Abstract
Firms invest abroad. Ever since Hymer’s (1976/1960) seminal study the research focus has very much been on how firms overcome their liability of foreignness vis-à-vis their competitors in overseas markets. The answer to the question why firms can go abroad has fundamentally been put down to such firms possessing a firm-specific competitive advantage (Buckley & Casson, 1976; Dunning, 1977; Caves, 1982).