Running faster and jumping higher? Survival and growth in international manufacturing new ventures

Going international early is increasingly the choice of new ventures in manufacturing industries. However, does earliness provide a positive outcome for internationalisation? To answer this, we have longitudinally analysed 3181 manufacturing new ventures established between 2002 and 2012. Using Cox regressions, we found that the 124 late internationals had the lowest risk of failure, while the 229 early internationals could not compensate for their mortality risk with significantly higher levels of growth in the post-internationalisation period. We discuss why an early internationalisation is more perilous than beneficial and provide some suggestions for the internationalisation of new ventures in these industries