Multiple Founding Imprints and Firm Internationalisation

Abstract

Manuscript type: Research paper
Research aims: This study examines how multiple founding imprints
and their evolution shape firms’ internationalisation. We focus on three
founding conditions: family firms, economic shocks, and institutional
development, and assess their individual and combined influence on
subsequent internationalisation.
Design/Methodology/Approach: The study analyses an unbalanced
panel of 946 publicly listed firms founded between 1994 and 2012 across
five Asian economies. Random effects panel regression and survival-time
frailty models are used to evaluate the main and interactive effects of
founding imprints and their evolved forms on internationalisation.
Research findings: Family founded firms and firms established during
periods of economic shock are less likely to internationalise, whereas
firms founded in more developed institutional environments are more
likely to do so. Over time, the evolved forms of family and economic
shock imprints actively facilitate internationalisation. Interactions
among founding and evolved imprints either reinforce or weaken the
main effects, confirming that multiple imprints jointly shape firms’
internationalisation.
Theoretical Contribution/Originality: This study extends imprinting
theory by demonstrating that multiple, interacting founding imprints and
their evolution influence firm strategy, moving beyond the traditional
focus on single imprints. The findings highlight the complex and enduring
effects of founding conditions and environmental contexts on subsequent
internationalisation.
Practitioner/Policy Implication: Managers should recognise that founding
conditions, including family legacy, economic crises, and the institutional
environment, can have lasting effects on international strategy.
Policymakers should consider how institutional reforms and economic
crises influence firms’ long-term global expansion.