Building on the mixed gamble perspective, we examine family versus nonfamily firms’ propensity to increase or decrease their internationalization in response to different sources of risk. Our framework explains how a firm's mixed gamble calculus of internationalization can change as it adjusts to business, industry, and institutional circumstances. Using an unbalanced panel of 1031 publicly traded firms from 11 European countries over a 15-year period, our study offers unique insight on why firms, depending on their degree of family ownership, calculate the mixed gamble of internationalization differently and why they vary in their decisions to expand or withdraw from internationalization. Our study makes an important step toward a better understanding of internationalization strategy in family firms, clarifying the mechanisms behind whether they choose to protect and ‘fight’ for their domestic market thereby reducing their internationalization scale or prefer to escape from the uncertainty and turbulence and ‘flee’ toward international markets.

基于混合赌博的观点，我们研究了家族企业与非家族企业在应对不同风险来源时增加或减少其国际化的倾向。我们的框架解释了一家公司的国际化混合赌博演算如何在适应业务时发生变化，行业和制度环境。我们的研究使用了来自 11 个欧洲国家 1031 家上市公司 15 年的不平衡面板，提供了独特的见解，说明为什么公司根据其家族所有制程度以不同方式计算国际化的混合赌博，以及为什么它们会有所不同扩大或退出国际化的决定。我们的研究朝着更好地理解家族企业的国际化战略迈出了重要一步，阐明了他们是选择保护和“争取”国内市场从而降低国际化规模还是更愿意逃避不确定性和动荡以及“逃往国际市场。