“…The literature shows that, when operating in foreign markets, firms are faced with consequential complexities stemming from cultural differences (Brouthers, 2013), their own liability of foreignness (Lu et al. , 2022), the marketing environment (Luo, 2007), market heterogeneity (Röell et al. , 2022), economic conditions (Mihov and Naranjo, 2019), institutional distance (Chao and Kumar 2010) and physical (Kraus et al.…”