Our understanding of how managers take international location decisions is still scarce. Building on the microfoundations view, we explore managers' perceptions of risk and return in a discrete choice experiment with 2,618 decisions in 2013 (a globalizing world) and 2017 (a de‐globalizing world). While managerial perceptions vary over time due to economic and political changes, such as the current de‐globalization trend, decision heuristics remain remarkably stable: locations perceived as least risky offer the highest expected returns. We also find that distance is a good proxy for managerial perceptions. Investigating the microfoundations of decision‐making we show that international experience, risk‐taking propensity, and shareholder status affect heuristics. In sum, our study provides novel insights into the microfoundations of location decisions and extends the behavioral perspective on internationalization.

中文翻译：

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去全球化如何影响位置决策？对风险和收益的管理观念的研究

我们对管理人员如何做出国际选址决策的了解仍然很少。在微观基础观点的基础上，我们在2013年（全球化的世界）和2017年（全球化的世界）的2,618个决策中进行了离散选择实验，探索了经理对风险和回报的看法。尽管由于经济和政治变化（例如当前的去全球化趋势），管理人员的看法随时间而变化，但是决策启发法仍然非常稳定：被认为风险最低的地点提供了最高的预期回报。我们还发现，距离是管理观念的良好代表。调查决策的微观基础，我们发现国际经验，冒险倾向和股东身份会影响启发式方法。总共，