We thank the anonymous reviewers, Harald Biong, and Myles Shaver for their very helpful comments, Kim Vasant Nielsen for excellent research assistance, and Vibeke Henriksen for editorial assistance. Previous versions of this paper have been presented at the Academy of Management Annual Meeting, San Diego, August 1998, the 23rd EIBA Annual Conference, Stuttgart, December 1997, and in seminars at University of Vaasa, Swedish School of Economics, Norwegian School of Economics and Business Administration, Norwegian School of Management BI, and at the University of Melbourne. We thank participants at these meetings and seminars, in particular Ingmar Björkman, Andrew Delios, Carl Fey, Karin Fladmoe-Lindkvist, Mats Forsgren, Jean-Francois Hennart, Jan Johanson, Heli Korhonen, and Stephen Nicholas for their many comments and suggestions
