Abstract
International Business research overwhelmingly tends to focus on firms that are perceived as rising international stars. This study, on the other hand, is motivated by the desire to examine other types of business organizations as they navigate the globalization process. In particular, a holistic view of family business groups (FBGs) and mainstream internationalization models governed by the concept of firm-specific advantages (FSAs) are con-fronted with the empirical findings of actual business expansion via personal connections. This serves as the conceptual framework of the study when investigating the nature of competitiveness of FBGs. Thailand is chosen as the research setting because of its both distinct and relevant economic and cultural background. The analysis begins by quantitatively exploring the population of the 139 largest Thai FBGs. Then, more fine-grained explanations are developed as a series of comparative case studies are carried out. Overall, the findings shed light on the study of emerging multinational corporations (EMNCs) in general by detailing and probing the evolution of Thai FBGs. Focus is on the internationalization process(es) and the subsequent need for organiza-tional adjustments; the latter involving imposing a measure of discipline on family affairs as well as modernizing business operations. This adds to the hitherto established notion of latecoming EMNCs simply scaling the techno-logical ladder. In essence, the tension between the "easy" path of relying on connections (i.e., what here is termed "the bamboo network") and the more "difficult" path of building competitiveness (i.e., going beyond the bamboo network) is exposed and explained. This study thus contributes to our understanding of the firm internationalization process.