Mode of entry mode into a foreign market: the case of US mutual funds in Canada

• 成果类型: Article
• 署名作者: Ruckman, K
• 署名单位: Concordia University - Canada
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(03)00017-5
• 发表日期: 2004
• 页码: 417-432
• 关键词: entry mode; Foreign direct investment; TRADE; service industry; Mutual funds

摘要

U.S. mutual fund companies offer funds in Canada through two channels: foreign direct investment or trade in advisement services. The total value of U.S.-controlled funds amounts to 18% of the Canadian equity fund market. This paper investigates how the fund-level and firm-level characteristics affect the channel used to enter the Canadian market. Empirical results indicate that the funds offered through FDI are not especially successful in the U.S. market but are associated with dominant companies, whereas the funds offered through trade in advisement services are highly successful in the U.S. market and are from companies with relatively few successful funds. (C) 2003 Elsevier B.V. All rights reserved.