Family firms play a vital role in the global business landscape, significantly impacting their home countries GDP. These firms diverge from non-family counterparts in their internationalization strategies, yet they stand to gain substantial benefits from international expansion. Beyond economic...

We investigate the interactions between firms’ financial policies and expected business cycles, in listed firms, in Europe, and over 20 years. We show that these interactions are mediated by ownership structures. Firms with strongly concentrated ownership, or under control, lead...