A study of the moderating effects of firm age at internationalization on firm survival and short-term growth


Research on firm internationalization has focused primarily on the antecedents, rather than outcomes, of the strategic decision to enter foreign markets. In addition, factors moderating the outcomes of internationalization have not received systematic analysis. Aiming to fill these gaps in the literature, the current study examines the moderating effects of firm age on postinternationalization survival and growth. Consistent with the liabilities of newness perspective, we suggest that firm age will have a positive moderating effect on postinternationalization survival. Building from the liabilities of aging perspective, we propose that firm age will have a negative moderating effect on postinternationalization short‐term growth. We test these arguments using a longitudinal sample of 787 firms. Results showed that, postinternationalization, younger firms experienced significantly higher rates of short‐term growth than older firms. Findings regarding firm age and survival, postinternationalization, were, however, not conclusive. Overall, our findings indicate that the timing of internationalization has important implications with regard to the short‐term growth of firms.


Finance and General Business

Document Type





internationalization, firm age, firm survival, firm growth, liabilities of newness

Publication Date


Journal Title

Strategic Entrepreneurship Journal