Firm heterogeneity and the structure of US multinational activity

• 成果类型: Article
• 署名作者: Yeaple, Stephen Ross
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2009.03.002
• 发表日期: 2009
• 页码: 206-215
• 关键词: Multinational enterprise; firm heterogeneity; Foreign direct investment; Production location decisions

摘要

We use firm-level data for U.S. multinational enterprises (MNEs) and the model of firm heterogeneity presented in Helpman, Melitz, and Yeaple [Helpman, E., Melitz, M., Yeaple, S., 2004. Exports versus FDI with heterogeneous firms. The American Economic Review 94 (1), 300-316.] to make four empirical contributions. First, we show that the most productive U.S. firms invest in a larger number of foreign countries and sell more in each country in which they operate. Second, we assess the importance of firm heterogeneity in the structure of MNE activity. Third, we use the model to identify the mechanisms through which country characteristics affect the structure of MNE activity. Finally, we assess the model's shortcomings in order to inform the development of new theory. (C) 2009 Elsevier B.V. All rights reserved.