Factors determining exportations and internationalization in family business: The importance of debt

Abstract

This study focuses on the factors that may influence Spanish family owned businesses to decide to export and move towards internationalization, posing their level of debt as a possible determining factor. To do so, a review of publications on the subject has been carried out, as well as an empirical study using a sample of 1,846 businesses, which include both family and non-family firms. The results seem to show that the debt level of businesses whose propriety and management are handled by a family differs from that of those that do not fit this characteristic, especially where the decision whether or not to export products abroad is concerned.