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Maturing international new ventures: Short- and medium-term Insights

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Abstract

This paper investigates whether the decision to internationalize early in a firm’s life affects its later development in new and adolescent venture phases. To observe this post-entry evolution, this paper analyzes a set of Spanish firms (N = 106) from a longitudinal perspective (8-year panel data), trying to depict these firms’ short- and mid-term behavior in relation to their sales growth and export intensity. The results show that early internationalization among Spanish firms lead to positive sales growth and increased export intensity, but the “age effect” phases out soon, and many international new ventures (INVs) may stagnate. The paper contributes to the discussion of the learning advantage on newness in early and adolescent phases of internationalization and, subsequently, to the discussion about the role of time and experience in the internationalization process.

Resumen

Este artículo investiga si la decisión de realizar una internacionalización temprana por parte de una empresa afecta al desarrollo posterior a medida que esta alcanza cierta madurez. Para observar esta evolución post-entrada este artículo estudia una muestra de empresas españolas (N = 106) desde una perspectiva longitudinal, con un panel de 8 años, en un intento de observar el comportamiento en el corto y medio plazo en relación al crecimiento de sus ventas e intensidad exportadora. Los resultados muestran que la internacionalización acelerada conlleva un incremento de las ventas y la intensidad exportadora, pero el efecto de dicho comportamiento decae relativamente pronto y dicho crecimiento se estanca. Este artículo contribuye al debate sobre el learning advantage of newness en etapas tempranas y adolescentes, y consiguientemente, al conocimiento sobre el papel que el tiempo y la experiencia juegan dentro del proceso de internacionalización.

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Data availability

The data used to test the hypotheses were obtained from an annual panel of Spanish manufacturing firms conducted by the Fundacion Empresa Publica (FUNEP).

Code availability

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Notes

  1. Oviatt and McDougall (1994) define an international new venture (INV) as “a business organization that, from inception, seeks to derive significant competitive advantage from…the sale of outputs in multiple countries” (p. 49).

  2. Note that we are focusing on early and adolescent phases of INVs’ internationalization. As we focus on exporting firms, we believe this makes sense for our theorizing. As latter internationalization phases often include more foreign direct investments and changes in entry mode altogether, it would be more difficult to study the role of learning advantages of newness — as other entry modes bring different learning opportunities and costs.

  3. For example, it could have been expected that firms that start to export sooner will do so with greater intensity (Hilmersson and Johansson 2016; Hilmersson et al. 2017), compared with those that take longer to begin exporting their products beyond their domestic markets.

  4. This is an interesting result. Love et al. (2016) found that the effects from age and experience on internationalization were markedly different in their study of UK SMEs. In their study, export intensity was lower among older firms.

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Funding

This research is developed in the research group GIRCO (Grupo de Investigación sobre Recursos y Capacidades Organizativas), founded by the Ministerio de Economía y Competitividad de España (ECO2017-84364-R).

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Authors and Affiliations

  1. Departamento de Contabilidad Y Economía Financiera, Universidad de Sevilla, Avda Ramon Y Cajal 1, 41018, Seville, Spain

    María Agustí

  2. LUT Business School, Lappeenranta-Lahti University of Technology, POB 20, 53851, Lappeenranta, Finland

    Olli Kuivalainen

  3. Departamento de Administración de Empresas Y Marketing, Universidad de Sevilla, Avda Ramon Y Cajal 1, 41018, Seville, Spain

    Encarnación Ramos-Hidalgo & Francisco J. Acedo

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  1. María Agustí
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Agustí, M., Kuivalainen, O., Ramos-Hidalgo, E. et al. Maturing international new ventures: Short- and medium-term Insights. J Int Entrep 21, 329–353 (2023). https://doi.org/10.1007/s10843-023-00327-4

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