The structure and characteristics of firms’ corporate governance influence the internationalization choices of companies, impacting different and heterogeneous features. The international business literature focuses on two fundamental characteristics of corporate governance: ownership and board of directors. The features of different shareholders and the level of ownership shares result in different global strategies and objectives for multinational companies. Considering the executive level, the characteristics of the different directors involved in the governance may influence investment choices and relations with different stakeholders in different countries. Corporate governance is therefore a fundamental dimension to be taken into account in international business research, with special reference to two particular types of companies: family- and state-owned firms. Ownership and the board of directors of these companies present specific corporate governance features and dynamics that expand the classical theory of internationalization. The focus on these two types of firms helps to understand and describe the current global context and the set of decisions and different policies that influence the different choices related to firms’ internationalization strategies.
