The extant literature on international new ventures (INVs) has primarily focused on the emergence of INVs, leaving a research gap regarding their performance consequences. INVs face challenges associated with foreignness and newness but also benefit from the learning advantages of newness, enabling them to adapt and perform better in new markets. Only a handful of studies probed the performance consequence of early internationalization by INVs, and empirical evidence has yielded inconclusive results. Existing literature also points out that emerging market firms encounter an additional hurdle due to their country of origin, but prior INV literature is mostly from advanced economies. Therefore, this study investigates whether early internationalization of emerging market INVs positively or negatively impacts their overall financial performance. Our findings, derived from the Indian context, reveal a nonlinear S-shaped relationship, whereby INVs initially experience a performance decline, followed by improvement, and ultimately a negative impact with excessive internationalization. Furthermore, we explore the contingent effect of the industry sector (manufacturing versus services) on performance and find that the S-shaped relationship is more accentuated for service sector INVs. In summary, this study contributes to our understanding of the internationalization-performance relationship for emerging market INVs, sheds light on the concept of learning advantages of newness, and examines the moderating effect of the industry sector.

现有关于国际新企业 (INV) 的文献主要集中在 INV 的出现，而对其绩效后果的研究却存在空白。INV 面临着与陌生性和新颖性相关的挑战，但也受益于新颖性的学习优势，使他们能够在新市场中适应并表现得更好。只有少数研究探讨了 INV 早期国际化的绩效后果，并且经验证据并未得出结论性的结果。现有文献还指出，新兴市场企业因其原籍国而遇到额外障碍，但之前的 INV 文献大多来自发达经济体。因此，本研究调查了新兴市场 INV 的早期国际化对其整体财务绩效是否产生积极或消极影响。我们的研究结果基于印度的背景，揭示了一种非线性的 S 形关系，即 INV 最初经历绩效下降，随后有所改善，最终因过度国际化而产生负面影响。此外，我们探讨了工业部门（制造业与服务业）对绩效的或有影响，发现服务业 INV 的 S 形关系更为突出。总之，本研究有助于我们理解新兴市场 INV 的国际化与绩效关系，阐明学习新事物优势的概念，并检验行业部门的调节作用。