What Does Really Matter in the Internationalization of Small and Medium-Sized Family Businesses?

Internationalization of family businesses is often considered a way to revitalize both the family and the business. However, the debate on its challenges and constraints is still inconclusive. This study explores whether incoming generations' involvement impacts the decision to exploit and explore international opportunities and to what extent altruism and competence-based trust mediate that relationship. Three propositions are formulated drawing from international entrepreneurship literature and stewardship theory. To validate this framework, a multiple case study on four Italian family firms has been conducted. Implications for theory and practice are finally discussed.