“…Age is an important ingredient as it provides firms with the necessary experience to recognize and integrate external opportunities (Amankwah‐Amoah et al, 2019; Siggelkow & Levinthal, 2003). Furthermore, we included competencies of the subsidiary and relative size (Birkinshaw, Hood, & Jonsson, 1998), home region and industry (Dahms, 2015, 2017; Dahms, Kingkaew, & Ng, 2021), and entry mode (Hennart, 2009). The full model is illustrated in Figure 2.…”