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<p>This study explores how digital platform firms differ from other digital firms in their internationalization strategies. Drawing on transaction cost economics, we argue that the structural characteristics of digital platforms such as their ability to facilitate interactions among users and complementors reduces transaction costs and enable broader international expansion. We further suggest that the international experience of top management teams reduces transaction costs to a greater extent for non-platform digital firms; in contrast, the international experience negatively moderates digital platforms’ influence on firm internationalization. In addition, we consider an institutional factor, state ownership in emerging market firms, exerting a weakened moderating effect due to additional legitimacy costs in the host country. Using a sample of publicly listed digital platform firms for 2012–2020 in the largest emerging economy, China, in Asia Pacific region, we test our hypotheses. Our findings contribute to the internationalization literature of digital firms and the top management team research in international business.</p>

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Global on a shoestring: how digital platform-based firms achieve internationalization

  • 期刊论文

  • 发表日期：

    2026年2月28日

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  • Jianyu Zhao,
  • Tianhao Liu,
  • Di Fan,
  • Yumeng Luo,
  • Wei Liu

摘要

This study explores how digital platform firms differ from other digital firms in their internationalization strategies. Drawing on transaction cost economics, we argue that the structural characteristics of digital platforms such as their ability to facilitate interactions among users and complementors reduces transaction costs and enable broader international expansion. We further suggest that the international experience of top management teams reduces transaction costs to a greater extent for non-platform digital firms; in contrast, the international experience negatively moderates digital platforms’ influence on firm internationalization. In addition, we consider an institutional factor, state ownership in emerging market firms, exerting a weakened moderating effect due to additional legitimacy costs in the host country. Using a sample of publicly listed digital platform firms for 2012–2020 in the largest emerging economy, China, in Asia Pacific region, we test our hypotheses. Our findings contribute to the internationalization literature of digital firms and the top management team research in international business.