I study the multinationalization -- the decision to establish foreign direct investment (FDI) -- of developing country firms, in particular Latin American ones or "Multilatinas". Despite a long exporting tradition, many firms in Latin America have only recently become multinational enterprises...

Corruption has a negative impact on foreign direct investment (FDI). However, transition economies show high levels of corruption and also high levels of FDI. I argue that it is not the level but rather the type of corruption that affects FDI in transition economies. Pervasive corruption, or...

This paper studies the sequence of value-added activities in the multinationalization of firms from developing countries. Analysis of twenty Latin American multinational firms, or Multilatinas, reveals three alternative sequences: start multinationalizing with marketing subsidiaries in all...