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Firm-Specific Resources, Financial-Market Development and the Growth of U.S. Multinationals / Susan Feinberg, Gordon Phillips.
- Format:
- Book
- Author/Creator:
- Feinberg, Susan.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9252.
- NBER working paper series no. w9252
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- We study the resource allocation decisions of U.S. multinational corporations (MNCs). We examine how established MNCs grow across countries and how firm-specific resources and host country financial-market development influence MNC growth. We find evidence of intra-firm trade-offs to growth in MNCs that have limited organizational capital and high R&D, and MNCs with low external and internal financing. In countries with less developed capital markets, we find significant within-MNC trade-offs to growth between affiliates and their U.S. parents. These trade-offs diminish over time as local capital markets develop. Our evidence indicates that access to financing and organizational capital are important resources for MNC affiliate growth.
- Notes:
- Print version record
- October 2002.
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