Heuristics in international business: A systematic literature review and directions for future research

Simone Guercini and Matilde Milanesi

Journal of International Management, 2020, vol. 26, issue 4

Abstract: This paper aims at depicting the status of research on heuristics in the international business domain to understand the main topic areas in which heuristics are addressed and delve into the types of heuristics used by managers and entrepreneurs when dealing with international business activities. These are characterized by a high degree of uncertainty, drawing attention on the adoption of heuristics for decision-making. To this aim, the paper systematically reviews studies published in top-ranked international business journals between 1997 and 2018. The systematic literature review shows that the main research areas in which heuristics are developed concern foreign market entry, post-entry international expansion, foreign market selection, and international entrepreneurship. The paper also discusses the type of heuristics that are utilized by decision-makers when dealing with the uncertainty related to the internationalization process. The results of this study show that the international business literature develops the concept of heuristics in very various ways, tending to develop a plurality of approaches, without recurring or dominant forms. It is, however, possible to identify the types of heuristics and heuristically-based decisions, and a significant subset of the analyzed studies show a positive view on their effectiveness in the uncertainty of internationalization processes.

Keywords: Heuristics; International business; Rules of thumb; Cognitive shortcuts; Systematic literature review (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (12)

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DOI: 10.1016/j.intman.2020.100782

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