This paper utilizes a new data base on the international activities of small, new ventures in Korea to examine the impact of internationalization on firm performance. Main findings are two‐fold: first, the degree of internationalization by new ventures is related to firm performance in a non‐linear fashion with four phases resulting in the new M‐shaped curve; and, second, the internationalization of the new ventures in the home region of the triad moderates positively the non‐linear M‐shaped relationship between the two as their degree of internationalization increases.
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