Extant literature on foreign entry increasingly recognizes firms' heterogeneity as a potential reason for inconsistency in results on the establishment mode choice, that is, whether and under which conditions firms should choose to enter a new country through a greenfield investment or an acquisition. Our study contributes to this debate by identifying family ownership and family involvement in management as potential powerful sources of such heterogeneity. Integrating international business studies with both corporate finance literature on family firms and recent contributions from the Socio Emotional Wealth perspective on family ownership, we claim that, due to greater risk aversion and lower access to information, the family involvement both in the firm ownership and management leads to a higher propensity towards greenfield initiatives (vs acquisitions). However, we also find that such a propensity decreases with international experience especially in family-owned firms given the greater ability of professionalized management to overcome family-related concerns on making acquisitions. Our analysis on 1045 foreign initiatives undertaken by 311 Italian family and non-family firms between 2003 and 2013 confirms our expectations, indicating family ownership as a significant driver of firms' international strategies.

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This article sheds light on how the internationalization of state-owned enterprises is influenced by the state involvement in ownership and by the home country's institutional settings. Integrating international business literature with the debate on the varieties of capitalism, we contend that state-dominated enterprises internationalize more (less) than privately-owned enterprises in coordinated (liberal) market economies, whereas they exhibit an inconstant behavior in state-influenced market economies. Our analysis on a sample of enterprises pertaining to twenty OECD countries supports our hypotheses. This article adds to studies on the influence of institutions on firms' internationalization and has implications for both managers and policy-makers.

the Sardinia Radio Telescope (SRT) went through the technical commissioning phase. The characterization involved three¯rst-light receivers, ranging in frequency between 300 MHz and 26 GHz, connected to a Total Power back-end. It also tested and employed the telescope active surface installed in the main re°ector of the antenna. The instrument status and performance proved to be in good agreement with the expectations in terms of surface panels alignment (at present 300 m rms to be improved with microwave holography), gain ($0.6 K/Jy in the given frequency range), pointing accuracy (5 arcsec at 22 GHz) and overall single-dish operational capabilities. Unresolved issues include the commissioning of the receiver centered at 350 MHz, which was compromised by several radio frequency interferences, and a lower-than-expected aperture e±ciency for the 22-GHz receiver when pointing at low elevations. Nevertheless, the SRT, at present completing its Astronomical Validation phase, is positively approaching its opening to the scienti¯c community.

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We investigate when and how a foreign multinational enterprise by acting as a relational co-owner helps the internationalization of hybrid state-owned enterprises. We merge the "liability of stat

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