Abstract
We argue that industry competition and industry innovation intensity exert an influence on the relation between a firm's internationalization and performance. Using a large panel sample consisting of publicly listed nonfinancial firms in 27 European countries from 1990 to 2016, we document that internationalization is negatively associated with operating performance and firm value. The negative effects of internationalization on operating performance and firm value vary depending on the degree of industry competition or industry innovation intensity. These results imply that industry conditions moderate the effects of internationalization on operating performance and firm value.
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