De Prijcker, SofieManigart, SophieWright, MikeDe Maeseneire, Wouter2017-12-022017-12-022011http://hdl.handle.net/20.500.12127/3924This paper aims to understand the effect of foreign knowledge accumulation on the internationalization of professional services, by focusing on the European venture capital industry. We distinguish between experiential knowledge acquired through previous activities, inherited knowledge through the international experience of a firm’s management team and external knowledge accessed through its foreign network partners. We study how these three sources aid the firm in dealing with the high information asymmetries that characterize cross-border activities of highly intangible professional services. Our results, based on a unique sample of 110 European venture capital firms, provide empirical support for the positive effect of experiential knowledge and inherited knowledge on internationalization. External knowledge, however, has a more limited impact on internationalization. Interestingly, venture capital firms with intense international contacts decrease their international activities. Implications for management scholars and practitioners are highlighted.enAccounting & FinanceInternationalizationVenture CapitalOrganizational KnowledgeExperiential KnowledgeInternational ExperienceInherited KnowledgeHuman CapitalExternal KnowledgeNetworks405749311335884681894498