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Firm-Specific Assets and the Gains from Direct Foreign Investment

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Author Info
Horstmann, Ignatius J
Markusen, James R

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Abstract

It is widely held that multinational enterprises arise as a consequence of the existence of knowledge-based, firm-specific assets such as superior technology or management know-how. These assets are much like public goods within the firm in that they can be costlessly supplied to additional plants, thus leading to the efficiency of multiplant production. Foreign direct investment then consists of supplying the services of the assets to foreign operations and repatriated earnings are payments for these services. These notions are formalized in a simple model of the multinational enterprise and welfare implications are analyzed. Copyright 1989 by The London School of Economics and Political Science.

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Publisher Info
Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 56 (1989)
Issue (Month): 221 (February)
Pages: 41-48
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Handle: RePEc:bla:econom:v:56:y:1989:i:221:p:41-48

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  1. Janis Kapler, . "The Theory of the Firm, the Theory of Competition and the Transnational Corporation," Working Papers 6, University of Massachusetts Boston, Economics Department. [Downloadable!]
  2. Forssbæck , Jens & Oxelheim, Lars, 2008. "Financial Determinants of Foreign Direct Investment," Working Paper Series 741, Research Institute of Industrial Economics. [Downloadable!]
  3. Gerda Dewit, 1998. "Risky Business: Intra-Firm Trade with Foreign Commercial Risk and Asymmetric Insurance," Working Papers 9808, Department of Economics, University of Glasgow. [Downloadable!]
  4. Aitken, Brian & Harrison, Ann & DEC, 1994. "Do domestic firms benefit from foreign direct investment? Evidence from panel data," Policy Research Working Paper Series 1248, The World Bank. [Downloadable!]
  5. Chander Kant, 1995. "Minority Ownership, Deferral, Perverse Intrafirm Trade And Tariffs," International Economic Journal, Korean International Economic Association, vol. 9(1), pages 19-37, April. [Downloadable!] (restricted)
  6. Linda Goldberg, 2004. "Financial-sector foreign direct investment and host countries: new and old lessons," Staff Reports 183, Federal Reserve Bank of New York. [Downloadable!]
  7. Linda Goldberg, 2004. "Financial-Sector FDI and Host Countries: New and Old Lessons," NBER Working Papers 10441, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Hagen, James M., 1997. "Food Processing Firms And Foreign Production Incentives," Working Papers 14314, University of Minnesota, The Food Industry Center. [Downloadable!]
  9. Gunnar A. Eskeland & Ann E. Harrison, 2002. "Moving to Greener Pastures? Multinationals and the Pollution Haven Hypothesis," NBER Working Papers 8888, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Lawrence Kaufmann, 1997. "A Model Of Spillovers Through Labor Recruitment," International Economic Journal, Korean International Economic Association, vol. 11(3), pages 13-33, October. [Downloadable!] (restricted)
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