Family management, external R&D collaboration, and the speed and scope of internationalization

This study investigates the dilemma faced by family firms in internationalization, balancing socioemotional wealth (SEW) preservation with potential financial gains. Drawing on the mixed gamble perspective, we first examine how family management influences the speed and scope of international expansion. Secondly, we explore the moderating role of external R&D collaboration in these relationships. Drawing on panel data from 3366 Spanish firms and 24,695 firm-year observations, we find that family-managed firms proceed more slowly with internationalization but tend to expand across a broader range of markets. Furthermore, external R&D collaboration supports a wider scope without necessarily accelerating speed. These findings offer new insights into how family management shapes internationalization, highlighting external R&D collaboration as a selective moderator.