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The Influence of Firm's Size and International Experience on the Ownership Structure of Italian FDI in Manufacturing

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Author Info
 Mutinelli, Marco
Piscitello, Lucia

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Abstract

The literature on foreign direct investment (FDI) has analysed the entry mode choice by multinational enterprises (MNEs) from several theoretical viewpoints. Nevertheless, previous studies have mainly focused on the behaviour of large and established MNEs while little attention has been given to small- and medium-sized firms. The paper aims at providing further empirical evidence on the role of firm size and international experience in influencing the ownership structure of FDI. The main hypothesis is that smaller firms, characterised by financial and managerial constraints, as well as firms lacking experience in managing foreign operations, suffer from a condition of adverse asymmetry in information costs, compared to their competitors. Therefore, they are forced to act prudently, minimising risk and thus preferring a less control arrangement of foreign subsidiaries. A binomial logistic model is developed with reference to manufacturing foreign direct investments undertaken by Italian firms in the period 1986-93. Copyright 1998 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Small Business Economics.

Volume (Year): 11 (1998)
Issue (Month): 1 (August)
Pages: 43-56
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Handle: RePEc:kap:sbusec:v:11:y:1998:i:1:p:43-56

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Web page: http://www.springerlink.com/link.asp?id=100338

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  1. Omtzigt Pieter, 2002. "Money Demand in the Netherlands," Economics and Quantitative Methods qf0214, Department of Economics, University of Insubria. [Downloadable!]
  2. Heinz Hollenstein, . "Patterns and Determinants of International Activities: Are SMEs Different?," WIFO Working Papers 155, WIFO. [Downloadable!]
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