This paper makes several contributions to the emerging literature on the post-entry behavior of international new ventures. Based on an extensive longitudinal data set, we investigate the dynamics of commitment, growth and survival of different types of newly internationalizing Belgian firms. Global start-ups have the highest initial and rapidly rising export commitment per market and are also more likely to continue exporting over time than geographically focused start-ups, and traditional staged exporters. However, global start-ups also display the highest failure rate. This high failure rate appears to result primarily from the 'liability of newness' and less from the added complexity associated with rapid and wide scope internationalization.
This article explores the role of firm-level human capital for the internationalization of small and medium-sized enterprises (SMEs). Building on the resource-based view of the firm and theories of SME internationalization, we hypothesize that the level of human capital will vary with SME internationalization strategy and will be of considerable importance for firms that follow a strategy of accelerated internationalization. At the same time, we suggest a threshold point, after which additional firm endowments of human capital become less productive. We test our ideas using a unique dataset of all manufacturing SMEs in Belgium which internationalized between 1998 and 2005. Findings indicate a significant curvilinear (inverted U) association between the level of human capital and the firm's export intensity when firms choose a strategy of accelerated internationalization.
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Statement of purpose:The purpose of these working papers is to promote the circulation of research results (Research Series) and analytical studies (Documents Series) made within the National Bank of Belgium or presented by external economists in seminars, conferences and conventions organised by the Bank. The aim is therefore to provide a platform for discussion. The opinions expressed are strictly those of the authors and do not necessarily reflect the views of the National Bank of Belgium.
OrdersFor orders and information on subscriptions and reductions: National Bank of Belgium, Documentation -Publications service, boulevard de Berlaimont 14, 1000 Brussels. The final part of the study analyzes the relationship between export and import activities to particular countries following the sequence in which they occur. We find that the probability to start importing from a country is 4 times higher for firms already exporting to that country than for trading SMEs without prior export experience in that country.The authors gratefully acknowledge the comments made by the NBB staff and the other conference presenters. They are particularly grateful to Philippe De Coninck for all the help in processing the data.2
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