“…The past two decades have witnessed a significant change in the globalization trend of an increasingly fragmented world filled with global frictions (Calabrò et al, 2022;Nguyen, Larimo, & Ghauri, 2022;Ripsman, 2021), which have impacted firms' strategic agilities and operations (Bernini, Du, & Love, 2016;Surdu et al, 2018), especially in developing countries (Nyamrunda & Freeman, 2021;Wu, Huang, Fan, Li, & Su, 2023). Among all challenges posed by global frictions, foreign market exitdefined as the cessation of the operation of a foreign subsidiary by the parent firm (Bernini et al, 2016;Mata & Freitas, 2012) is, perhaps, the hardest strategic response (Dai, Eden, & Beamish, 2013).…”