innovation and foreign ownership

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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