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The internationalization of Finnish financial service companies

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  • Hellman, Pasi

Abstract

The paper examines the internationalization of Finnish banks and insurance companies. Emphasis is put on the phenomena of "customer following" and "market seeking". The results suggest that financial service companies differ from manufacturing companies in that their internationalization did not start out in countries that were culturally close to their own and then gradually move further away, as is often the case with manufacturing companies. Moreover, banks tended to move to international banking centers, whereas the internationalization patterns of insurance companies followed more closely the internationalization of manufacturing companies. The most dominant feature in the internationalization of Finnish financial service companies, however, was the fact that both banks and insurance companies, respectively, tended to follow one another.

Suggested Citation

  • Hellman, Pasi, 1996. "The internationalization of Finnish financial service companies," International Business Review, Elsevier, vol. 5(2), pages 191-208, April.
    • Handle: RePEc:eee:iburev:v:5:y:1996:i:2:p:191-208
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    5. Yonglong Cai & Fenghua Pan, 2023. "The expansion of Chinese banks along the routes of the Belt and Road Initiative: Following customers and geopolitical relations," Growth and Change, Wiley Blackwell, vol. 54(1), pages 26-44, March.
    6. Luna SANTOS ROLDÁN & Guzmán Antonio MUÑOZ FERNÁNDEZ, 2013. "Should Be A Process The Internationalization Of A Firm? Born Globals As An Exception," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 13(2), pages 135-146.
    7. Ekman, Peter & Hadjikhani, Annoch Isa & Pajuvirta, Andreas & Thilenius, Peter, 2014. "Tit for tat and big steps: The case of Swedish banks’ internationalization 1961–2010," International Business Review, Elsevier, vol. 23(6), pages 1049-1063.
    8. Shufeng Simon Xiao & Yong Kyu Lew & Byung Il Park, 2019. "‘2R-Based View’ on the Internationalization of Service MNEs from Emerging Economies: Evidence from China," Management International Review, Springer, vol. 59(4), pages 643-673, August.
    9. Hsiao-I Pan & Komsan Suriya & Pathairat Pastpipatkul, 2022. "An Analysis of Determinants of Foreign Direct Investment in Banking Industry from Taiwan to ASEAN Countries with Gravity Model," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(4), pages 631-649, December.
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