Nationality diversity and international experience constitute two related yet distinct
sources of competence among upper echelons. While both TMT international experience
and nationality diversity increases the likelihood of firms expanding outside their home
region, our results show that TMTs with international experience are more likely to
expand abroad via greenfield investments, whereas nationally diverse TMTs are more
likely to engage in international acquisitions and joint ventures. This highlights the need
to treat TMT nationality diversity and international experience as two different
characteristics influencing foreign entry mode decision.