Research has shown that the benefits of internationalization are unevenly distributed (Hitt, Hoskisson, & Kim, 1997; Lu & Beamish, 2001, 2004), and that firms internationalizing early are more likely to grow but also more likely to fail (Sapienza et al., 2006). In spite of these important variations, however, few empirical studies consider the path-dependency relationships between this first entry and subsequent internationalization behavior and performance. Thus, theoretical understanding of the long-lasting effects of early internationalization remains limited.