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INFANT MULTINATIONALS the Internationalization of Young, Technology-Based Swedish Firms

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INFANT MULTINATIONALS the Internationalization of Young, Technology-Based Swedish Firms Maria Lindqvist INFANT MULTINATIONALS The Internationalization of Young, Technology-Based Swedish Firms AKADEMISK AVHANDLING som for avlaggande av ekonomie doktorsexamen vid Handelshogskolan i Stockholm framlagges till offentlig granskning fredagen den 8 november 1991 kl10.15 i sal KAW ahogskolan, Sveavagen 65 STOCKHOLM 1991 INFANT MULTINATIONALS The Internationalization of Young, Technology-Based Swedish Firms INSTITUTE OF INTERNATIONAL BUSINESS (liB) STOCKHOLM SCHOOL OF ECONOMICS Address: Hollandargatan 32, P.O. Box 6501, S-113 83 Stockholm, Sweden. Telephone: +46 (0)8 736 9000; Telefax: +46 (0)8 319927; Telex: 16514 HHS S o Founded in 1975. o Is a research institute at the Stockholm School of Economics. o Conducts theoretical and empirical research within the area of Business Administration with emphasis on International Business. o Arranges seminars for businessmen, researchers and key people in the civil services. o Is in charge of undergraduate and graduate courses in International Business at the Stockholm School of Economics. o Publishes its research findings and results in a series of research papers, and in articles and books. lIB BOARD Professor Staffan Burenstam Linder, President, SSE (Chairman) Mr. Torbjorn Ek, Chairman of the National Swedish Organization of Small Businesses Professor Lars-Gunnar Mattsson, SSE Professor Bertil Naslund, SSE Dr. Lars Otterbeck, Executive Vice President, Axel Johnson AB Dr.h.c. Jacob Palmstierna, Vice Chairman, Nordbanken Dr.h.c. Hans Rausing, Chairman, AB Tetra Pak Mr. Bert-Olof Svanholm, Executive Vice President, Asea Brown Boveri Ltd. Mr. Tom Wachtmeister, Vice Chairman, Atlas Copco AB Mr. Sven Agrup, Chairman, AGA AB Professor Jan-Erik Vahlne, Director lIB Further information about current research at the Institute and its publications ca be found in a brochure, which will be mailed on request. MULTINATION Internationalization of Young, Technology-Based Swedish Firms Maria Lindqvist A Dissertation for the Doctor's Degree in Business Administration Stockholm School of Economics 1991 © lIB and the author ISBN 91-971005-87 Internationalization Small Business Young Firms Technology Intensity Establishment Chain Market Sequence Industry structure Distributed by: lIB, Institute of International Business P.O. Box 6501, S-11383 Stockholm Sweden. Tel +46(0)87369000 ACKNOWLEDGEMENTS As I entered the Institute of International Business (liB) as the first female researcher, I wanted to find my own niche. That is why I decided to focus on small, technology­ based, recently internationalized Swedish firms, as a complement to existing research at liB, focusing mainly on large Swedish multinationals. This area turned out to be of interest not only to me, but also to others, and I would like to thank Ruben Rausing's Foundation for Research on Entrepreneurship and Innovation and the Foundation for Export Development for the financial support provided during the project. I would also like to thank all my friends and colleagues at lIB and the Stockholm School of Economics for providing a stimulating environment and supporting me during the project. I have greatly appreciated the many different activities we have shared and I hope to be able to keep up this contact. Special thanks are due to my former colleague, Dr. Lars Agren, Professor Jan-Erik Vahlne and my excellent team of advisers, Professors Gunnar Hedlund, Claes-Robert Julander, Lars-Gunnar Mattsson and Docent Lars Hakanson, for their many useful comments at different stages of the research process. I am also extremely grateful to Professor Eric Ruist, who gave me valuable information concerning the statistical methods employed. Thanks also go to Vanja Ekberg, Lena Wretman and Amelie Theorell, for keeping the administrative part of the project running smoothly, and to Robert Nobel, for his assistance during the print-out of the final draft. I am also grateful to Lucy Loerzer, Tamara Carlin-Soderlind and Bill Harris for helping me with the language. However, since I have made certain changes in the corrected text, any possible errors that have been introduced are entirely my own. During the research process, I was engaged in an international research project "The Competitive Advantage of Nations", and in a Swedish project onahe same subject in cooperation with Statens Industriverk (SIND). These projects have been useful sources of inspiration and I would like to thank Professor Michael E. Porter (Harvard University), Dr. Orjan Solvell (liB), Iva Zander (liB) and my fellow researchers at SIND for their help and advice. Many thanks are due to the entrepreneurs and managers who have been kind enough to take the time required to participate in the study. Without their cooperation, this thesis could not have materialized. I hope that the results of the study may be of interest to them and, hopefully, provide some insights for other managers who are considering international activities. Last, but not least, I would like to thank my son Niclas, who gave me the motivation required to conclude this phase of my life and enter a new challenging one, his father Bjorn, who made it possible for me to concentrate on the project during extended periods of time by taking care of our home, and the rest of my family, for their unfailing support. Stockholm, August 1991 Maria Lindqvist ii TABLE OF CONTENTS 1. INTRODUCTION . 1 Introduction . 1 Background . 1 The importance ofsmall firms . 1 The internationalization process . 3 Research purpose . 5 Definitions . 6 The internationalization process . 6 Small firms .................................. 8 Technology intensity . 9 Selection criteria ................. .. ...... .. ........... .. 10 Research strategy . 11 The structure of this thesis . 12 2. A THEORETICAL FRAMEWORK . 15 Introduction . 15 The process of internationalization . 15 Foreign entry forms . 16 Behaviouristic theory . 22 Internalization theory . .. ......... .. .............. 24 The framework . 30 Internationalization of small, technology-based firms . 32 The impact ofa limitedfirm size . 32 Technology characteristics ...... .. .. ............... 34 Contextual variables . 38 Industry structure ............................. 38 Local market characteristics ... .. ................. 41 Summary 43 iii 3. INTERNATIONALIZATION OF 15 SMALL, TECHNOLOGY-BASED FIRMS . 45 Interview studies . 45 Selection procedures ........................... 46 Data collection . 47 The sample . 48 Internalfirm characteristics . 50 Industry structure ............................. 54 Three illustrative cases 0 •••••••••••• 57 Gewa Rehabteknik AB . 57 IcorAB . 61 SPM Instrument AB . 65 Analysis of internationalization behaviour . 0 ••••••••••••••••• 69 Speed of internationalization . 69 Pattem offoreign market selection 0 ••••• 72 Foreign establishmentforms . 75 Summary 83 4. FACTORS INFLUENCING INTERNATIONALIZATION: 19 HYPOTHESES . 85 Introduction . 85 Internal firm characteristics . 85 Firm size . 86 Ownership ........................... 0 • • • • • • 88 Previous experience 0 • • • • • • 89 Technology intensity . 91 Product characteristics . 0 •••••••••••••••••• 0 •••• 93 Marketing requirements . 95 Ind ustry structure ................ 0••••0••••••••••••••• 96 Industry stage ofdevelopment .... 0 •••••••••••• 0 •• 96 Market niche size ............ 0•••••••••••••••• 98 Competition 0••••••••••••• 99 Summary 101 iv 5. TIIE ~IL SlJR~Y . 103 Introduction . 103 The mail survey . 103 Selection procedures ....................... 103 Data collection . 105 Analysis ofnon-respondents . 106 Comments on the method . 107 The questionnaire . 108 General firm characteristics . 109 Internationalization variables . 110 Industry characteristics ......................... 113 The sample . 113 Internal firm characteristics . 114 Industry structure . 122 Summary 125 6. INTERNATIONALIZATION BEHAVIOUR . 127 Introduction . 127 Speed of internationalization . 128 Pattern of foreign market selection . 129 Actual market selection . 129 Motives for market selection . 133 Market concentration vs. diversification . 134 Sequence of market selection . 135 Foreign entry forms .................................... 139 Agents/distributors . 139 Direct exports . 142 Foreign subsidiaries . 143 Other entry forms ............................. 145 The establishment chain ........................ 145 Evaluation of foreign activities . 149 Summary . 152 v 7. TESTING THE HYPOTHESES . 155 Introduction . 155 Methods of analysis 0 •••••••• 0 •••• 0 •••••••••••• 155 Statistical methods employed ..... 0 •••••••••••••• 155 Speed offoreign entry .. 0••0•0•••••••••••••••••• 156 Foreign market selection pattem . 0 •••••••••••••••• 158 Foreign entryform 0 ••••• 0 • 0 •••••••••••••••• 160 Explanatory variables . 161 Internal firm characteristics . 163 Hypotheses 1-3: Firm size .. 0•••••••••••••••••• •• 163 Hypotheses 4-6: Ownership structure . 165 Hypotheses 7-8: Previous experience . 168 Hypotheses 9-11: R&D intensity . 169 Hypotheses 12-14: Product characteristics . 170 Hypotheses 15: Marketing requirements . 175 Contextual variables 0 •••••••••••• 176 Industry classification .......................... 176 Hypotheses 16-19: Industry structure . 177 Multi-variate analyses o ••••••••••••••••••••••••••••••••• 182 Speed ofintemationalization . 182 Pattern ofmarket selection .................... .. 184 Selection of entry forms . 185 Summary 190 8. AN ANALYSIS OF INTERNATIONAL SUCCESS . 197 Introduction . 0 •• 0 ••••••••••••••••••••••• 0 •••••••••••• 197 Theoretical background ............................. 197 Measuring international
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