multinational affiliates, as well as with higher aggregate affiliate sales to the local market, back to the U.S. and to third … affiliates, by contrast, these forces are associated with relatively lower local sales and higher return and third-country sales …. Yet at both aggregate and affiliate levels, the share of local sales in total sales is smaller, while the shares of U …

multinational affiliates, while also decreasing affiliate sales in the local market relative to the parent country and third … entry and aggregate sales due to affiliates' improved access to external finance in the host country …