“…In this regard, the most employed classification systems for firms' internationalization level are the multi-nationality classification developed by Rugman and Verbeke's (2004) and the matrix of multi-nationality developed by Aggarwal et al (2011). Results of previous empirical studies find geographic internationalization strategies as mixed, with some arguing that most firms are regionally oriented (Rugman and Verbeke, 2004;Delios and Beamish, 2005;Cerrato, 2009;Sethi, 2009;Rugman, Oh and Lim, 2012;Banalieva and Dhanaraj, 2013;Rugman and Oh, 2013), while others claim that firms are more globally oriented (Osegowitsch and Sammartino, 2008;Aggarwal et al, 2011;Berrill and Mannella, 2013;O'Hagan-Luff and Berrill, 2016).…”