Digitalization is challenging traditional international business theories, shifting emphasis from the flows of goods and services to the flows of data, information, and knowledge, changing the distribution of international activity. From the internalization theory lens, we suggest that digitalization is reducing market imperfections, but this effect varies across industries, positing a linkage between industry digital intensity and internationalization. Digitalization effects can also influence the location-bound constraints of FSAs. Examining one non location-bound FSA, innovation, and one location-bound FSA, brand, we argue that it is the moderating effects, or interaction, of these FSAs and industry digital intensity that drive internationalization. Furthermore, we highlight that these interaction effects change over time, as digital innovations have diffused. We test these arguments on a sample of 2370 U.S. firms over an 18-year period. The findings support our arguments that the conditions under which MNEs increase internationalization is dependent upon the combination of industry digital intensity and innovation and brand. In addition, these interaction effects appear to change over time as digitalization has evolved and become more widespread. Our findings indicate a more nuanced set of relationships within internalization theory in a digital world.

数字化正在挑战传统的国际商业理论，将重点从商品和服务的流动转向数据、信息和知识的流动，改变国际活动的分布。从内部化理论的角度来看，我们认为数字化正在减少市场不完善性，但这种效果因行业而异，这表明行业数字化强度与国际化之间存在联系。数字化效应还会影响金融服务机构的位置限制。通过考察一种非地域性 FSA（创新）和一种地域性 FSA（品牌），我们认为正是这些 FSA 和行业数字强度的调节作用或相互作用推动了国际化。此外，我们强调，随着数字创新的扩散，这些互动效应会随着时间的推移而变化。我们对 18 年期间 2370 家美国公司的样本进行了检验。研究结果支持了我们的论点，即跨国企业提高国际化程度的条件取决于行业数字强度与创新和品牌的结合。此外，随着数字化的发展和普及，这些互动效应似乎会随着时间的推移而发生变化。我们的研究结果表明了数字世界中内化理论中一系列更微妙的关系。