Asset Ownership and Foreign-Market Entry
Copyright policy )Asset Ownership and Foreign-Market Entry
This paper examines the link between a firm's owership of productive assets and its choice of foreign-market entry strategy. We find that, controlling for industry- and country-specific characteristics, the most productive firms (i.e., those owning the most assets) will enter through greenfield investment, less productive ones will choose M&A, and the least productive ones will export. In addition, the most productive firms are shown to prefer whole ownership to a joint venture. These predictions are confirmed in an econometric analysis of Japanese firm-level data.
- Kiel University Germany
- University of Adelaide Australia
- Eastern Michigan University United States
- University of Otago New Zealand
- Kiel Institute for the World Economy Germany
Multinationales Unternehmen, productivity, foreign direct investment, foreign direct investment, merger and acquisition, joint venture, greenfield investment, firm heterogeneity, productivity, 338, greenfield investment, Internationale Markteintrittsstrategie, joint venture, Japan, F12, HB Economic Theory, ddc:330, F15, Direktinvestition, Foreign direct investment,merger and acquisition,joint venture,greenfield investment,firm heterogeneity,productivity, merger and acquisition, firm heterogeneity, Produktivität, Foreign direct investment, Betriebsvermögen, Theorie, Schätzung, jel: jel:F12, jel: jel:F15
Multinationales Unternehmen, productivity, foreign direct investment, foreign direct investment, merger and acquisition, joint venture, greenfield investment, firm heterogeneity, productivity, 338, greenfield investment, Internationale Markteintrittsstrategie, joint venture, Japan, F12, HB Economic Theory, ddc:330, F15, Direktinvestition, Foreign direct investment,merger and acquisition,joint venture,greenfield investment,firm heterogeneity,productivity, merger and acquisition, firm heterogeneity, Produktivität, Foreign direct investment, Betriebsvermögen, Theorie, Schätzung, jel: jel:F12, jel: jel:F15
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