@techreport{Raff2006Asset,
abstract = {This paper examines the link between a firm?s ownership 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.},
author = {Horst Raff and Michael Ryan and Frank St\"{a}hler},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {F15; F12; 330; foreign direct investment; merger and acquisition; joint venture; greenfield investment; firm heterogeneity; productivity; Direktinvestition; Internationale Markteintrittsstrategie; Betriebsverm\"{o}gen; Produktivit\"{a}t; Sch\"{a}tzung; Theorie; Multinationales Unternehmen; Japan},
language = {eng},
number = {1676},
title = {Asset ownership and foreign-market entry},
type = {CESifo working papers},
url = {http://hdl.handle.net/10419/19140},
year = {2006}
}
