Purpose – The aim of this paper is to explore whether and how the depth of a company's operations in a given host country influences how shareholders value further investments in that country. Here, depth means the extent of a company's presence, that is, a company's accumulated foreign direct...

Internationalization is of high relevance and has been discussed intensively. However, different internationalization paths have been proposed by theoretical models and have been observed in reality. In this study, we examine the internationalization path of 52 German firms over a period of ten...