Alike but a world of difference: an analysis of internationalization trajectories of Italy’s and Spain’s largest companies from 2001 to 2022

Winfried Ruigrok (), Wei Lin () and Xiaoxu Zhang ()
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Winfried Ruigrok: University of St Gallen, Institute for International Management and Diversity Management
Wei Lin: University of St Gallen, Institute for International Management and Diversity Management
Xiaoxu Zhang: University of St Gallen, Institute for International Management and Diversity Management

Economia e Politica Industriale: Journal of Industrial and Business Economics, 2025, vol. 52, issue 4, No 2, 911 pages

Abstract: Abstract Business leaders and policy makers are increasingly concerned about possible deglobalization characterized by decreasing economic interdependence among nations. Against this backdrop, this study analyzes large companies in two comparable economies to shed light on the question whether and to what extent firms are de-internationalizing and deglobalizing. Based on a sample of the 100 largest firms in Italy and Spain each over the 2001–2022 period and multiple measures of the extent of internationalization and home region orientation, we conclude that on average large Italian and Spanish firms do not rely less on foreign markets for revenue generation. The largest 100 companies in these two countries display distinct internationalization trajectories despite certain cultural and institutional similarities. We identify that although the largest 100 Spanish firms started off with lower average degrees of internationalization, by 2022 they displayed higher levels of internationalization than the average large Italian firm. We also find that Spanish firms have been much more aggressive expanding outside their home region, including to Latin American markets, than their Italian counterparts. Finally, we depict the important and dissimilar role played by the largest 20 companies in Italy and Spain in driving these developments, reflecting the effect of firm size on the degree and scope of corporate internationalization. This paper underscores how an empirical approach at the firm level can serve to better understand the current reconfiguration of MNE international and regional strategies.

Keywords: Deglobalization; Internationalization; Country comparison; Italy; Spain (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s40812-025-00366-z

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