Studies have demonstrated that foreign firms locate where immigrants from their home countries reside and suggested that doing so can improve performance. We argue that, to properly assess how immigrants impact the performance of co-national firms, research must account for heterogeneity in how...

Venture capital firms predominantly source investments from local networks within tight geographic bounds. Against that pattern, VCs are increasingly investing internationally—but with substantial heterogeneity across firms in extent, location, and success. We propose a mechanism to explain...