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Building an International Financial Services FirmHow Successful Firms Design and Execute Cross-Border Strategies$
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Markus Venzin

Print publication date: 2009

Print ISBN-13: 9780199535200

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199535200.001.0001

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Why go abroad? The rationale of cross-border moves

Why go abroad? The rationale of cross-border moves

Chapter:
(p.98) 4 Why go abroad? The rationale of cross-border moves
Source:
Building an International Financial Services Firm
Author(s):

Markus Venzin

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199535200.003.0005

This chapter addresses a first essential strategic choice that internationalizing financial services firms face: should cross-border markets be served or not? It offers a detailed description of the major benefits and costs of international growth initiatives. Several major benefits are distinguished: economies of scale, economies of scope, X-efficiencies, access to key factors and location-related advantages, firm-specific assets, satisfying growth expectations of shareholders, accumulation of market power, and agency motives. On the other hand, the three main costs categories are liabilities of foreignness, liabilities of newness, and coordination costs.

Keywords:   financial services firms, internationalization, cross-border markets, strategic choice, international expansion

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