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Christian-Albrechts-Universität Kiel (CAU) >
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Economics Working Papers, Department of Economics, CAU Kiel >
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http://hdl.handle.net/10419/22006
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| Title: | | Asset Ownership and Foreign-Market Entry  |
| Authors: | | Raff, Horst Ryan, Michael Stähler, Frank |
| Issue Date: | | 2005 |
| Series/Report no.: | | Economics working paper / Christian-Albrechts-Universität Kiel, Department of Economics 2006,01 |
| Abstract: | | 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. |
| Subjects: | | Foreign direct investment merger and acquisition joint venture greenfield investment firm heterogeneity productivity |
| JEL: | | F12 F15 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Economics Working Papers, Department of Economics, CAU Kiel
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