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Ownership Structure In Foreign Direct Investment Projects

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Author Info
Elizabeth Asiedu
Hadi Salehi Esfahani

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Abstract

This paper theoretically and empirically examines ownership structure in foreign direct investment (FDI) projects. We show that in choosing an ownership structure, foreign investors, local entrepreneurs, and government consider the specific, costly-to-market assets that the participants and the country bring to the project. In equilibrium, the foreign equity share rises with the importance of foreign investor assets and declines with the contribution of local assets towards the amount of surplus generated in the project. Government policies and the institutional structure of the country also affect ownership structure. © 2001 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog

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Publisher Info
Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 83 (2001)
Issue (Month): 4 (November)
Pages: 647-662
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Handle: RePEc:tpr:restat:v:83:y:2001:i:4:p:647-662

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  1. Smarzynska, Beata K., 2000. "Technological leadership and foreign investors'choice of entry mode," Policy Research Working Paper Series 2314, The World Bank. [Downloadable!]
  2. Huang, Yasheng & Di, Wenhua, 2004. "A Tale of Two Provinces: The Institutional Environment and Foreign Ownership in China," Working papers 4482-04, Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  3. Holger Görg & Henning Mühlen & Peter Nunnenkamp, 2009. "Firm Heterogeneity, Industry Characteristics and Types of FDI: The Case of German FDI in the Czech Republic," Kiel Working Papers 1544, Kiel Institute for the World Economy. [Downloadable!]
  4. Raff, Horst & Ryan, Michael & Stähler, Frank, 2005. "Asset Ownership and Foreign-Market Entry," Economics Working Papers 2006,01, Christian-Albrechts-University of Kiel, Department of Economics. [Downloadable!]
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  5. Müller, Thomas & Schnitzer, Monika, 2003. "Technology Transfer and Spillovers in International Joint Ventures," CEPR Discussion Papers 4099, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Marinucci, Marco, 2008. "Optimal ownership in joint ventures with contributions of asymmetric partners," MPRA Paper 8985, University Library of Munich, Germany. [Downloadable!]
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  7. Mihir A. Desai & C. Fritz Foley & James R. Hines Jr., 2002. "International Joint Ventures and the Boundaries of the Firm," NBER Working Papers 9115, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Javorcik, Beata Smarzynska & Saggi, Kamal, 2004. "Technological asymmetry among foreign investors and mode of entry," Policy Research Working Paper Series 3196, The World Bank. [Downloadable!]
  9. Smarzynska Javorcik, Beata & Wei, Shang-Jin, 2001. "Corruption and Foreign Direct Investment: Firm-Level Evidence," CEPR Discussion Papers 2967, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  10. Stähler, Frank & Ryan, Michael & Raff, Horst, 2007. "Whole versus Shared Ownership of Foreign Affiliates," Economics Working Papers 2007,18, Christian-Albrechts-University of Kiel, Department of Economics. [Downloadable!]
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  11. Yasheng Huang & Wenhua Di, 2004. "A Tale of Two Provinces: The Institutional Environment and Foreign Ownership in China," William Davidson Institute Working Papers Series 2004-667, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  12. Smarzynska, Beata K. & Shang-Jin Wei, 2000. "Corruption and the composition of foreign direct investment - firm-level evidence," Policy Research Working Paper Series 2360, The World Bank. [Downloadable!]
  13. Beata K. Smarzynska & Shang-Jin Wei, 2002. "Corruption and Cross-Border Investment: Firm-Level Evidence," William Davidson Institute Working Papers Series 494, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  14. Beata K. Smarzynska & Shang-Jin Wei, 2000. "Corruption and Composition of Foreign Direct Investment: Firm-Level Evidence," NBER Working Papers 7969, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  15. Beata S. Javorcik & Shang-Jin Wei, 2009. "Corruption and Cross-Border Investment in Emerging Markets: Firm-Level Evidence," Working Papers 062009, Hong Kong Institute for Monetary Research. [Downloadable!]
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