reasons most small businesses
fail
• Lack of money
• Lack of management experience
• Not keeping adequate records
Benefits Of being Enterpreneur
Focal Family Firms
Resource
Definition
Positive
Negative
Nonfamily Firms
Human Capital
Acquired knowledge, skills &
capabilities of a person
Extraordinary commitment: warm,
friendly, & intimate relationships;
potential for deep firm-specific
tacit knowledge
Difficult to attract & retain highly
qualified managers; path
dependencies
Not characterized by the
positives, but have fewer
limitations
Social Capital
Resources embedded in network,
accessed through relationships
Components embedded in family;
legitimacy with constituencies
enhanced; development of
human capital
Limited number of networks
accessed; often excluded from
elite networks (i.e. Fortune 500
CEOs)
Networks can be more diverse;
maybe opportunistic in accessing
and leveraging; sometimes used
for managers’ benefit – agency
costs
Patient Financial Capital
Invested financial capital without
threat of liquidation
Generational outlook; not
accountable to strict short-term
results; effective management of
capital; allows pursuit of creative
& innovative strategies
Nonfamily investors excluded;
limited to availability of family’s
financial capital
Largely do not have the benefits
or limitations
Survivability Capital
Pooled personal resources family
members loan, contribute &
share with business
Helps sustain the business during
poor economic times or
redevelopment of the business;
safety net
Not all family firms have it
Do not enjoy due to lack of
commitment by employees &
stakeholders
Governance Structure & Costs
Costs associated with control of
the firm; examples include
incentives, monitoring & controls
Family owned & operated firms’
structures, trust, & family bonds
reduce governance costs
Some family firms may not have
an effective structure, trust &
strong family bonds, thereby
producing greater governance
costs
Professional management &
capital diversification often
increase governance costs
Reflection & Discussion
• Using the table on the previous slide, &
other aspects of the previous modules,
identify the current strengths of Tavazo
Co’s resources that will be useful to effect
an internationalization strategy
– Think about human, social, financial factors
Reflection & Discussion
Cont’d
• To what extent do you consider the family talent
needs to be augmented with non-family
management if further international growth is to
be successful?
• How does the Tavazo brothers’ view that at least
one brother needs to be geographically located
in the international markets they target affect
their ability to further internationalize?
Reflection & Discussion
Cont’d
• How might the human & social capital of
Tavazo Co be affected if growth
internationally is dependent on recruitment
of non-family management?
References
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•
•
•
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•
•
Amit, R. and Villalonga, B. (2014). “Financial Performance of Family Firms”, Chapter 9, In Sage
Handbook of Family Business, 157-178
Arregle, J-L., Naldi , L., Nordqvist , M. & Hitt, M.A. (2012). Internationalization of Family-Controlled
Firms: A Study of the Effects of External Involvement in Governance. Entrepreneurship Theory &
Practice, November: 1115-1143.
Berrone, P., Cruz, C. and Gomez-Mejia, L.R. (2012) ‘Socioemotional wealth in family firms:
Theoretical dimensions, assessment approaches, and agenda for future research’, Family
Business Review, 25(3).
Calabrò, A., Torchia, M., Pukall, T. & Mussolino, D. (2012). The influence of ownership structure
and board strategic involvement on international sales: The moderating effect of family
involvement. International Business Review, 22 (3): 509–523.
Carlock, R. S., & Ward, J. L. (2001). Strategic Planning for the Family Business. New York:
Palgrave.
Chrisman, J.J., Chua, J.H. and Sharma, P. (2005). Trends and directions in the development of a
strategic management theory of the family firm. Entrepreneurship Theory & Practice, 29(5): 55575.
Chua, J.H., Chrisman, J.J., & Sharma, P. (1999). Defining the family business by behavior.
Entrepreneurship Theory & Practice, 23(4): 19-39.
References Cont’d
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Claver, E., Rienda, L., & Quer, D. 2009. Family Firms' International Commitment: The Influence of
Family-Related Factors. Family Business Review, 22 (2): 125-135
Gersick, K.E., Davis, J.A., McCollom Hampton, M and Lansberg, I. (1997). Generation to
generation: Life cycles of the family business. Boston, Massachusetts: Harvard Business School
Press.
Gómez-Mejía, L.R., Takács Haynes, K., Núñez-Nickel, M., Jacobson, K.J.L. & Moyano-Fuentes,
J. (2007). Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from
Spanish Olive Oil Mills, Administrative Science Quarterly, 52(1): 106-137.
Graves, C. and Thomas, J. (2007). Exploring the determinants of the internationalisation pathways
of family firms. 7th Annual International Family Enterprise Research Academy (IFERA)
Conference, Wiesbaden, Germany.
Graves, C. (2008). “Tackling exports as a family”. Presentation, Family Business Australia,
National Conference, Cairns, August 2008.
Johanson, J., & Vahlne, J.-E. (2009). The Uppsala internationalization process model revisited:
From liability of foreignness to liability of outsidership. Journal of International Business Studies,
40: 1411-1431.
Knight, G. A., & Cavusgil, S. T. (2004). Innovation, organizational capabilities, and the born-global
firm. Journal of International Business Studies, 35(2): 124–141.
References Cont’d
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