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| The Introduction of Foreign Shareholders and the Internationalization of Family Firms Under the Dual-Cycle Pattern |
| ZHANG Wenlong，FENG Baojun，SUN Xiufeng |
| Dalian University of Technology, Dalian, Liaoning, China |
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Abstract Based on the perspective of resources and capabilities, this study takes China’s listed family firms from 2010 to 2018 as samples to explore the internal impact mechanism of Chinese listed family firms’ introduction of foreign investors on their internationalization. The empirical results show that: the existence and diversification of foreign investors can significantly improve the performance of Chinese family firms’ international operation and increase the overseas income of family firms; there is a significant inverted U-shaped relationship between the proportion of foreign shares and the internationalization of family firms; corporate innovation plays a mediating role in it. Further research shows that corporate financing constraints have a moderating effect on the impact of foreign shares on the internationalization of family firms; the internationalization of family firms has a differentiated impact on enterprise development, and is positively moderated by foreign shares.
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Received: 22 March 2022
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