Industrial diversification and family firm internationalization: the moderating effect of family governance structure

Mengjuan Ling; Xiaoting Wang; Mingjun Wang

Future Business Journal · 2026-01-02 · Issue: 2026-12
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Title: Industrial diversification and family firm internationalization: the moderating effect of family governance structure
Human authorship: Mengjuan Ling; Xiaoting Wang; Mingjun Wang
Source: Complete manuscript edition 2026-10-22
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Original authors / creators: Mengjuan Ling; Xiaoting Wang; Mingjun Wang
Original publication: Future Business Journal · Springer Science and Business Media LLC · 2026-01-02 · Issue date 2026-12
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doi:10.1186/s43093-025-00702-8
License & retained notices: CC BY 4.0
Original authors retain the copyright stated in the source. Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ .
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Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ .
Edition changes: Licensed narrative text edition. Original headings, paragraphs and references are preserved with normalized whitespace and layout. Figures, tables, display equations and separately licensed third-party material are not reproduced; use the linked original full text for those elements and definitive pagination. This is an attributed republication, not newly conducted research.
Evidence limits: Context restricted to Chinese listed manufacturing family firms, with sample exclusions that reduce representativeness. Observational estimates do not establish a universal causal rule. Industrial diversification and subsidiary counts are not family-office portfolio diversification or investment returns.
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