Does internationalisation give firms a second life? Evidence from turnaround attempts of declining firms during performance decline

Based upon a sample of 97 US public firms that attempted turnaround from performance decline, we tested the influence of internationalisation on the outcomes of turnaround attempts of firms. We found that internationalised firms had a better chance to recover from performance decline than their domestic counterparts. In addition, the greater the degree of internationalisation, the better chance a firm would recover from performance drop. The chances of recovery do not demonstrate a tendency to decrease even as a firm moves into very high stages of internationalisation.