Many differences exist between founders that decide to maintain ownership of their firm and those that surrender ownership. Few studies have addressed what founders decide to do once their firm has been acquired, and even fewer have looked at this phenomenon from an international point of view....

Drawing upon internalization theory, this study investigates the complex relationships involving firm-specific assets, multinationality, and financial performance. Through a meta-analysis of 120 independent samples reported in 111 studies, we test the predictions of internalization theory in the...