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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/19140
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| Title: | | Asset ownership and foreign-market entry  |
| Authors: | | Raff, Horst Ryan, Michael Stähler, Frank |
| Issue Date: | | 2006 |
| Series/Report no.: | | CESifo working papers 1676 |
| 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. |
| Subjects: | | foreign direct investment merger and acquisition joint venture greenfield investment firm heterogeneity productivity |
| JEL: | | F15 F12 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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