Prior research has examined entrepreneurial businesses spatially located in the physical or offline context; however, recent radical information and technological breakthroughs allow entrepreneurs to launch their businesses completely online. The growth of the online business industry has been phenomenal. Predictions for worldwide online sales estimate it to reach $2 trillion in 2016. Virtual entrepreneurship refers to the pursuit and exploitation of opportunities via virtual platforms. Web 2.0 cybermediaries offer web-based platforms that function similarly to traditional intermediaries in a virtual setting and minimize barriers to entry for virtual entrepreneurial firms. The use of such cybermediaries with increasing success suggests an implicit shift in the dominant logic that typically underpins the functioning of entrepreneurial firms operating in the physical world. In this relatively uncharted territory, marked by a focus on profit, cooperation, collaboration and community, three ideal-type institutional logics i.e. Market, Corporation and Community, blend together. It is posited that a Virtual Entrepreneurial Logic guides the norms, behaviors, and practices of entrepreneurial firms operating via these virtual platforms. This raises the question whether the blending of three ideal-type logics leads to the existence of different antecedents of performance. A business model antecedent addressing the economic dimension, a community antecedent addressing the …

The internationalization research domain has predominantly focused on country level antecedents of firm level decisions, with particular emphasis on why certain countries are selected over others for foreign direct investment (FDI). This approach may oversimplify what actually occurs from both practical and research perspectives. Recently, MNE strategic orientation and conduct, as an outflow of a region-based localization perspective (i.e.,semiglobalization), has gained increased scholarly attention. The tradition of considering country level institutional environments may be more robustly informed by extending a paradigm which considers region-based institutions, in addition to country. Thus, in this study I examine institutional effects, as underpinned by institutional theory, on one segment of FDI decision making, cross-border acquisitions behavior, in an understudied context, Latin American MNEs (i.e., Multilatinas). Linear and mixed regression are used to test hypotheses, by examining a sample of all Multilatina CBAs exacted over a five year period (2007-2011)in targeting host country firms within eight geographic regions. Multilevel study results provide overarching support for hypotheses, that a Multilatina's internationalization into a country and region through cross-border acquisition equity participation is influenced by both country and region institutional environments. Contributions are made to the semiglobalization, cross-border acquisitions, institutions, and Multilatina literature streams through development of …