These conclusions should remain tentative, however, in part because we did not
explore all possible determinants of the intemationalization process. Furthermore,
although we used data for individual firms, we only studied the process of
internationalization at the aggregate level of a country. We did not investigate what types
of firms were more likely to be internationalized; it might well be, for example, that the
internationalization process to date has mainly involved larger corporations which already
operate internationally going abroad. Casual evidence suggests this to be the case,
although there has also been a flurry of new, innovative firms from emerging markets that
have been able to secure financing abroad.