Performance effects of international expansion processes: The moderating role of top management team experiences

► Taking a dynamic perspective, we focus on processes of international expansion. ► Added cultural distance in expansion processes negatively affects profitability. ► International experience of the TMT positively moderates this relationship. ► Shared team-specific experience of the TMT positively moderates this relationship. ► Empirical study based on 3656 expansion steps of 80 firms between 1985 and 2007.