“…Deng et al (1995), for instance, find just 22 percent of firms used more advanced modes involving overseas sales offices, joint ventures, and sales or production subsidiaries. Other studies have found even lower proportions of firms undertaking foreign direct investment (FDI) (4 per cent of manufacturing SMEs in Gerschewski"s (2005) study, 8 per cent in Shaw and Darrock (2004); 8 per cent in Bayfield et al 2009; also see Cooling, 1995;Bollard and Cremer, 1999;and Deloitte, 2008 for more on outward FDI by New Zealand firms). This exporting focus seems common to both traditional and emergent firms, as Chetty and Campbell-Hunt (2004a) conclude, that, most of their traditional counterparts, "born global" firms from New Zealand have not progressed to direct equity modes of internationalisation (ie.…”