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Timing of international market entry of UK and German high-tech start-ups

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  • Bürgel, Oliver
  • Fier, Andreas
  • Licht, Georg
  • Murray, Gordon

Abstract

We examine the impact of technological product advantages, prior international experience of the management, firm size and age, country differences, and sunk costs as determinants of the timing of international market entry. The timing of internationalisation is analysed using ?event history analysis? for 600 British and German start-up companies in high-technology industries. The results indicate that the incidence of internationalization increases over time. For the majority of new firms the question is not whether the firm will internationalize but when. The analyses indicated that a high commitment to R&D fosters rapid internationalization. The involvement of founder managers who are internationally experienced increases the speed of foreign market activity. Working against rapid internationalization was a high level of product customization. The findings suggest that timing of internationalization is a dynamic process which is influenced by initial human capital endowment, technological advantages, and learning from of day to day activities. --

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Bibliographic Info

Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 01-51.

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Date of creation: 2001
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Handle: RePEc:zbw:zewdip:5407

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Related research

Keywords: start-ups; high-technology industries; internationalisation;

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  1. Pennings, Enrico & Sleuwaegen, Leo, 2000. "The Choice and Timing of Foreign Market Entry under Uncertainty," CEPR Discussion Papers 2470, C.E.P.R. Discussion Papers.
  2. Benjamin Tan & Ilan Vertinsky, 1996. "Foreign Direct Investment by Japanese Electronics Firms in the United States and Canada: Modelling the Timing of Entry," Journal of International Business Studies, Palgrave Macmillan, vol. 27(4), pages 655-681, December.
  3. Dixit, Avinash K, 1989. "Entry and Exit Decisions under Uncertainty," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 620-38, June.
  4. Pietra Rivoli & Eugene Salorio, 1996. "Foreign Direct Investment and Investment under Uncertainty," Journal of International Business Studies, Palgrave Macmillan, vol. 27(2), pages 335-357, June.
  5. Mata, Jose & Portugal, Pedro, 1994. "Life Duration of New Firms," Journal of Industrial Economics, Wiley Blackwell, vol. 42(3), pages 227-45, September.
  6. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-79, June.
  7. Bürgel, Oliver & Fier, Andreas & Licht, Georg & Murray, Gordon & Nerlinger, Eric A., 1998. "The internationalisation of British and German start-up companies in high-technology industries," ZEW Discussion Papers 98-34, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
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