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Title: Strategies for Internationalization at a Crossroads: The Spread of Family Businesses in the Post-COVID Era
Abstract: The final blow to globalization as we know it came from COVID-19. This study aims to investigate how capital ownership affects how firms (re)design their internationalization strategies while taking into account the most recent macroeconomic difficulties. It is widely acknowledged that family businesses approach internationalization differently than their competitors. As a result, it is critical to identify any leverages or obstacles to this process as well as any potential unique characteristics of these businesses. The theory continues to ignore discontinuous internationalization paths and intermittent global operation. Data from the triennia of 2018, 2019, and 2020 were tested for continuity or discontinuity across the internationalization strategies, as well as their determinants; the data were gathered from the Iberian Balance Sheet Analysis System Database (SABI), through a balanced panel of 26,154 firms belonging to all sectors of the manufacturing industry. The different strategies used by family businesses and how they differ from their non-family competitors are both supported by empirical data. There are three factors that are identified as being crucial to internationalization efforts: the firm’s dimension, experience with global operation, and the regional ecosystem in which the firm is embedded. To promote economic recovery, policymakers must act quickly and forcefully to address the new macroeconomic challenges. The speed and effectiveness of the measures will depend on how thoroughly they examine the potential of the current entrepreneurial fabric and the networks that have already been established. Additionally, empirical data supports the implementation of region-specific measures, proposing the relocation of economic activities while encouraging the intensification of spatial clustering and global networking. The creation of a multilevel ecosystem in which the flow of economic, human, and knowledge aspects circulate, strengthening community resilience, is required for the design of an accurate policy package. This ecosystem must include diverse players and layers of action, overlapping clusters and networks, and multilevel ecosystems.
Keywords: internationalization; re-globalization; deglobalization; reshoring; family business; public policy; post-COVID transition; ordered logit panel
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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