Firms tend to first target psychically near countries, which means markets that are physically near as well.

Name: Firms tend to first target psychically near countries, which means markets that are physically near as well.
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Psychic distance refers to the cultural, administrative, geographic, and economic differences between countries, not just physical proximity. Firms may target countries that are psychically near in terms of culture and business practices, even if they are not physically close.

Firms Tend to First Target Psychically near Countries, Which Means