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Why foreign-owned firms are different : a conceptual framework and empirical evidence for Austria

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  • Pfaffermayr, Michael
  • Bellak, Christian

Abstract

This study examines performance gaps among foreign-owned and domestically- owned Austrian firms. In line with earlier findings our results suggest that the positive effects of participating in a foreign multinational?s network can mainly be found in productivity and profitability. A further distinction between purely national firms and multinational enterprises (MNEs) reveals that both gaps derive from gains of MNE networks rather than from ownership per se. Regardless of ownership, MNEs are more similar than MNEs and purely national firms. Gaps concerning the investment propensity and growth are primarily explained by firm characteristics rather than foreign ownership. There is no evidence of an additional bonus resulting from closer cultural proximity of German-owned firms. -- Diese Studie untersucht Unterschiede in der Performance auslandskontrollierter und heimischer Unternehmen in Österreich. Die Ergebnisse bestätigen insofern frühere Untersuchungen, als die wichtigsten Vorteile auslandskontrollierter Unternehmen in der überlegenen Produktivität und Rentabilität gesehen werden. Bei Unterscheidung der österreichischen Firmen in rein nationale und multinationale Firmen (MNE) zeigt sich, daß österreichische und ausländische MNE einander ähnlicher sind als die österreichischen MNE und rein nationale Firmen. Die aufgezeigten Performance-Unterschiede resultieren eher aus der Einbindung in MNE-Netzwerke als aus dem Auslandseigentum an sich. Unterschiedliche Investitionsneigung und Wachstumsverläufe lassen sich primär durch unternehmensspezifische Faktoren und weniger durch das Auslandseigentum erklären. Es ergeben sich keine Anhaltspunkte für einen zusätzlichen Performance-Vorsprung deutscher Investoren aus deren kultureller Nähe zu Österreich.

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Bibliographic Info

Paper provided by Hamburg Institute of International Economics (HWWA) in its series HWWA Discussion Papers with number 115.

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Date of creation: 2000
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Handle: RePEc:zbw:hwwadp:26372

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Web page: http://www.econstor.eu/handle/10419/20
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Related research

Keywords: Multinational Enterprises; Industry Studies; Organisation of Production Labour Productivity;

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  1. Robert E. Baldwin & Robert E. Lipsey & J. David Richards, 1998. "Geography and Ownership as Bases for Economic Accounting," NBER Books, National Bureau of Economic Research, Inc, number bald98-1, May.
  2. Carmichael, F, 1992. "Multinational Enterprise and Strikes: Theory and Evidence," Scottish Journal of Political Economy, Scottish Economic Society, vol. 39(1), pages 52-68, February.
  3. Dickerson, Andrew P & Gibson, Heather D & Tsakalotos, Euclid, 1997. "The Impact of Acquisitions on Company Performance: Evidence from a Large Panel of UK Firms," Oxford Economic Papers, Oxford University Press, vol. 49(3), pages 344-61, July.
  4. Richard J. Zeckhauser & John Pound, 1990. "Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 149-180 National Bureau of Economic Research, Inc.
  5. Lenn Gomes & Kannan Ramaswamy, 1999. "An Empirical Examination of the Form of the Relationship Between Multinationality and Performance," Journal of International Business Studies, Palgrave Macmillan, vol. 30(1), pages 173-187, March.
  6. Cohen, Benjamin I, 1973. "Comparative Behavior of Foreign and Domestic Export Firms in a Developing Economy," The Review of Economics and Statistics, MIT Press, vol. 55(2), pages 190-97, May.
  7. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
  8. Blonigen, Bruce A. & Tomlin, KaSaundra, 2001. "Size and growth of Japanese plants in the United States," International Journal of Industrial Organization, Elsevier, vol. 19(6), pages 931-952, May.
  9. Bruce A. Blonigen & Matthew J. Slaughter, 1999. "Foreign-Affiliate Activity and U.S. Skill Upgrading," NBER Working Papers 7040, National Bureau of Economic Research, Inc.
  10. Klaus Gugler, 1998. "Corporate Ownership Structure in Austria," Empirica, Springer, vol. 25(3), pages 285-307, January.
  11. Kumar, Nagesh, 1990. "Mobility Barriers and Profitability of Multinational and Local Enterprises in Indian Manufacturing," Journal of Industrial Economics, Wiley Blackwell, vol. 38(4), pages 449-63, June.
  12. Davies, Stephen W & Lyons, Bruce R, 1991. "Characterising Relative Performance: The Productivity Advantage of Foreign Owned Firms in the UK," Oxford Economic Papers, Oxford University Press, vol. 43(4), pages 584-95, October.
  13. Michael Pfaffermayr, 1999. "Ownership Advantages, Foreign Production and Productivity: Evidence from Austrian Manufacturing Firms," Review of Industrial Organization, Springer, vol. 15(4), pages 379-396, December.
  14. Zadia Feliciano & Robert E. Lipsey, 1999. "Foreign Ownership and Wages in the United States, 1987 - 1992," NBER Working Papers 6923, National Bureau of Economic Research, Inc.
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