Excerpt from Term Paper:

...... The definition of psychic distance has changed in significant ways since its introduction a half century ago in Beckerman's (1956) analysis of international trade. Vahlne and Wiedersheim-Paul (1973) defined psychic distance in terms of those factors that serve to constrain or disrupt the flow of information between suppliers and customers. Likewise, Nordstrom and Vahlne (1994) later redefined psychic distance as being those factors preventing or disturbing firm's learning about and understanding a foreign environment (p. 42). By contrast, O'Grady and Lane (1996) suggest that psychic distance is the . . . firm's degree of uncertainty about a foreign market resulting from cultural differences and other business difficulties that present barriers to learning about the market and operating there" (p. 310)
Stages of Process of Business Relationship Development......

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