India’s software industry presents the case of an internationally competitive high-tech industry from a developing economy. This paper takes the evolution of the industry in terms of human capital accumulation. The initial stock of human capital in India led to entry of TNCs, which triggers a...

The paper uses firm level panel data for Indian industries in the post-reform period to study the direct and indirect productivity effects generated by foreign investment. It finds no evidence that foreign investment directly increased firm-level productivity, nor that R&D spending was more...

This paper addresses the issue of how do domestic incumbent oligopoly firms, which functioned under the institutional conditions of protected markets and pervasive government intervention for a long period adjust to a relatively sudden change in market institutional conditions caused by market...

This note illustrates a recent empirical phenomenon, which warrants a re-examination of the intangible asset theory of multinational enterprises (MNEs). It analyses two case studies of financial services: credit cards and insurance products in a developing economy. The case studies show that in...

Until recently major part of FDI flows had been among developed economies with similar relative factor endowments, income levels and market institutions such as property rights regimes. Consequently, major theoretical streams of FDI in economics could simplify FDI as a substitute for...

The recent developments in the new growth theory shows the theoretical link between industrial productivity and market mechanism in terms of private agents’ incentives for investing in research and development and human capital accumulation. Several developing economies, such as India, that...