Abstract
This chapter reviews accomplishments in International Business (IB) research on value in knowledge development and networks. It presents the literature review method. The chapter focuses on the challenges and future directions for research on value. Internationalization research has found that business commitments in international business relationships are the primary way in which internationalizing firms learn from experience and develop knowledge about international markets. Future research should combine the strong research contributions of individual IB network research topics to advance knowledge of how they relate to each other in value creation. The internationalization process theory identifies that value is embedded in the ongoing processes of internationalization of the firm. The firm also accumulates general knowledge from multiple local markets, such that it is procedural knowledge about internationalization. The knowledge development process incorporates experiences from commitments to market-specific business relationships and institutions and it develops the internationalization knowledge of the firm.