Abstract
The paper explores the use of different types of intangible resources on each phase of the process of internationalization in the context of emerging economies. Assuming that companies follow a gradual process, an internationalization index considering export, import and investment activities is built. The index allows identification of six stages of international expansion, using a database of more than 2,000 Russian companies. The findings reveal that relational capital has a significant positive impact on each stage of internationalization, and that organizational capital improves internationalization except in the last, multinational stage. A higher endowment of human capital is positively associated with first three stages of internationalization.
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