Governance considerations and non-linear international scale-up behaviour among INVs
通过案例访谈，探讨公司治理如何影响国际新创企业在退出海外市场后的再国际化决策，发现天使投资者等利益相关者可能影响决策，且决策者会基于主观风险收益判断而非单纯经济考量。
Underpinning this instrumental case study is an effectuation lens. It investigates how a firm’s governance affects decision-making within international new ventures (INVs), which rapidly withdrew from markets abroad, regarding their re-internationalisation activities. Interviews with founding owners, exhibiting growth-oriented objectives, provide unique insights regarding a combination of effectuation and causation-oriented decision-making. In comparison to earlier studies that focus on the role and mind-set of the founding management team, findings suggest stakeholders like angel investors may exhibit an influence on certain INVs’ internationalisation decisions. Some decision-makers view risks/rewards against objectives in subjective ways like ‘loss of credibility’ and the ‘fear of missing out,’ rather than simply economic terms like growth. New light is shed on the importance of decision-makers validating internationalised business models and exhibiting an ability to pivot product-market strategies. Non-linear international scale-up behaviour may include a temporary domestic market focus and potentially re-internationalising to different countries targeted prior to de-internationalisation.