This article systematically reviews and critically examines 72 journal articles published (from 1980 to 2012) on the internationalization of family firms. Stemming from existing literature, core aspects and main gaps are identified. We aim to overcome the inconclusiveness of findings of previous research by offering an integrative theoretical model integrating the concept of socioemotional wealth with the revised Uppsala model. Our framework helps understand behaviors of internationalizing family firms by focusing on when and how they internationalize, especially related to risk attitudes, the role of knowledge and networks. Ultimately, we provide future research themes flowing from our suggested model.

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In eigentümergeführten kleinen und mittelgroßen Familienunternehmens ind Internationalisierungsentscheidungen, wied ie Entscheidung Produkte zu exportieren, oft alleinig durch den Inhaber bestimmt. Dieser ist in der Regel risikoavers und entscheidet konservativu md as Familienkapital zu schützen. For personal use only. AbstractThe decision to internationalize in small and medium sized family businesses is often heavily determined by the founder-CEO,which is usually risk averse and tries to conserve the family capital. Members of the board of directors in anonoperativesupervising function can help to objectify the risk assessment of the CEO.Within the communication and exchangeprocesses of board members and the founder-CEO,g overnance-mechanisms are of paramount importance, as they definethe ways these exchanges are carried out. Besides formal governancemechanisms, which are suggested by agency-theory, informal mechanisms are of highrelevance in family businesses, as relationships are long-term oriented.To assess the influence of these formal and informal governance-mechanisms on the exporti ntensityo fS ME family businesses, we conducted an empirical analysis. The results indicatet hat the formal governance-mechanism »independence of board members« and the informal mechanism »relational norms« significantly and positively influence family SME internationalization.