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ID:7289735
大小:1.25 MB
页数:34页
时间:2018-02-10
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1、AmericanEconomicReview2012,102(7):3594–3627http://dx.doi.org/10.1257/aer.102.7.3594Contents†3594InnovationandForeignOwnershipI.AquisitionandInnovationDecisions3599A.Structure3599B.TheInnovationDecision3600C.TheAcquisitionDecision3601†II.DataDescription3603InnovationandFore
2、ignOwnershipIII.TheAcquisitionDecision3606A.EstimationStrategy3606B.ForeignFirmsSelecttheMostProductiveDomesticFirms3609ByMariaGuadalupe,OlgaKuzmina,andCatherineThomas*IV.TheInnovationDecision3611A.EstimationStrategy:FixedEffectsandPropensityScore3611B.AcquiredFirmsUnderta
3、keMoreInnovation3614C.TheRoleofMarketAccessProvidedbytheForeignParent3618ThepervasivenessoflargeandpersistentproductivitydifferencesacrossfirmsD.ExportsandWages3623withinnarrowlydefinedindustriesisawell-establishedfactthatcontinuestoV.ForeignOwnershipandProductivityEvoluti
4、on3623intrigueresearchers(seesurveysbySyverson2011;IchniowskiandShawforth-VI.Conclusion3625Appendix3626coming).Onesalientexamplethathasattractedmuchattentioninseveraldifferent1fieldsisthatmultinationalsubsidiariesgenerallyoutperformdomesticfirms.Manyhavearguedthatthisisbec
5、ausemultinationalstransfersuperiortechnologiesandorganizationalpractices—intheformofnewproductandprocessinnovation—to2theirforeignsubsidiaries.However,sincethemostprevalentformofmultinationalentryisthroughacquisition(89percentofFDIflowsindevelopedcountries—BarbaNavarettian
6、dVenables2004),ratherthanthroughgreenfieldinvestment,theirsupe-riorperformancecouldbeduetotheselectionofhigher-performingdomesticfirms.Todate,littleisknownabouttheeconomicdeterminantsofwhichdomesticfirmsareselectedtobecomeforeignsubsidiariesandtheextenttowhichnewlyacquired
7、subsidiariesincreasetheirproductivitybyinnovating—introducingtechnologiesthatarenewtothatfirm.Inthisarticle,weuseauniquepaneldatasettoanalyzeboththeselectionandinnovationdecisionsofmultinationalfirms.Weproposeanewmechanismtoexplainhowthesedecisionsarejointlydetermined,high
8、lightinghowthemarketaccesspro-videdbymultinationalscreatesincentivesforsubsidiaryinnovati
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