Virtuous and vicious learning cycles in the internationalisation of emerging market firms

In this paper, we aim to answer the questions: How do firms from an emerging market learn to overcome resource limitations as they internationalise, and what factors influence their learning ability? Using a case study method, we propose two models of cycles explaining the logic of learning, which are created by a system of initial conditions, managerial mindsets, motives and the pace of internationalisation. A vicious cycle is characterised by limited learning and resource dispersion, while a virtuous cycle encompasses a process of intensive learning and resource accumulation.