Family ownership has been recognized as an important determinant of corporate strategic choices; however, little research investigates the effects of family ownership and corporate governance on internationalization in small and medium‐sized enterprises (SMEs). This paper utilizes agency theory and the resource‐based view to analyze the relationships between family ownership, institutional ownership, and internationalization. Using a sample of Taiwanese SMEs, the finding of a positive family ownership–internationalization relationship suggests that family ownership may encourage internationalization. The interaction of family ownership and institutional ownership is positively related to internationalization, suggesting that SMEs with high family ownership are more likely to internationalize as institutional ownership increases.

No abstract

No abstract

No abstract

This study examines the impacts of individual and institutional futures trading on both futures returns and volatility using a unique dataset from the Taiwan Futures Exchange. Our findings reveal that trading by individual investors tends to poorly forecast returns and raise market volatility, whereas trading by institutional investors generally forecasts returns more accurately while also reducing market volatility. In particular, the effects of extremely bullish and bearish trading on returns are found to be greater than those arising from normal trading. Further analysis reveals that foreign institutional trading provides stronger and more accurate evidence on futures return predictability than that of domestic institutional investors, although the stabilizing effect of domestic institutional trades is found to be much greater than that of foreign institutional trades. Our results provide support for the argument that institutional investors are better informed, while individual investors are likely to be noise traders, thereby implying the existence of informed trading in the emerging retail‐investor‐dominated Taiwan index futures markets. © 2014 Wiley Periodicals, Inc. Jrl Fut Mark 35:222–244, 2015