We note that in the legal industry, socially constructed status may be an especially powerful type of firm position, and may also relate to internationalization through opening offices in new foreign markets. Hence, in this analysis we offer the first effort to simultaneously consider relationships between socially derived firm status and internationalization, and economic status and internationalization in a legal industry context. Specifically, we use longitudinal data on large US corporate law firms from 1984 to 2008. We find an inverted U-shaped relationship between social status and rate of internationalization. Additionally, we identify an inverted U-shaped relationship between economic status, or domestic market share, and rate of internationalization.
Bibliographical noteFunding Information:
This work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea [NRF-2017S1A5A2A01025232].
All Science Journal Classification (ASJC) codes
- Strategy and Management