Internationalization is a strategy which is regarded as a trend where firms expand their business globally to achieve competitive advantages, especially for firms with limited resources. International new ventures are firms that are international from inception, con- nected to them is a certain failure rate. Further, entrepreneurial orientation is seen as a strategy for firms to implement risks-taking attitudes, proactiveness and innovativeness within such firms. Different scholars also show the importance of strong personal and business networks for international new ventures. The three dimensions of international entrepreneurial orientation can aid a firm to prepare themselves to the international envi- ronment. The purpose of this thesis is therefore to analyze the influence of international entrepre- neurial orientation and networks on the performance of international new ventures. How- ever, emphasis on specific kinds of networks or performance has been left out. The dif- ferent theories have been investigated separately and in correlation to each other to pre- sent what research has shown so far. To portray how the different theories are correlated a conceptual framework derived from the literature has been developed. This research has been conducted following the abductive approach, since there is a short- age of research concerning the Swedish context and the combination of the three theories. To enable the investigation of these relationships, semi-structured interviews with differ- ent Swedish international new ventures operating in different industries have been con- ducted. In order to be able to see similarities and differences between the cases a cross- case analysis has been applied. One of the results of the study have found that the effect of networks on performance of international new ventures come in different forms. The findings also show that interna- tional entrepreneurial orientation has a mostly positive impact to different extends on performance. However, the outcomes in relation to international entrepreneurial orienta- tion have presented other factors, which are not included in the concept of international entrepreneurial orientation, having a positive impact on performance. The study under- lines the importance of having both constructs in order to enhance the performance of international new ventures.

Abstract The purpose of this study is to explore the role of relational capital in raising and utilizing venture capital by international new ventures (INVs). This study reviews literature on INVs, venture capital, and social capital theory and defines relational capital as the level of trust developed in the course of interactions between INVs and venture capital firms (VC firms) that leads to positive venture capital decisions and value creation. This empirical study of relational capital formation and utilization is accomplished by the case study method. The study is based on interviews with five case INVs regarding entrepreneurs’ and venture capitalists (VCs)’ experiences with forming and utilizing relational capital for the purpose of new venture internationalization. This study approaches the relationship between INV and VC firm from the relational capital perspective, exploring how INVs can raise venture capital for internationalization as well as how they can use relational capital to improve outcomes of new venture internationalization after venture capital is allocated. The analysis identifies the factors that affect formation of relational capital between INVs and VC firms, the outcomes that result from relational capital formed in the pre-investment stage, and the impact on performance of INVs during post-investment collaboration. This study develops a conceptual model proposing that the financing process for entrepreneurial INVs consists of forming and using relational capital to obtain venture capital investment. The particular characteristics of the INVs and VC firms, as well as behavior-related factors, have been found to be important to forming relational capital between INVs and VC firms. The relational capital formation process creates an atmosphere in which entrepreneurs and VCs provide both tangible and intangible resources to support INV internationalization. This study adds the relational capital viewpoint to the literature pertaining to venture capital and INVs by analyzing the role of relational capital in financing entrepreneurial INVs. Regarding managerial implications, the study shows how entrepreneurs can influence the venture capital investment process, where VC firms should pay attention to while working with INVs, and how policy makers could contribute by providing a positive environment for INV and VC firm collaboration. / Tiivistelmä Tässä tutkimuksessa tarkastellaan kansainvälisiin uusiin yrityksiin tehtyjä pääomasijoitusprosesseja suhdepääoman muotoutumisen ja hyödyntämisen näkökulmasta. Tutkimuksessa aihetta lähestytään sekä yritysten että pääomasijoittajien kannalta ja työn teoreettinen viitekehys rakennetaan kansainvälisten uusien yritysten, pääomasijoitusprosessin, ja sosiaalisen pääoman tutkimusjulkaisujen kautta. Työssä suhdepääoma määritellään luottamukseksi, joka kehittyy vuorovaikutuksen kautta yrityksen ja pääomasijoittajan välille ja johtaa positiiviseen pääomasijoituspäätökseen ja arvonluontiin. Työn empiirisessä osassa suhdepääoman muotoutumista ja hyödyntämistä tutkitaan tapaustutkimusmenetelmällä. Tutkimuksen aineisto on kerätty haastattelemalla viiden kansainvälisen nuoren yrityksen yrittäjiä sekä pääomasijoittajia heidän kokemuksistaan yrityksen kansainvälisen kasvun rahoittamiseksi. Työssä yritysten ja pääomasijoittajien suhdetta lähestytään suhdepääoman kautta, erityisesti kun yritysten tavoitteena on saada pääomasijoitus kansainvälistä kasvua varten ja hyödyntää syntynyttä suhdepääomaa pääomasijoituksen jälkeen yrityksen kansainvälistymisprosessissa. Analyysissä tunnistetaan tekijät, jotka vaikuttavat suhdepääoman kehittymiseen, tulokset, jotka ovat seurausta ennen pääomasijoitusta syntyneestä suhdepääomasta, sekä vaikutukset, jotka yrityksen ja pääomasijoittajan välisellä suhdepääomalla on yrityksen menestymiseen pääomasijoituksen jälkeen. Tutkimuksessa yrityksen ja pääomasijoittajan erityisillä piirteillä, toimintamalleilla ja käyttäytymisellä havaittiin olevan merkitystä suhdepääoman muotoutumisessa ja hyödyntämisessä. Suhdepääoman muotoutumisprosessi luo ilmapiirin, jossa yrittäjät ja pääomasijoittajat voivat tuoda aineellisia ja aineettomia resursseja yrityksen kansainvälistymisen tueksi. Työn teoreettinen kontribuutio on erityisesti sen tuoma suhdenäkökulma pääomasijoitusprosessitutkimukseen. Työssä osoitetaan myös kuinka yrittäjät voivat käytännössä vaikuttaa pääomasijoituksen saamiseen ja päätöksentekoprosessiin ja mihin pääomasijoittajien tulisi kiinnittää huomiota yritysten kanssa työskennellessään.

This study aims to explore what capabilities that are involved in the formation and early performance of firms that internationalize in an early stage of their development. More specifically, the antecedents of identification and exploitation of business opportunities are explored and linked to specific capabilities. For this purpose, an exploratory-inductive case study is employed to allow for new capabilities to be identified. The analyzed data largely confirms the insights already reached in academic research, in particular the centrality of networking capability in the process of entrepreneurship. As for international business opportunities, the study highlights the importance of creating opportunities to meet with prospective international customers and suggests the importance of absorbing knowledge about these markets so as to reduce cultural distance. The main virtue of this study though, is that it provides a practice-oriented perspective on the process of international entrepreneurship. / Denna studies syfte är att utforska vilka förmågor som bidrar till grundandet av och prestationsförmågan hos företag som söker sig till internationella marknader i ett tidigt skede av sin utveckling. Mer specifikt utforskas vilka händelser som ligger till grund för att affärsmöjligheter identifieras och exploateras; dessa händelser kopplas sedan till specifika förmågor. En induktiv och explorativ studie begagnas i detta syfte för att möjliggöra att ej tidigare upptäckta förmågor kan upptäckas. Analysen av datan bekräftar de insikter som tidigare har nåtts inom forskningsområdet, framförallt betydelsen av ”networking capability” i entreprenörskap. När det gäller internationella affärsmöjligheter betonas vidare vikten av att skapa möjligheter till att träffa presumtiva kunder och det föreslås att det är av vikt att tillägna sig kunskap om dessa marknader i syfte att överbrygga kulturellt betingade kunskapsluckor. Studiens främsta förtjänst är att den ger ett perspektiv på det internationella entreprenörskapet som ligger praktiken nära.

This thesis investigates the factors influencing the internationalization of firms through a multi-layered analysis grounded in international business. It addresses the following questions. First, in what ways does the institutional environment facilitate or hinder the growth of start-ups? And in what ways does institutional diversity across countries affect internationalizing firms? Second, in light of the variety of internationalization patterns, what modifications are necessary to the theories of internationalization? Third, how do rapidly internationalizing firms explore and exploit capabilities? And in what ways does capability development differ between firms that realize early, rapid internationalization and those firms that do not? Answering the first set of questions involves recasting the comparative institutional analysis of national political economies. This thesis demonstrates that: 1) when national institutions are in transition, business entrepreneurs can bring about institutional change, or else act to avoid or adapt specific institutions for their own use; and 2) international institutional diversity seems to be less influential in determining the expansion pattern of rapidly internationalizing firms. Next, to address the second question, this thesis examines the factors influencing the speed of internationalization. The proposed models point to a larger role of entrepreneurs’ perception and the relevance of the resources factor, and better accommodate a wider variety of internationalization paths. In order to answer the third set of questions, this thesis investigates the early stage development of firm-level capabilities among internationalizing firms. The result points to: 1) the faster transformation of individual capabilities to firm-level routines; 2) a wider variety of routines for exploring external capabilities; and 3) a higher ability to exploit ordinary routines, among more rapidly internationalizing firms. Finally, this thesis discusses how each of the three levels of analysis relates to the other levels. The overall analysis demonstrates the value of multi-layered approach in investigating the firm’s internationalization.

Die rapide voranschreitende Globalisierung der Weltwirtschaft wird letztlich getragen von der zunehmenden Anzahl international aktiver Unternehmen. Diese Prozesse der verstärkten Involvierung von Unternehmen in internationale Aktivitäten, bzw. die Anpassung von Strategien, Strukturen und Ressourcen von Unternehmen an internationale Umgebungen werden als ‚betriebliche Internationalisierungsprozesse‘ definiert. Aus Sicht der Betriebswirtschaftslehre als einer gestaltungsorientierten Disziplin erwachsen aus betrieblichen Internationalisierungsprozessen neue Anforderungen an das Management von Unternehmen. Diese bestehen darin, Internationalisierungsprozesse aktiv zu gestalten und so das Überleben des Unternehmens in einer zunehmend globalisierten Wettbewerbsumwelt nachhaltig zu sichern. Ziel der Arbeit ist es erstens, einen Vorschlag für ein integratives Prozessverständnis von betrieblicher Internationalisierung auszuarbeiten, indem eine konzeptionelle Brücke zwischen Stufenmodellen, Netzwerkmodellen und International-New-Venture Modellen der Internationalisierung geschlagen wird. Zweitens wird dieses integrative Prozessverständnis dazu genutzt, wesentliche Gestaltungsfelder eines betrieblichen Internationalisierungsmanagement aufzuzeigen. Für die Entwicklung eines integrativen Prozessverständnisses und damit verbunden für ein Managementmodell der Internationalisierung erschließt die Arbeit das Konzept der Absorptionsfähigkeit von Unternehmen.

The International Trade Administration reported that 70% of worldwide revenue for American businesses comes from consumers in emergent markets such as India, the Middle East, and Northern Africa. However, the United Arab Emirates (UAE) is a country that many American small business owners are not operating in and capitalizing on the financial opportunities that are available. The purpose of this multiple case study was to explore strategies American small business owners use in successful international entrepreneurship for increased revenue and operational longevity. The study population consisted of 5 American small business entrepreneurs who had succeeded operating in the UAE for at least 5 years. The resource-based view theory was the conceptual framework that grounded this study. Data collection included semistructured interviews and a review of company documents and government records. Data analysis involved coding, word clustering, and the use of qualitative data analytical software to identify patterns. Member checking of interview responses helped to strengthen the integrity of the findings. The use of methodical triangulation enabled a rich analysis and an enhanced trustworthiness of the results. The 4 key themes that emerged from the data analysis were strategic planning, understanding local culture, building relationships, and using digital platforms. Small business owners could use the key themes for the development of international entrepreneurial strategies. The findings from this study and the knowledge generated may influence positive social change by increasing local employment, improving economic conditions, and promoting the development of international business operations for American entrepreneurs.

The world market has during recent decades become an increasingly globalized arena, in which lowered trade barriers, enhanced technology, worldwide communication and containerization have made internationalization an easily obtainable option for companies. The once dominating multinational enterprises are present day challenged by small- and medium sized enterprises as global actors, and competitiveness is an ever-increasing factor, making the pursuit and exploitation of opportunities essential.   The International Entrepreneurship Theory has during the last two decades emerged as a theory explaining the phenomena of small- and medium sized enterprises internationalizing their operations at an early age; a theory comprehending entrepreneurial behavior, the ability to explore and take advantage of opportunities overlooked by others in order to create value in the organization.   The purpose of this thesis is to create an understanding of the emergence, definition and theoretical framework of the International Entrepreneurship Theory. By implementing a deductive research approach and a quantitative research method, empirical data is collected in order to confront the theoretical framework in the analysis. The analysis will further be the basis for conclusions and recommendations that will conclude our thesis.

Our master dissertation pursued the research question of what the internationalization process of a hybrid firm would look like. To do so, the authors performed an in-depth analysis of a Swedish SME which exhibited characteristics of a hybrid firm. These hybrid firms, as we have named them, use a mixed range of internationalization strategies. An abductive method of research was used in this thesis, as the authors took direction from previous literature and created their own new internationalization process model based on their findings. The main areas of this research focused on the drivers for internationalization and the barriers to internationalization, as well as the market selection and entry mode into foreign countries. This research found that the Swedish SME base their internationalization process on their human resources and the intuition of their management. These two key elements were the foundation for the new hybrid internationalization process model created by the authors.

L’intérêt croissant des différentes économies pour augmenter et promouvoir la participation de ces entreprises dans le commerce international, rend nécessaire une renaissance de la recherche sur les processus d’internationalisation des firmes, en particulier des petites et moyennes entreprises. L’objectif est de fournir un aperçu théorique étendu et complet sur les processus d’internationalisation des PME Languedociennes-Roussillonnaises et Andalouses, et donc par extension Françaises et Espagnoles; ainsi qu’une analyse comparative entre les deux régions. D’un point de vue empirique il s’agira de vérifier les facteurs déterminants des processus d’internationalisation que suivent ces PME, selon leurs structures organisationnelles et facteurs intangibles, mettre en évidence leurs concordances, leurs complémentarités et leurs divergences avec les différentes approches théoriques, aussi, déterminer si uniquement avec le développement et la gestion de certains facteurs présents dans les Born Globals (variables internes), les entreprises à bas intensité exportatrice peuvent d’augmenter leur performance internationale. L’intensité exportatrice associée à l’activité internationale prend tout son sens pour ces organisations. En effet, est devenue une option stratégique nécessaire pour combler la baisse de la demande dans les pays exportateurs. Par ailleurs, l’activité export constitue un enjeu de taille compte tenu de la concurrence ardue sur les marchés internationaux émanant de concurrents aux ressources incomparables et au comportement export très différent. / The growing interest of various economies in increasing and promoting the participation of their SMEs in international trade requires a renaissance of research into the internationalization processes of companies, especially those of small and medium enterprises. The objective is to provide an extensive and global theoretical overview of the processes of internationalization of SMEs in Languedoc-Roussillon and Andalusia and, by extension, of those of French and Spanish enterprises, together with a comparative analysis of the two regions. From an empirical standpoint, we will verify the factors that determine the internationalization process followed by these SMEs, according to their organizational structure and intangible considerations, in order to highlight their similarities to and differences from the various theoretical approaches. We will also determine whether firms with a low rate of exports may improve their international performance solely through the development and management of certain factors in the Born Globals (internal variables). The export rate associated with international activity makes sense for these organizations. In fact, it has become a necessary strategic option in order to offset the drop in demand in exporting countries. In addition, exporting is a major challenge given the stiff competition in international markets from competitors with huge resources and very different export behaviour.

[pt] O propósito desta pesquisa é investigar um tipo emergente de INV, a Borderless Firm, ao apresentar um estudo de caso sobre uma jovem e pequena empresa brasileira que se enquadra nas características que distinguem este tipo de empresa. Analisa-se detalhadamente como ocorreu o processo de estabelecimento de cada uma das atividades coordenadas internacionalmente, buscando entender as motivações da empresa e a relevância das redes de relacionamento nessa trajetória. Embora a pesquisa seja baseada em um estudo de caso único devido às limitações atuais de se identificar empreendimentos que apresentem a configuração da Borderless Firm, acredita-se que o caso da Zee.dog contribui para corroborar certos aspectos da incipiente teoria, como a diversidade de motivos que influenciam as decisões de internacionalização dessas empresas, a alternância entre as lógicas de previsão e controle que parecem guiar esse processo e a importância que as redes de relacionamento assumem não apenas para o reconhecimento de novas oportunidades, mas para diminuir barreiras ao aprofundamento da internacionalização, e como mecanismo alternativo de governança para evitar o oportunismo. Além disso, o estudo indica que a configuração global pautada na coordenação de atividades geograficamente dispersas e baseada em relacionamentos complexos com diversos atores internacionais pode vir a ser fonte de vantagens competitivas sustentáveis, que são necessárias para sobreviver no mercado global. / [en] The purpose of this research is to inquire about an emergent type of International New Venture, the Borderless Firm, by presenting a case study on a small and young Brazilian company that can be framed in this type of firm main characteristics. The analysis details how was the process of establishing internationally coordinated activities, also trying to understand the company s motivations and the relevance of international networks to this trajectory. Although the research is based on a single case study due to current limitations of identifying companies that present the Borderless Firm configuration, it is believed that the Zee.dog case contributes to corroborate certain aspects of the incipient theory, such as the diversity of reasons that influence the companies internationalization decisions, the alternance between the logics of causation and effectuation that seems to guide this process and the importance that networks relationships assume not only to the acknowledgement of new opportunities, but to diminish the barriers of broadening internationalization and as an alternative governance mechanism to avoid opportunism. Furthermore, this study indicates that the global configuration grounded by the coordination of geographically dispersed activities and based on complex relationships with multiple international actors may become source of sustainable competitive advantages that are required to survival in the global market.