Abstract
Studies on the relationship between level of internationalization and performance of new ventures show conflicting results indicating a need for more in-depth understanding of the mechanisms underlying the relationship. This study draws on dynamic capability theory and extends the understanding of the issue. The study contributes to international entrepreneurship literature by developing a proposed model built on analyses of event histories of US operations of three Swedish international new ventures. The events take place during more than 20 years. It is proposed that the number of organizationally stable periods of the foreign unit strengthens the positive relationship between product/market knowledge transferred to the unit and its dynamic capabilities, and knowledge acquired locally by the unit and its dynamic capabilities. Also, it is proposed that dynamic capabilities aligned with the transferred and local knowledge are associated with high financial performance. Contributions to literature on international entrepreneurship are discussed.
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