Not all firms are successful in internationalizing their operations; many withdraw, and some make a second attempt (after an appropriate ‘time-out’). We compare the re-internationalization of emerging market multinationals (EMNEs) with developed market multinationals (DMNEs) to investigate key differences. Although DMNEs may have greater experience in internationalization, with supposedly superior market-specific knowledge, this does not always have positive effects and may be a disadvantage for re-entry. We find that not all types of market-specific experience are beneficial for re-entry. Being able to unlearn past experiences associated with the initial entry may be just as valuable a firm-specific advantage (FSA) for re-entrants. EMNEs are not necessarily at a disadvantage when re-internationalizing because, compared to their developed market counterparts, they have less to ‘unlearn’ as they often lack deeply embedded routines associated with international heritage. We also find EMNEs are less deterred by under-performance from the initial entry and are likely to re-internationalize more rapidly than DMNEs. EMNEs, given their newness and absence of deeply embedded routines, are less likely to be victims of inertia.

并非所有公司都能成功实现其业务国际化。许多人退出，有些人再次尝试（在适当的“超时”之后）。我们比较了新兴市场跨国公司（EMNE）与发达市场跨国公司（DMNE）的重新国际化，以研究主要差异。尽管DMNE可能具有更丰富的国际化经验，并且据称具有特定于市场的丰富知识，但这并不总是会产生积极影响，并且可能对重新进入不利。我们发现并非所有类型的特定于市场的经验都有助于重新进入。能够取消学习对于初次进入者，过去的经历与初次进入者可能同样具有公司特定的优势（FSA）。新兴市场国家在重新国际化时不一定处于不利地位，因为与发达市场同行相比，新兴市场国家缺乏“学习”的机会，因为它们通常缺乏与国际遗产相关的深层惯例。我们还发现，新兴市场国家（EMNE）不受最初进入时表现欠佳的影响，并且比DMNE更快地重新进行国际化。新兴市场国家（EMNE），由于其新颖性和缺乏深层的常规性，不太可能成为惯性的受害者。