Do Key Actors’ Characteristics Relate to Internationalization Modes in Bulgarian Family Firms?

This paper aims to study the influence of key actors’ personal characteristics on preferred internationalization mode by family SMEs. It is known that the entrepreneur plays a key role both in the family and non-family businesses, along with managers. In family businesses, their role is mediated by the interference and key role of successors and the intertwining family and business relationships. The study is based on a sample of 357 enterprises from Bulgaria. Besides traditional key actors’ characteristics – age, education, and acquired experience, other complementary characteristics such as international experience, education, and training abroad also play an important role in the development of international activities. Findings show that key actor’s characteristics, such as education abroad of entrepreneurs and key employees, lasting experience in an international environment, experience in other business and top management are positively associated with the sales from international markets. These characteristics are the most typical for key actors in enterprises that are entirely dependent on international markets. Internationally oriented firms and those entirely dependent on international markets most often have regular exports.