Common reasons mentioned for a firm's internationalization are related to advantages for the firm. However, if firms are conceptualized as political coalitions, this view does not seem to be sufficient to explain why and to what extent firms internationalize. A principal-agent theoretical...

In this paper, we present a new quantitative measurement concept that integrates multiple dimensions of internationalization in a complex number and tries to measure globalization instead of simple internationalization. We apply this measure to assess the globalization states and processes of...

Research on foreign direct investment has focused considerable attention on the moment of market entry, but less on the dynamics of investment in the post-entry phase. This paper centres the influence of uncertainty on investment, and develops a growth options model to explain the sequence of...

Previous work shows that multinationality creates firm value due to the potential of multiple host countries to provide operational flexibility. This paper examines whether this value effect on the stock market is backed by a profitability effect of exercising operational flexibility through...