Financing the internationalization of Finnish born globals and globalizing internationals

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi Villarreal, Marco 2011-11-14T11:23:19Z 2011-11-14T11:23:19Z 2009
dc.description.abstract There is a lack of academic research on the financing strategies of born globals. The goal of this paper is to identify the best financial practices used by Finnish born globals that allow them to internationalize and operate successfully in fast moving industries. These are compared to those used by globalizing internationals in order to identify the similarities and differences in their financial strategies. A cross analysis is used to determine if it would be possible for conventional companies to also use the same financial strategies than born globals and globalizing internationals. Four companies are used as case studies. The empirical part of the thesis is conducted through a qualitative survey, where key personnel from each company were sent a pre-questionnaire and a personal interview was arranged with each one separately. The analysis of the financial strategies of born globals reveals that the traditional Pecking Order Hypothesis (POH) of finance does not work with born global companies. Born globals opt to use equity financing instead of debt financing as suggested by POH. As a result of this the Adjusted Pecking Order Theory for Globalizing Companies is developed to explain the financing strategies of internationalizing companies with limited resources. The analysis of the financing strategies of born globals also brings forward the possibility of businesses “turning” themselves into born global companies. The concept of a “born again global” company is discussed and it is developed further. The thesis introduces the concept of the born global brand as an extension to the existing born global and born again global concepts. en
dc.format.extent 116
dc.language.iso en en
dc.title Financing the internationalization of Finnish born globals and globalizing internationals en
dc.type G2 Pro gradu, diplomityö fi Kauppakorkeakoulu fi School of Economics en
dc.contributor.department Department of Marketing and Management en
dc.contributor.department Markkinoinnin ja johtamisen laitos fi
dc.subject.keyword born global
dc.subject.keyword globalizing internationals
dc.subject.keyword born again global
dc.subject.keyword born global brand
dc.subject.keyword finance strategy
dc.subject.keyword limited resources
dc.subject.keyword pecking order
dc.subject.keyword internationalization
dc.identifier.urn URN:NBN:fi:aalto-201111181210
dc.type.dcmitype text en
dc.programme.major International Business en
dc.programme.major Kansainvälinen liiketoiminta fi
dc.type.ontasot Master's thesis en
dc.type.ontasot Pro gradu tutkielma fi
dc.subject.helecon kansainväliset yhtiöt
dc.subject.helecon international companies
dc.subject.helecon kansainvälistyminen
dc.subject.helecon internationalization
dc.subject.helecon yritykset
dc.subject.helecon companies
dc.subject.helecon kasvu
dc.subject.helecon growth
dc.subject.helecon brandit
dc.subject.helecon brands
dc.subject.helecon rahoitus
dc.subject.helecon financing
dc.subject.helecon strategia
dc.subject.helecon strategy
dc.ethesisid 12166 2009-09-23
dc.location P1 I

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