With the traditional research-based view approach to entry mode that examines the firm's strategies from its resource endowment and deployment (i.e., an inside-out view of the firm), which is different from the earlier paradigms (i.e., an outside-in view of the firm), this article investigates intangibles at the firm level and their impact on the choice of foreign-market entry mode to understand how to create value overseas. From the multinomial logistic regression analyses with data collected from the lodging industry between 1995 and 2005, the results of this study suggest that as marketing capital increases, entry mode seems to move from acquisition to joint venture to greenfield to contractual modes. In the case of employee efficiency, as human capital increases entry mode tends to move from joint venture to acquisition to greenfield to contractual modes, whereas in the case of top managers' efficiency, entry mode tends to move from joint venture to acquisition to contractual mode to greenfield, respe...