Multinationality and Firm Growth. — Multinationality influences relative competitive advantages, and hence firm growth. Thus, the relative extent of multinationality of firms, compared to competitors within their respective industries, may affect their rates of growth. The advantages that derive from multinationality depend upon the scope for internationally integrated strategies, which varies between industries. Previous statistical studies of multinationality and growth have failed to take proper account of these considerations, and therefore they have not identified the benefits from multinationality described in the theoretical and case study literature. These benefits are clarified using statistical evidence on the world’s largest firms in 1972–82.