In responding to the Forsgren and Holm (2021) critique of internalization theory, we develop a capability-based model of internalization and quasi-internalization, highlighting the key role of the international recombination of assets. With external control mechanisms becoming more sophisticated, full internalization has become increasingly unnecessary. Rather, the capacity to orchestrate complex networks is an increasingly important source of competitive advantage. We demonstrate that internalization theory does not need to assume that the MNE is all powerful, or that it can dictate the choice of mode with its foreign business partners. We also disagree with the argument that internalization theory presumes perfect rationality. When managers’ perceptions deviate from reality, they do indeed make wrong choices (over- and under-internalization) that come with various types of efficiency penalties. We share the Forsgren and Holm view that a learning perspective can provide insights on the evolution of an MNE’s asset recombination mode, as it gains experience and knowledge. Furthermore, we show that internalization theory has been extended to incorporate such a learning perspective.

针对 Forsgren 和 Holm (2021) 对内部化理论的批评，我们开发了基于能力的内部化和准内部化模型，突出了资产国际重组的关键作用。随着外部控制机制变得越来越复杂，完全内部化变得越来越没有必要。相反，协调复杂网络的能力是竞争优势日益重要的来源。我们证明，内部化理论不需要假设跨国公司是强大的，或者它可以决定与外国商业伙伴的模式选择。我们也不同意内化理论假定完美理性的论点。当管理者的认知偏离现实时，他们确实做出了错误的选择（过度内化和内化不足），并伴随着各种效率惩罚。我们同意 Forsgren 和 Holm 的观点，即学习视角可以提供关于跨国公司资产重组模式演变的见解，因为它获得了经验和知识。此外，我们表明，内化理论已经扩展到包含这种学习视角。