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Raff, Horst; Ryan, Michael; Stähler, Frank (2008)
Publisher: Kiel: Kiel University, Department of Economics
Types: Research
Subjects: greenfield investment, Unternehmen, Japan, F12, Direktinvestition, Internationale Markteintrittsstrategie, firm heterogeneity, F15, Foreign direct investment, Produktivität, productivity, joint venture, Foreign direct investment,merger and acquisition,joint venture,greenfield investment,firm heterogeneity,productivity, merger and acquisition
jel: jel:F12, jel:F15
ddc: ddc:330
We use Japanese firm-level data to examine how a firm?s productivity affects its choice of foreign-market entry strategy. We study a sequence of decisions, starting with the choice between exporting and foreign direct investment (FDI). In the case of FDI, the firm faces two options: greenfield investment or merger and acquisition (M&A). If it selects greenfield investment, it has two ownership choices: whole ownership or a joint venture. Controlling for industry- and country-specific characteristics, we find that the more productive a firm is, the more likely it is to choose FDI rather than exporting, greenfield investment rather than M&A, and whole ownership rather than a joint venture. We also find that the assumed sequence of decisions fits the data better than alternative specifications.

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