The Openness of Corporate Governance Structure in Small and Medium Family Firms: The Effects on Company’s Internationalization
Christian Corsi, Antonio Prencipe

Abstract
The paper aims at establishing whether and how a greater openness of corporate governance structure can affect the degree of internationalization of family SMEs. Based on the Resource Dependence Theory, it has been hypothesized that the involvement of entities outside the family - with reference to the ownership structure, the top management and the figure of the CEO - could stimulate and support the internationalization of family SMEs. The analysis of a sample of 2,175 Italian companies reveals that external parties in the ownership structure and in the position of CEO do not represent central elements in the internationalization process of family SMEs. However, an open involvement of non-family members in the top management composition determines a greater effectiveness of the international activity. The paper provides a significant contribution to the literature on corporate governance and internationalization of SMEs, representing a cognitive urge for further study on the topic.

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