Internationalization of SMEs: Family vs. Nonfamily-owned Firms

The aim of this exploratory study is to investigate the similarities and differences in the internationalization process of smaller family and nonfamily-owned firms in Denmark in order to throw additional light on how ownership impacts the internationalization processes of small businesses. Our central finding is that ownership, management decision making styles, location of firms as well as institutional policies are among the key variable in understanding the resource leveraging processes that shape the internationalization paths of small businesses. We also found that firms with aggressive strategies are more able to expand their markets and to successfully internationalize their operations. Furthermore, both family-owned and nonfamily-owned firms have contributed significantly to their local and regional economies and, to some degree, to the national and global economy.