< 0.01. Resources and experience of EMNCs and resources of target firms have been considered endogenous. Lagged values and first-differences of (i) endogenous variables, (ii) time dummies and (iii) EMNCs' industrial dummies have been used as instruments.

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This paper investigates whether reshoring of business services is the result of company response to performance shortcomings of the initiative offshored or instead is motivated by persisting with original offshoring strategy (disintegration advantages, accessing new markets and costsaving), regardless of offshoring performance. Our empirical analysis, based on data from the Offshoring Research Network, shows that both arguments hold. Moreover, when offshoring had been motivated by accessing to new markets and its performance is unsatisfactory, companies are likely to relocate. However, unsatisfactory performance of activities offshored for efficiency reasons or search of talent, do not necessarily lead companies to relocate elsewhere.