Much research on family business internationalization centers on the firm but is inattentive to the family behind the firm. We examine how business families internationalize from unstable and fragile institutions. Based on a qualitative multi-case study, we theorize business families as institutional arbitrageurs who facilitate international transactions between incompatible institutional contexts to create and preserve value in international markets while adapting to the unstable and fragile home institutional environment. Our findings suggest a three-stage internationalization process representing a cumulative and varied pattern of arbitrage practices at the level of the enterprise, extended family, and individual family members. Thus, we theorize the unique aspects of the family as a hypermobile international structure with international interests, relationships, and presence. Our findings also highlight the role of individual family members during internationalization. Our study contributes to the literature on business family internationalization and institutional arbitrage.

许多关于家族企业国际化的研究都以企业为中心，却忽视了企业背后的家族。我们研究企业家族如何摆脱不稳定和脆弱的机构而实现国际化。基于定性多案例研究，我们将商业家族理论化为机构套利者，他们促进不相容的制度环境之间的国际交易，以在国际市场上创造和保存价值，同时适应不稳定和脆弱的国内制度环境。我们的研究结果表明，国际化过程分为三个阶段，代表了企业、大家庭和个人家庭成员层面累积且多样化的套利实践模式。因此，我们将家庭的独特之处理论化为具有国际利益、关系和存在的高度流动的国际结构。我们的研究结果还强调了家庭成员个人在国际化过程中的作用。我们的研究为有关企业家族国际化和机构套利的文献做出了贡献。