We extend the internationalization process literature by theorizing how institutional unpredictability and its changes can affect the foreign exit−reentry process and how the multidimensionality of foreign ownership can alter these impacts as a firm's conduit to different foreign countries. Drawing on the dynamic institution-based view, we examine a process whereby firms exit and reenter foreign countries in response to institutional dynamism. By distinguishing foreign shareholders from host and nonhost foreign countries, we identify the negative moderation effects of host-country foreign ownership but not nonhost foreign ownership. Our study, therefore, contributes an integrative framework to the de- and re- internationalization research.

我们通过理论化制度不可预测性及其变化如何影响外国退出-再进入过程以及外国所有权的多维性如何改变这些影响作为公司通往不同外国的渠道来扩展国际化过程文献。借鉴动态的基于制度的观点，我们研究了企业退出并重新进入外国以响应制度活力的过程。通过区分外国股东与东道国和非东道国外国股东，我们确定了东道国外国所有权而非非东道国外国所有权的负面调节效应。因此，我们的研究为去国际化和再国际化研究提供了一个综合框架。