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The article provides an overview about the development of international business theory beginning with Hymer’s seminal contribution in 1960 and ending with a contribution by Engwall from 2006 that links institutionalization theory to the multinational firm. Building on these theoretical developments, the article gives new directions for research regarding the internationalization phenomenon of Colombian firms. Furthermore, it is suggested that universities in Colombia that offer international business programs include international business theory in their curriculum to strengthen its epistemological basis and to provide motives for students, especially at the postgraduate level, to research the internationalization behavior of Colombian firms - a phenomenon clearly under-researched in the country and internationally in the context of Latin-America.

Sascha Fuerst

Estudiante de Doctorado en Negocios Internacionales. Turku School of Economics, Finlandia. Maestría en Ingeniería Administrativa, Universidad de Kaiserslautern, Alemania. Profesor Asistente, Departamento de Negocios Internacionales, Universidad EAFIT,Medellín - Colombia
Fuerst, S. (2010). The development of international business theory: implications for international business teachingand research in Colombia. Cuadernos De Administración, 26(43), 33–51.