The internationalization of Nigerian banks : influences and entry mode choices
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This research studies the internationalisation of Nigerian banks between the period 2005-2012 by examining factors that influence the decision of the banks to enter foreign markets and their choice of entry mode. The study was underlined by a positivist philosophy that tended towards realism and adopted a mixed qualitative and quantitative approach. Multiple case studies were used and five Nigerian banks were purposively sampled. Primary data was collected using Likert scale questionnaires and interviews, while secondary data was obtained from multiple sources. Primary data was analysed using the normal distribution fitting algorithm approach. Findings from the primary and secondary evidence were compared with propositions developed from the theories in the literature. The research found that foreign market entry was triggered by the success of banking sector reforms in Nigeria, a shift in the strategic scope of the banks and a desire to exploit tangible and intangible assets in less developed, but profitable banking markets in SSA. It was also found that environmental uncertainties in host countries influenced entry through high equity commitment entry modes. This study offers an idiosyncratic contribution to the study of bank internationalization and may be useful to the business community, policy makers and academics.