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dc.contributor.authorStähler, Franken
dc.contributor.authorRyan, Michaelen
dc.contributor.authorRaff, Horsten
dc.date.accessioned2009-01-29T14:13:38Z-
dc.date.available2009-01-29T14:13:38Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/22034-
dc.description.abstractThis paper studies why multinational firms often share ownership of a foreign affiliate with a local partner even in the absence of government restrictions on ownership. We show that shared ownership may arise, if (i) the partner owns assets that are potentially important for the investment project, and (ii) the value of these assets is private information. In this context shared ownership acts as a screening device. Our model predicts that the multinational?s ownership share is increasing in its productivity, with the most productive multinationals choosing not to rely on a foreign partner at all. This prediction is shown to be consistent with data on the ownership choices of Japanese multinationals.en
dc.language.isoengen
dc.publisher|aKiel University, Department of Economics |cKielen
dc.relation.ispartofseries|aEconomics Working Paper |x2007-18en
dc.subject.jelL20en
dc.subject.jelF23en
dc.subject.ddc330en
dc.subject.keywordForeign direct investmenten
dc.subject.keywordownershipen
dc.subject.keywordjoint ventureen
dc.subject.keywordproductivityen
dc.subject.stwMultinationales Unternehmenen
dc.subject.stwDirektinvestitionen
dc.subject.stwJoint Ventureen
dc.subject.stwAsymmetrische Informationen
dc.subject.stwProduktivitäten
dc.subject.stwEigentümerstrukturen
dc.subject.stwSchätzungen
dc.subject.stwTheorieen
dc.subject.stwJapanen
dc.titleWhole versus Shared Ownership of Foreign Affiliates-
dc.typeWorking Paperen
dc.identifier.ppn537840990en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cauewp:5684en

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