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Emerging Multinationals : Trends, Patterns and Determinants of Outward Investment by Indian Enterprises

  • Nagesh Kumar

    (RIS)

This paper has analyzed the trends, patterns and determinants of outward Investments by Indian enterprises that have increased notably since the onset of reforms. It finds that the sharp rise in outward investments since 1991 has been accompanied by a shift in geographical and sectoral focus of Indian investments. It develops an analytical framework for explaining the probability of an Indian enterprise investing abroad in an exclusive large dataset of Indian enterprises. The findings suggest that Indian enterprises draw their ownership advantages from their accumulated production experience, cost effectiveness of their production processes and other adaptations to imported technologies made with their technological effort, and some times with their ability to differentiate product. Firm size exerts a positive but a non-linear effect. Enterprises that are already in export markets are more likely to be outward investors. Finally, policy liberalization of 1990s turns out to have pushed Indian enterprises abroad.

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File URL: http://www.eaber.org/node/22108
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Paper provided by East Asian Bureau of Economic Research in its series Microeconomics Working Papers with number 22108.

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Date of creation: Jan 2006
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Handle: RePEc:eab:microe:22108
Contact details of provider: Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
Web page: http://www.eaber.org

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  1. Irving B. Kravis & Robert E. Lipsey, 1971. "Empirical Results," NBER Chapters, in: Price Competitiveness in World Trade, pages 19-35 National Bureau of Economic Research, Inc.
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