In an incomplete contract setup, past literature has separately emphasized the role of ownership and the role of access in providing incentives. Here, we de-bundle ownership into the right to access (or use) an asset and the right to veto (exclude) others from using it, and define control over...

This paper studies why multinational firms often share ownership of a foreign affiliate with a local partner even in the absence of government restrictions on ownership. We show that shared ownership may arise, if (i) the partner owns assets that are potentially important for the investment...

This paper uses a proportional hazard model to study foreign direct investment by Japanese manufacturers in Europe between 1970 and 1994. We divide each firm?s investment total into a sequence of individual investment decisions and analyze how firm-specific characteristics affect each decision....

The modern manufacturing firm competes with product quality improvements rather than cost efficient production of simpler products. R&D spending, marketing, availability of spare parts and service facilities, customs designs, etc. embody the product quality enhancing process, requiring...

We establish that domestically owned firms in two alternative models of emerging market economies, the Czech Republic and Russia, have not been converging to the technological frontier set by foreign owned firms. In both countries, the distance of domestic firms to the frontier grew (in all...

This paper offers new insights into the processes of firm growth by applying a reducedform vector autoregression (VAR) model to longitudinal panel data on French manufacturing firms. We observe the co-evolution of key variables such as growth of employment, sales, and gross operating surplus, as...

This paper uses a proportional hazard model to study foreign direct investment by Japanese manufacturers in Europe between 1970 and 1994. We divide each firm's investment total into a sequence of individual investment decisions and analyze how firm-specific characteristics affect each decision....

This paper revisits the empirical evidence about the link between firms' performance and their international status, based on a large sample of Italian enterprises. To this purpose, we merged two waves of the Capitalia survey (1998-2000, and 2001-2003) retrieving firm level data for roughly...

Economic development implies that the efficiency of firms in developing countries is approaching that of firms in advanced economies. We examine the extent of this convergence in the Czech Republic and Russia, economies that represent alternative models of implementing development policies,...

Über 1,59 Bill. DM wurden von 1991 bis 1999 in den neuen Ländern investiert. Trotz der schon relativ ausgeprägten Kapitalintensität bleiben aber Arbeits- und Kapitalproduktivität der ostdeutschen Unternehmen hinter der ihrer Konkurrenten zurück. Nach wie vor sind in Ostdeutschland die...