Stages Of Internationalization Research Articles

Currency Internationalization, payment infrastructures and central banks: An institutional analysis of renminbi internationalization

This study explores the role of central banks in designing cross-border payment infrastructure as part of a broader agenda of currency internationalization, focusing on the Chinese experience from 2008 to 2023. Based on primary data- including descriptive statistics and interviews with senior officials from the People's Bank of China and staff from Chinese commercial banks – and triangulating information from secondary literature and official documents, the article traces the evolution of the renminbi's cross-border payment network comparing these developments with the early internationalization stages of the U.S. dollar. China's strategy is characterized as 'imitate and innovate,' where the renminbi's payment network development mirrors, to some extent, the institutional frameworks underpinning the dollar's global use. However, it also exhibits notable differences in public sector involvement and pace of development. This comparison indicates that, for late- industrializers, central bank plays a more pronounced role in jumpstarting a currency internationalization process. Moreover, this article also contributes to the international currency literature by demonstrating how payment infrastructures can aid in enhancing a country's external resilience through currency internationalization, without necessitating the complete liberalization of the capital account.

Unpacking Stimuli and Barriers to Internationalization Across Export Stages: The Case of Spanish Wine Firms in China

ABSTRACTFirm internationalization has been analyzed from different angles based on various theories. However, qualitative research on the stability of the factors that motivate and hinder internationalization across the export stages in emerging markets is limited. This study builds on the “stages” theories of internationalization, providing a detailed analysis of the perceived stability of stimuli and barriers during the exploration, entry, and expansion stages. We focus on a sample of Spanish wine firms exporting to China—a key wine market, with annual growth rates of over 25% between 2000 and 2020. The results suggest that the perception of most barriers is stage‐dependent, varying over time as commitment levels evolve. The main stimuli, on the other hand, remain constant across the different export stages. Moreover, we find that firm size, international experience, and access to local and international networks are key factors that influence the evolution of firms' internationalization in China, while lateral rigidity continues to constrain the expansion of smaller companies. These findings contribute to a deeper understanding of the opportunities and challenges of doing business in an emerging market, particularly in the institutional context in China, as well as their evolution over different stages of internationalization. Furthermore, they offer insights into the dynamics of the Chinese wine market and the implications for European exporters.

Keeping One’s Options Open: Intermittent Exporting, Family Control, and Foreign Background

Intermittent exporting (repeatedly exiting and reentering foreign markets) is often associated with the initial stages of internationalization. However, some small and medium-sized enterprises (SMEs), including family firms, pursue an intermittent exporting strategy beyond the initial stages. Drawing on a refinement of the behavioral agency model (BAM) and real options reasoning, we theorize that a high level of family involvement in SMEs is positively associated with intermittent exporting. We also argue that this relationship is moderated by Chief Executive Officers (CEOs) and board members with a foreign background. We test our hypotheses using a unique longitudinal dataset of Swedish SMEs in the manufacturing and retail industries.

Higher Education Internationalisation in Kazakhstan (2022-2023): Course Continuity or Change in the Focus?

The research aim is to evaluate the changes in Kazakhstan policy of higher education internationalisation due to the international relations transformation since February 2022. The research tasks are to identify the peculiarities of higher education internationalisation in Kazakhstan and to detect its main trends before and after 2022. Based on the definitions of higher education internationalisation formulated by J. Knight, P.G. Altbach et al., authors outline relatively successful attempts of Kazakhstan to follow world trends in higher education. However, research literature analysis suggests that there are still many problems in Kazakhstan higher education the Government is still unable to overcome due to the lack of resources.The authors confidently analyse the legal framework of higher education reform in Kazakhstan and decisively use event-analysis to identify the key characteristics of higher education internationalisation in Kazakhstan since its independence, during 1991-2023. The conclusion was that the country has been on a course of internationalisation since the 1990s, but that until 2010 it had been a point-by-point process. At the same time, a model of importing higher education services, mainly from Russia, was spontaneously formed. Since 2010, the second stage of internationalisation has begun, characterised by a large borrowing of Western models and practices, although the Western direction of interaction in higher education complemented, but did not replace, the Russian one. In 2022, Kazakhstan made an accelerated transition to the third stage of internationalisation of higher education, characterised by distancing itself from Russia, combining imports and ambitions to export higher education, and increasing competition with Russia for applicants.

Internationalization of enterprises and quality of financial reports in China: Moderating roles of audit committee characteristics

In the process of seeking sustainable development, enterprises have chosen international business strategy. The purpose of this study is to examine the relationship between the degree of internationalization of Chinese listed firms and financial reporting quality, as well as whether audit committees can moderate the impact of enterprise internationalization on financial reporting quality. The empirical analysis results of Chinese listed manufacturing firms from 2014 to 2018 show that: the degree of corporate internationalization has a significant U-shaped relationship with earnings management. This new finding solves the problem that scholars have inconsistent views on the internationalization of enterprises and the quality of financial reporting. The study also found that audit committees with experience working in accounting firms can inhibit firm earnings management behavior in the early stage of internationalization; audit committees with experience working overseas can inhibit firm earnings management behavior in the later stage of internationalization; the higher the remuneration of audit committee experts, the more it can inhibit firm earnings management behavior in the early stage of internationalization. In the later stage of internationalization, the higher the remuneration of audit committee experts, it helps the earnings management behavior of firms. This provides new evidence on the functioning of the audit committee’s role; however, the independence of the audit committee and the proportion of financial experts do not have a significant effect on the inhibition of earnings management.

Internationalization strategy management for small and medium-size enterprises: A case study of LED industrial enterprise

With China’s “One Belt, One Road” (OBOR) cooperation initiative in 2013, more and more Chinese SMEs enterprises (SMEs) are heading overseas to international markets (Li, 2020). In the early stage of internationalization, most Chinese SMEs still focus on traditional export trade. By 2023, after ten years of development of the Belt and Road initiative (BRI), the traditional export trade model is no longer sufficient to support Chinese SMEs to cope with competition in the international market (Han, 2021). However, most Chinese SMEs do not have a clear internationalization strategy, so the development of a clear internationalization strategy has become an important research topic for Chinese SMEs. This paper takes D&H company as the research object, uses the PEST analysis model, and the internal factor evaluation (IFE) and external factor evaluation (EFE), internal and external environmental factor analysis matrix to sort out the advantages, disadvantages, opportunities and threats faced by the company, and applies strengths-weaknesses-opportunities-threats (SWOT) and the quantitative strategic planning matrix (QSPM) tools to study the internationalization paths and plans of D&H. This paper explores the new situation of internationalization in a practical sense and provides research examples and methods for Chinese SMEs to develop internationalization routes with some reference value.

Capital structure and the internationalization of companies on the example of selected countries

The main objective of the research is to identify differences in internationalization of companies in selected countries and their relationship to the capital structure of these companies. The study was conducted between 2011 and 2021, with financial data obtained from the Thompson Reuters database to verify the hypotheses. The aim of the study was to investigate how the capital structure develops in companies undertaking the first stage of internationalization, i.e. export. In order to verify the hypotheses, statistical tests were carried out with appropriate justification for their use. In the light of the research, it should be concluded that the capital structure changes as the company’s strategy changes during the internationalization process.

Becoming a Multilatina: strategic capabilities as necessary conditions for the internationalization of Latin American firms

PurposeThis study aims to challenge the generic interpretation of Multilatinas as Latin American firms that have been able to internationalize because of highly competitive strategic capabilities. The authors test whether capabilities that international business researchers commonly associate with internationalization are necessary at different stages of the internationalization process to better understand the extent to which emerging market (EM) firms need to develop them.Design/methodology/approachInternational business research suggests a positive association between strategic capabilities and firm internalization. However, it remains unclear what specific capabilities are necessary and when they are necessary. These questions are particularly important in the context of the internationalization of firms from emerging economies, such as Latin America. The authors apply necessary condition analysis (NCA) on a sample of Latin American firms at different internationalization stages to test what strategic capabilities represent necessary conditions for becoming a Multilatina.FindingsThe findings suggest that only a few strategic capabilities are necessary for Latin American firms to become “Multilatinas”. While entrepreneurial orientation and marketing and sales capabilities represent necessary conditions, EM firms may internationalize even though other capabilities are developed to a lesser extent. The authors reflect on how shifts in local markets and technology drive the emergence of different types of Multilatinas.Research limitations/implicationsMeasuring strategic capabilities across multiple EM firms implies a risk that firm-specific aspects are not fully captured. While the authors focused on the comparative competitive strength of capabilities and took great care to minimize measurement error, the authors acknowledge possible bias. Also, while NCA does not require a minimum sample size, findings from our sample of firms from four countries may not generalize to the region or other EMs.Originality/valueAs a relatively new statistical technique, the use of NCA has spread rapidly. To the best of the authors’ knowledge, the linkage between organizational capabilities and firm internationalization has not been tested from a necessary conditions perspective yet. The reflections on the “Multilatina” concept based on the notion of EM firms as configurations of strategic capabilities inform current debates on EM multinational enterprises.

LEGAL GLOBALISATION AND ECONOMIC SYSTEMS

The objective content of globalisation is made up of processes that are heterogeneous in their origins, mechanisms and consequences, which makes it possible to consider globalisation as a complex system of phenomena and relations that is internally quite contradictory. This status of globalisation processes gives rise to a wide variety of concepts and theories of the origin and development of globalisation, among which a separate group studies globalisation in the field of economics and law. The article examines the main theories and concepts of the globalisation process and, on the basis of these, formulates general trends and guidelines for the development of the national legal and economic system. The author presents the main modern scientific positions on the nature and content of globalisation in the field of economics and law, which have made it possible to highlight its characteristics and conceptuality. It should be noted that the analysis of academic theories shows, firstly, that scholars tend to argue for legal globalisation exclusively through the sphere of economic relations and, secondly, that there are significant differences of opinion regarding the prospects of globalisation in this area. The authors suggest that the main trends are: (a) legal globalisation: internationalisation of national law, internalisation of international law – incorporation of international law into national law, globalisation of legal regulation; (b) economic globalisation: concentration and centralisation of capital, strengthening of the international division of labour, formation of international transport and logistics infrastructure, development of information and technological progress. The subject of the study is the main patterns of globalisation in the field of economics and law: theoretical concepts and models; current status, dynamics, main trends of development, as well as the state of scientific research in this field. The methodological basis of the study is, first of all, modern philosophical methods of cognition (dialectical, historical and logical, systemic and analytical). The study used general scientific methods of comparison, analysis and synthesis, abstraction and generalisation, analogy, induction and deduction. For the purposes of this study, system-structural and system-functional methods of cognition were widely used. These tools made it possible, first of all, to identify the dynamic characteristics of law in the system of socio-cultural values. Results. Globalisation is an objective process independent of the will and desires of individuals and states. Globalisation is an intrinsically contradictory phenomenon that opens up new opportunities for development and interaction between states, while exacerbating old and generating new problems. An intensive direction of globalisation is the acquisition of a new quality by world economic ties – increased interdependence and interaction of all spheres and components of international relations. Whereas at the previous stages of internationalisation of international relations, economic imperatives were recognised as dominant, today the importance of the legal factor is growing. It is stated that when studying the phenomenon of globalisation, at least two aspects are distinguished: (1) globalisation is an objective process, (2) it is promising to identify and use its positive aspects, and to identify and neutralise its negative phenomena. The complexity of the study of globalisation processes lies in the need to take into account the old and develop new models of social transformation.

Examining the Impact of Internationalization and Competitive Advantages on Enterprise Performance in Taiwan’s Computer Numerical Control Machine Industry

An enterprise must have good operating performance to operate continuously. A good company itself must have a good management team and a large enough market to operate. Taiwan is located in East Asia, and has neighboring countries, such as Japan, South Korea, and the Philippines. Taiwan’s machine tools industry cannot be developed on a large scale due to the geographical environment and land area restrictions. Enterprises are constrained by the external environment, which includes economic cycles, raw materials supply, user demand, and other factors that influence their performance. This is the primary challenge currently faced by Taiwan’s CNC industry. According to relevant research, companies can utilize various strategic models to identify operational shortcomings from the perspective of their employees, in order to enhance business performance. Therefore, Taiwan’s machine tool industry has to be extended to a larger scale. In the international market, only by exporting products and, then, taking full advantage of higher-quality capabilities, can we create good corporate performance. Therefore, internationalization is an important factor for Taiwan’s companies to improve their operating performance. This article uses Taiwan’s machine tools industry to explore the impact of factors, such as international perspectives and competitive advantages, on operating performance; this study selects 62 companies as a sample, the period is 2022. and analyzes the data type using class regression. The empirical results show that in the initial stage of internationalization, internationalization and competitive advantages help companies improve their operating performance. The industrial environment has a positive regulatory effect on internationalization and enterprise performance. However, when the company reaches the stage of internationalization, its operating performance begins to decline. Therefore, companies must recognize their own operating capabilities and create a more favorable operating performance under internationalized strategies. The important factor is that only through continuous innovation can companies gain an advantage in their long-term operations. With the advent of the era of Industry 4.0, industry knowledge is highly intensive and competition within the international environment is fierce. Companies should plan for a long-term competitive advantage to improve enterprise performance.

Internationalization of Higher Education and Its Influence on the Educational Development in Pakistan

Pakistan is passing through the initial stages of internationalization of higher education. The basic challenges in the internationalization of higher education are the brain drain and economic development. For this very purpose, Pakistan sends its talented and qualified scholars to advanced countries to improve their qualifications and share their experiences in their homeland. HEC sends scholars abroad to meet the challenges and compete in the international market. Most of the universities in Pakistan are in coordination with those of the developed countries, and even some of the foreign universities have opened their campuses in Pakistan, which results in more opportunities in technology, teaching, research, and academic linkages. HEC is trying to make the admission process and arrival easy for outside students so as to attract them to its education because internationalization of higher education is not only to send its scholars abroad but also to attract international students.

Research on the Internationalization Path of RMB based on the Analysis of Peripheral Circulation

The internationalization of RMB is of great significance to China's financial development and the reform of the international monetary system, and it is the inevitable result of the evolution of the world economic structure. The internationalization of RMB is the inevitable result of China's economic development and the reflection of China's international competitiveness. The internationalization of RMB will help China to become a world economic power. The circulation around RMB is only the initial stage of currency internationalization. Currency internationalization requires strict conditions and must bear the price of giving up the independence of domestic monetary policy. The "the belt and road initiative (B&R)" initiative promotes China enterprises to enter the global market and increases the opportunities for RMB capital export. Some progress has been made in the internationalization of RMB, which has been recognized by the international community. Based on the significance of currency internationalization, this paper expounds the influence of RMB internationalization on China, and further studies the mode and strategy choice of RMB internationalization on the basis of analyzing the circulation path around RMB.

Internationalization Pace, Social Network Effect, and Performance among China’s Platform-Based Companies

Platform-based companies are rapidly emerging and occupy major positions in the global market. In addition, the business model that relies on digital technology makes platform-based companies sustainable. This paper empirically examines the impact of internationalization breadth on corporate performance and explores the moderating role of the platform enterprise network effect and innovation investment. Annual panel data from listed Chinese platform-based companies between 2012 to 2020 were used to also verify the scale of overseas companies’ association and social networks and the moderating effect of centrality and innovation research and development (R&D) investment on these two factors. The results indicate that the irregular internationalization rhythm of platform-based companies was negatively correlated with corporate performance, and the association network and the social network centrality of overseas companies had a positive moderating effect. Innovative R&D investment could help platform-based companies expand overseas to improve their corporate performance, and its moderating effect was more significant for platform companies in the early stages of internationalization. In terms of the internationalization pace, overseas network construction, and innovative R&D investment strategies, this paper provides valuable suggestions for platform-based companies to expand internationally and improve their corporate performance.

Higher Education Internationalization. Development of the Concept Responding to Requirements of the Time

The article considers one of the most currant concepts which is introduced in modern leading systems of higher education - internationalization. It aims to reveal modern state of internationalization in the sphere of higher education. Study of existing internationalization interpretations enabled us to substantiate the concept and concretize the meaning of HEI at different stages of its development within chronological limits from 1980 to 2021. There was an attempt to trace evolution of the concept and renovate its systematic interpretation. Historical development stages of higher education internationalization have been defined. Understanding of the notion at modern stage has been presented. Conceptual analysis of available research and theoretic scientific papers concerning the problem of internationalization highlighting international experience of educational establishments made it possible to outline the most important phases of higher education internationalization development under conditions of globalization. The results of research can be used for renovating the content of some international disciplines such as «International education» «Comparative pedagogy», «Pedagogy of high school abroad» and others. They also might be appreciated by all parties interested in higher education internationalization. Proposed integral, multifaceted and complete vision of the phenomenon can be worthy for the further in-depth study of various phenomena development in the field of higher education at international level.

Where to internationalise and why: Country selection by restaurant franchises

This paper analyses the factors that influence the selection of markets, as well as the process developed in the first stages of internationalization of small and medium-sized franchises.A multiple case study in the restaurant sector in Spain is carried out. The analysis identifies market opportunity, physical and cultural distance, availability of optimal locations, and emotional factors as the main criteria in selecting countries. Regarding the process, most of companies initially follow an opportunistic approach, with the franchisee initiating the contact, evolving later to a strategic approach, with the company initiating the search for the partner in the selected country.

货币国际化影响因素的实证研究——基于货币国际化阶段性视角

货币国际化影响因素的实证研究——基于货币国际化阶段性视角

Does internationalisation give firms a second life Evidence from turnaround attempts of declining firms during performance decline

Based upon a sample of 97 US public firms that attempted turnaround from performance decline, we tested the influence of internationalisation on the outcomes of turnaround attempts of firms. We found that internationalised firms had a better chance to recover from performance decline than their domestic counterparts. In addition, the greater the degree of internationalisation, the better chance a firm would recover from performance drop. The chances of recovery do not demonstrate a tendency to decrease even as a firm moves into very high stages of internationalisation.

Management pattens of post-crisis development of cross-border M&A strategies in the world economy (part 2)

At the present stage of the crisis in the development of the economy, there is a modifi cation of the management strategies of the largest economic entities — transnational companies (TNCs), associated with the emergence of fundamentally new models of business development, ubiquitous digitalization processes and digital transformation. The purpose of the analysis in this article is assessment of the potential and management aspects of the development of cross-border mergers and acquisitions at the present stage. The methodological basis of the study is the modern provisions of the theory of transnationalization, as well as concepts covering the processes of internationalization (in particular, the "springboard theory"). In preparing the article, the method of systems analysis was used, as well as the analytical method, which made it possible to formulate the main scientific abstractions about the strategies of cross-border mergers and acquisitions. The empirical basis of the study is provided by statistics on global foreign direct investment (FDI) fl ows, cross-border mergers and acquisitions, as well as corporate strategies of some companies. The current crisis, as well as digitalization processes, infl uence the formation of new management patterns for the development of these corporate strategies. In the postpandemic phase of development, cross-border M&A strategies are becoming more customer-centric. At the same time, the key risk of developing eff ective strategies for managing cross-border mergers and acquisitions is the growth of protectionist sentiments on the part of states, which determine the uncertainty of scientific and practical approaches to the further organization of such transactions. It has been established that from the point of view of managerial consequences, managers of TNCs considering foreign mergers and acquisitions should take into account the stage of internationalization at which the TNC is located, as well as the nature of the change in institutional regulation in their country.

Management pattens of post-crisis development of cross-border M&A strategies in the world economy (part one)

At the present stage of the crisis in the development of the economy, there is a modification of the management strategies of the largest economic entities — transnational companies (TNCs), associated with the emergence of fundamentally new models of business development, ubiquitous digitalization processes and digital transformation. The purpose of the analysis in this article is assessment of the potential and management aspects of the development of crossborder mergers and acquisitions at the present stage. The methodological basis of the study is the modern provisions of the theory of transnationalization, as well as concepts covering the processes of internationalization (in particular, the "springboard theory"). In preparing the article, the method of systems analysis was used, as well as the analytical method, which made it possible to formulate the main scientific abstractions about the strategies of cross-border mergers and acquisitions. The empirical basis of the study is provided by statistics on global foreign direct investment (FDI) flows, crossborder mergers and acquisitions, as well as corporate strategies of some companies. The current crisis, as well as digitalization processes, influence the formation of new management patterns for the development of these corporate strategies. In the postpandemic phase of development, cross-border M&A strategies are becoming more customer-centric. At the same time, the key risk of developing effective strategies for managing cross-border mergers and acquisitions is the growth of protectionist sentiments on the part of states, which determine the uncertainty of scientific and practical approaches to the further organization of such transactions. It has been established that from the point of view of managerial consequences, managers of TNCs considering foreign mergers and acquisitions should take into account the stage of internationalization at which the TNC is located, as well as the nature of the change in institutional regulation in their country.

The Tension between SMEs’ Growth and Sustainability in Emerging and Developed Countries’ Internationalization: Towards a Conceptual Model

Economic growth is a priority in many developing countries in the drive to eradicate inequality and poverty, but elevated levels of economic growth are regarded as inimical to climate preservation and sustainability. The continuing depletion of natural resources and industrial pollution has led to increasing global pressure and government policies aimed at reducing climate deterioration. Advocates of ’strong sustainability’ are concentrated in the economically developed world, while developing countries have a greater need for economic growth and advocate weaker forms of sustainability where economic development, the promotion of employment and eradication of poverty take precedence over climate preservation concerns. Extant internationalization literature does not provide an integrated model of sustainable internationalization. (i.e., the relative emphasis of human and natural capital in contextual and universal factors in the internationalization process of developing and developed countries). To address this underexplored research gap, a cross-sectional, non-probabilistic convenience sample of South African SMEs using a mixed methods approach, and a secondary data eclectic analysis of developed and developing countries’ SME internationalization using a comparative multiple-case design, were adopted in this study. Findings indicate that both contextual and universal factors are prominent in developing and developed countries’ internationalization. The findings also suggest that developing countries initially focus on unsustainable contextual factors and later move on to embracing sustainable universal factors in their internationalization. This paper provides a conceptual model to describe the relative importance of contextual vis-à-vis universal factors in the sustainability of SMEs’ development as they pass through the various stages of internationalization over time.