TheM Curve and the Performance ofSpanish International New Ventures
研究了国际新创企业因缺乏学习时间而偏离传统S形绩效曲线，呈现先下降后上升的M形曲线，并利用西班牙企业面板数据验证了短期倒U形与长期M形的关系。
In this paper we address three challenges. First, we discuss how international new ventures ( INVs ) are probably not explained by the U ppsala model as there is no time for learning about foreign markets in newly born and small firms. Only in the longer term can INVs develop experiential learning to overcome the liability of foreignness as they expand abroad. Second, we advance theoretically on previous research demonstrating that the multinationality−performance relationship of INVs follows a traditional S ‐shaped relationship, but they first experience a ‘born global illusion’ which leads to a non‐traditional M curve. Third, using a panel data analysis for the period 1994–2008 we find empirically that S panish INVs follow an inverted U curve in the very short term, where no learning takes place, but that experience gained over time yields an M ‐curve relationship once learning takes place.