Early internationalization: A transaction cost economics and structural embeddedness perspective |
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Authors: | Christian Schwens Ruediger Kabst |
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Institution: | (1) Faculty of Economics and Business Administration, University of Giessen, Licher Str. 66, 35394 Giessen, Germany |
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Abstract: | This paper develops and tests a framework for the determinants of early internationalization by drawing on transaction cost
economics supplemented with structural embeddedness reasoning. We theoretically explore how asset specificity, prior international
experience of the management team, and international network contacts impact early internationalization of the firm. Furthermore,
we elaborate how early internationalization is related to foreign market performance. Our results show that asset specificity
is negatively related to early internationalization, whereas prior international experience of the management team and international
network contacts have a positive impact on early internationalization. Furthermore, our results suggest that early internationalizers
are more successful in respect to foreign market performance than companies that have internationalized in later years. |
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