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This study aims to understand the performance implications of when a business internationalizes. Many managers take the performance implications of internationalization for granted. Whether seeking a broader customer base or cost reduction through cross-border outsourcing, the overwhelming belief is that internationalization leads to higher profits.

This paper offers a systematic review, content analysis and cross-tabulation analysis of 115 empirical studies from over 40 major journals in management, strategy and international business between 1977 and 2021. Focusing on research settings, sample characteristics, underlying theoretical approaches, measurements of key variables and moderators influencing the multinationality and performance relationship, this study offers a detailed account of definitions and effects.

The findings of this study suggest a tenuous connection between internationalization and performance. No strain of research literature conclusively identifies a consistent direct path from internationalization to performance. The context specificity of the relationship makes general declarations impossible.

Future researchers should recognize that internationalization is a process taking different forms, with no specific dominant form. General declarations are misleading. The focus should be on the process of internationalization rather than on the outcome.

This study contributes to the international business literature by exploring reasons for the inconsistent results and lack of consensus. Through a detailed account of definitions and effects, this paper explores the lack of consensus as well as the identified shapes of the relationship.

This study was inspired by research of strategists on strategic innovation (SI), aiming to provide a unique model to enhance the digitization of small and medium-sized enterprises (SMEs) in Bangladesh to fill the gap toward a digital economy.

A survey was used to collect data from 180 SMEs in the manufacturing industry for this research. The results indicate that strategic innovativeness (SI), human capital (HC), infrastructure and technology and resistance to change significantly influence the digitalization in Bangladesh SMEs.

The link between SI and SMEs' digitalization in Bangladesh is mediated by HC. The results show that HC plays a big role in the connection between SI and the digitalization of SMEs. This study may be valuable for SMEs managers, researchers and policymakers in Bangladesh and other developing nations, who want to learn more about SI in adopting digitalization.

The specialized knowledge and abilities of strategists allow them to establish parallels between the past and present, enabling them to make a sustained forecast about the digital economy. This study encourages small and medium-sized businesses to develop their SI and advance their HC, which could further deject resistance to change toward enhancing and adopting digitalization in SMEs sectors.