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Internationalization, Ownership Structure, and Performance

This study explores the impact of the degree of internationalization (DOI) on the performance of small and medium-sized enterprises (SMEs), and the moderating impact of family ownership, foreign ownership, and domestic institutional ownership. An analysis of data from 232 Korean manufacturing SMEs during 2003–2013 reveals a U-shaped curvilinear relationship between DOI and performance. In addition, that link varies by owner type. Family ownership, foreign ownership, and domestic institutional ownership positively moderate the link between DOI and performance. However, both foreign ownership and domestic institutional ownership negatively moderate the joint impact of DOI and family ownership on performance. These findings indicate that distinguishing among dissimilar owner types is instrumental to improving our understanding of the nature of the DOI–performance relationship.