Revisiting internationalization: Multi-study insights into the strategic considerations and organizational determinants of market entry, exit, and re-entry as punctuating points

Boncheva, Katerina 2025. Revisiting internationalization: Multi-study insights into the strategic considerations and organizational determinants of market entry, exit, and re-entry as punctuating points. PhD Thesis, Cardiff University. Item availability restricted.

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Abstract

International market entry, exit, and re-entry are crucial stages of a firm’s international expansion strategy. While there is extensive research on market entry, the complexities associated with exit and re-entry have received less attention. This thesis addresses this gap by examining these processes through a multi-study approach, framing them as interconnected phases influenced by managerial reasoning and firm-specific capabilities. Through three interrelated studies, the research reveals how, when, and why firms reconfigure their international presence, demonstrating that strategic choices during these key stages are significantly shaped by managerial decision-making and firm-specific capabilities. A bibliometric analysis spanning five decades maps the foundations of international market entry and exit research and its diffusion into related fields, uncovering six core themes and fifteen diffused clusters. This analysis highlights the fragmented nature of the literature and pinpoints emerging research opportunities. Complementing such scientometric examination, in-depth interviews with experienced international business consultants and managers provide insights into the nuanced strategic considerations underlying firms’ decisions to enter, exit, and re-enter foreign markets. Additionally, these insights shed a novel angle on the critical “time-out” phase—a period of strategic recalibration during which firms maintain a shadow presence in the market while reassessing their international strategies. Drawing on the capability-based view and real options perspective, empirical evidence from a quantitative study involving 2,618 firm-year observations from North American manufacturing firms (1990–2020) indicates that financial underperformance often leads to market withdrawal, although specific capabilities play a crucial role in this process. Strong marketing capabilities can accelerate exits due to poor performance, while robust R&D and operations capabilities can assist firms in overcoming setbacks and avoiding market exit. Overall, the thesis enhances our understanding of how organizational factors—capabilities, performance indicators, and strategic choices—interact to shape a firm’s international trajectory, emphasizing internationalization as a punctuated process. This provides valuable guidance for practitioners and researchers navigating the complexities of international market reconfigurations.

Item Type:	Thesis (PhD)
Date Type:	Completion
Status:	Unpublished
Schools:	Schools > Business (Including Economics)
Date of First Compliant Deposit:	30 May 2025
Last Modified:	05 Jun 2025 13:23
URI:	https://orca.cardiff.ac.uk/id/eprint/178390

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