Enhancing the Benefits for India and Other Developing Countries in the Doha Development Agenda Negotiations
This paper utilizes micro-panel data for firms located in Japan and examines differences in static and dynamic corporate performance between foreign-owned and domestically-owned firms in the 1990s. We find that foreign-owned firms not only reflect superior static characteristics but also achieve faster growth. In addition, foreign investors appear to invest in firms that may not be immediately profitable now but those that are potentially the most profitable in the future. The results imply that foreign investors bring useful firm-specific assets into the Japanese market, which may work as an effective catalyst for necessary structural reform.
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