ABSTRACT
This study reviewed the contemporary theories and models of internationalization of firms and explored their relevance to firms in developing economies. Three categories of models were discussed: (1) Stages Models, (2) Contingency Models, and (3) (Inter)Action Models. We drew attention to limitations of the specific theories and models and suggested modifications, where possible, to make them as relevant as possible to any investigation of the internationalization process of developing country-based firms. A fundamental weakness of all the theories is that they are based on evidence from firms in Western mature market economies. As such, they are not of universal applicability, i.e., applicable to all firms in all countries. This weakness was revealed in the investigation of the internationalization process of the twenty leading Ghanaian exporting firms reported in Part II.
