Exporting modes as learning strategies: A Penrosian perspective

Extant research offers inconclusive evidence on how firms’ export modes affect learning and innovation. Drawing on a Penrosian perspective, we argue that simultaneously pursuing direct and indirect exporting generates complementarities, as excess resources and experiential knowledge developed in one mode can be redeployed in the other. As a result, the combined export strategy yields stronger learning and innovation outcomes than either strategy pursued alone. We further theorize that these benefits depend on firm‑level resources and the characteristics of the learning environment. Using data on more than 4000 African exporters from the World Bank Enterprise Surveys, we find robust evidence that firms combining direct and indirect exporting modes innovate more than single‑mode exporters across multiple specifications and estimation techniques. The African context allows us to highlight how institutional and resource constraints shape learning through exporting. • Impact of different export strategies on firm innovation. • Combining direct and indirect export strategies delivers the strongest innovation outcomes. • Applying Penrose theory: using underutilized resources to explain learning through exporting and firm growth. • Evidence on learning-by-exporting among African firms. • Calls for firms and policymakers to focus more on the benefits of combining export strategies.