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Organizations that are international from inception - international new ventures - form an increasingly important phenomenon that is incongruent with traditionally expected characteristics of multinational enterprises. A framework is presented that explains the phenomenon by integrating international business, entrepreneurship, and strategic management theory. That framework describes four necessary and sufficient elements for the existence of international new ventures: (1) organizational formation through internalization of some transactions, (2) strong reliance on alternative governance structures to access resources, (3) establishment of foreign location advantages, and (4) control over unique resources.

In this study, we seek to advance the network perspective on new venture internationalization by examining the role of networks in accelerating new venture sales into foreign markets. We propose that knowledge derived from ventures' technology and marketing alliances increases the likelihood that new ventures begin exploiting opportunities in international markets. We also argue that the extent to which the networks open the venture to new knowledge or constrain it to knowledge already shared among the partners will influence the initiation of foreign sales by a venture. Using a longitudinal dataset of 118 ventures in the U.S. biotechnology industry, we confirm that different types of alliances (and, therefore, different types of knowledge—technology and marketing knowledge) differentially impact the likelihood of new venture internationalization. Moreover, network cohesion among venture alliances increases the likelihood that marketing alliances will promote initial foreign market sales, but decreases the likelihood that technology alliances will do so. Our research is a timely response to a call for the study of interactive effects among network structure, complex tasks, and time, and it provides a possible explanation for certain unexpected findings in studies that did not consider the effects of time.

The formation of organizations that are international from inception-international new ventures-is an increasingly important phenomenon that is incongruent with traditionally expected characteristics of multinational enterprises. A framework is presented that explains the phenomenon by integrating international business, entrepreneurship, and strategic management theory. That framework describes four necessary and sufficient elements for the existence of international new ventures: (1) organizational formation through internalization of some transactions, (2) strong reliance on alternative governance structures to access resources, (3) establishment of foreign location advantages, and (4) control over unique resources.

Our article that has been awarded the 2004 Journal of International Business Studies Decade Award, 'Toward a Theory of International New Ventures', represents an integration of international business, entrepreneurship, and strategic management scholarship. This retrospective article explains the intellectual and personal origins of the work. In addition, it highlights the definitions of 'international new ventures' and 'international entrepreneurship'. Finally, in response to recent concerns about the importance of international business scholarship, the research discussed here stands as an example of the successful exportation of international business scholarship into adjacent disciplines.

Reflecting the internationalization of the marketplace and the increasing prominence of entrepreneurial firms in the global economy, the research paths of international business and entrepreneurship are intersecting with increasing frequency. International business researchers are broadening their traditional focus on large multinational companies to also include entrepreneurial firms in their research agendas. Cross-boarder business activity is of increasing interest to entrepreneurship researchers, and accelerated internationalization is being observed in even the smallest and newest organizations. This forum reflects the fusion of these 2 areas and the developing worldwide academic interest in this topic.

The Organisation for Economic Co-operation and Development predicts that the internationalization of businesses will accelerate in the 21st century. The study examined how the risks of accelerated internationalization may be managed in 212 foreign market entries by 87 new ventures based in the US. Findings suggested that ventures managed strategic international risks by exploiting simultaneous trade-offs among foreign revenue exposure, country risk, and entry mode commitment in each country.

Acquisitions of financially distressed firms seem to occur regularly, but no systematic empirical evidence exists on whether such acquisitions are generally successful or unsuccessful. This study eliminated that void by identifying a set of constructs that appear to predict success in the acquisition of distressed firms and empirically testing those predictions. In 51 acquisitions of financially distressed firms, related business combinations in which the acquirers had prior acquisition experience performed best. However, business relatedness and acquisition experience had no effect on performance in a control group of 46 acquisitions of firms that were not distressed. The results imply that tacit knowledge about the acquisition process and about how to integrate and manage the assets of distressed firms may be keys to their successful acquisition.

Differences between international new ventures (INVs) and domestic new ventures (DNVs) were examined using a sample of 214 IPO new ventures (ventures 6 years old or less). INVs were found to be significantly different on the basis of their entrepreneurial team experience, strategy, and industry structure. Specifically, the entrepreneurial team of INVs exhibited higher levels of previous international and industry experience. The strategies of INVs were more aggressive, and they operated in more channels of distribution than did DNVs. INVs competed on the basis of differentiation, placing greater emphasis on product innovation, quality, service, and marketing as strategic weapons. In addition, INVs were more likely than DNVs to operate in industries characterized by a high degree of global integration.

Bowman (1980) found an unexpected and paradoxical negative relationship between risk and return in many firms, and, for about a decade, various researchers have attempted to explain the paradox. This article summarizes some of those explanations, and shows that industry conditions and business strategies are likely to influence both risk and return. The relationships are depicted in a simultaneous model where business return, risk, and debt are endogenously determined. The model is tested with 132 nondiversified firms in 8 disparate industries. OLS estimates of the parameters of the model show the risk-return relationship to be significantly negative, as many past researchers have found. However, 3SLS estimates of the parameters of the simultaneous model reveal no significant relationship between risk and return. The tentative conclusion is that many of the studies in the line of research concerned with Bowman's (1980) paradox may have used an improperly specified model, and that when a more realistic simultaneous model is used, return and risk are shown to be influenced by various industry conditions and business strategies, but not by each other.