A Comparative Analysis of International and Domestic New Ventures: Focusing on Board and Firm Characteristics

This study examines key differences in board and firm characteristics between international new ventures (INVs) and domestic new ventures (DNVs), focusing on how these factors shape the distinctive features of INVs. By analyzing multiple dimensions, including board human and social capital as well as firm operational and financial attributes, this study provides a comprehensive view of factors influencing ventures' pathways to early and rapid internationalization. Based on the Korean ventures listed on the KOSDAQ from 2011 to 2020, this study reveals that board members' international background and financial ties facilitate early international expansion. Additionally, firms with low marketing investments, asset-light operations, and high activity levels strategically position themselves for early internationalization, especially under restrictive domestic financial conditions. This study underscores the importance of specific board and firm resources in becoming INVs, highlighting the strategic value of board composition and financial metrics in driving global growth.