In this paper we address three challenges. First, we discuss how international new ventures (INVs) are probably not explained by the Uppsala model as there is no time for learning about foreign markets in newly born and small firms. Only in the longer term can INVs develop experiential learning to overcome the liability of foreignness as they expand abroad. Second, we advance theoretically on previous research demonstrating that the multinationality−performance relationship of INVs follows a traditional S-shaped relationship, but they first experience a 'born global illusion' which leads to a non-traditional M curve. Third, using a panel data analysis for the period 1994-2008 we find empirically that Spanish INVs follow an inverted U curve in the very short term, where no learning takes place, but that experience gained over time yields an M-curve relationship once learning takes place.

If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -This paper aims to shed new light on the multinationality-performance debate by examining the performance of standardizing versus customizing firms from Spain. Design/methodology/approach -The reasons for variations in performance of exporting firms build on the industrial organization and resource-based views of strategy, which are shown to be linked to the integration (standardization) versus responsiveness (customization) framework of international business. The paper also incorporates the Uppsala model and the home region nature of international business activity. It develops hypotheses for both standardizing and customizing paths of international expansion for exporting firms. The paper uses the Survey on Business Strategies which has the support of the Ministry of Industry of Spain. This databank collects data of a representative sample of the Spanish manufacturing sector. The paper uses fixed-effects regression models for the period 2000-2008.Findings -The paper provides evidence on how firms with a strategy of product standardization follow an M curve-fourth degree polynomial relationship between the degree of internationalization (DOI) and performance. In contrast, product customization firms are observed to follow an inverted M curve relationship. Furthermore, by using both models, an appropriate level of internationalization can be suggested. Originality/value -The paper provides theoretical and empirical support for the different relationships of standardizing and customizing firms when expanding abroad. This paper is one of the first to find empirical support for an M curve relationship between the DOI and performance, and certainly is the first one testing and corroborating an inverted M curve.

We examine the relationship between the role of trade finance availability and the export intensity of foreign subsidiaries of multinational enterprises (MNEs). In developing our hypotheses, we draw upon insights derived from "new" internalisation theory (international business literature) and international trade finance (international economics literature). We empirically test these hypotheses using survey data compiled from subsidiary managers in six ASEAN countries, supplemented with host-country level data. We conceptualise, empirically test, and establish that the subsidiary-level capability in combining and utilising internal and external debts is an important subsidiary-specific advantage to support export intensity. We find that subsidiaries employ intra-firm loans from MNE internal capital markets and, to some extent, bank loans from external financial institutions to boost their export intensity. Subsidiaries may have concerns about foreign exchange risks, but the use of appropriate foreign exchange risk management is positively associated with export intensity. We discuss the implications of our findings for theory and practice.

The formation of different phases of Bi 2 O 3 induced by laser irradiation of Bi films has been assessed in situ by micro-Raman spectroscopy as a function of laser wavelength, power density and irradiation time. Raman mapping of the irradiated samples enabled a spatially-resolved study of the distribution of the formed Bi 2 O 3 phases. Red laser (633 nm) irradiation was found to induce the appearance of b-Bi 2 O 3 , within a certain range of power densities, by diffusion-controlled processes. In contrast, ultraviolet (UV, 325 nm) laser irradiation, above a certain power density threshold, initially induces the formation of both b and d-Bi 2 O 3 phases. The amount of the produced d-Bi 2 O 3 phase increases by increasing the irradiation time, while that of the b phase follows the opposite trend. UV laser irradiation seems to be a suitable method to produce room temperature stable d-Bi 2 O 3 patterns on Bi films.