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The Structure of Multinational Firms' International Activities

NBER Working Paper Series, 2020-03, p.26827

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Title:
The Structure of Multinational Firms' International Activities
Author: Davies, Ronald B ; Markusen, James R
Subjects: Economic theory ; International Trade and Investment ; Investments ; Multinational corporations ; Organizational structure
Is Part Of: NBER Working Paper Series, 2020-03, p.26827
Description: The structure of a multinational firm, that is how its affiliates relate to one another, is critical for understanding where multinationals locate, how policy affects them, and their resilience to localized shocks. Here, we review the two main structures: horizontal investments which replicate activities across borders, and vertical investments which fragment activities across countries. In addition, we use data (primarily from the US) to examine which of these structures seems to dominate the data. This includes a novel use of measures of global value-chain positioning of a country's industries. In each case, the data suggests a dominant role for horizontal investment. We conclude with a discussion of the challenge that intangibles play in multinational data and point towards potentially fertile areas for future research.
Publisher: Cambridge: National Bureau of Economic Research
Language: English
Identifier: ISSN: 0898-2937
DOI: 10.3386/w26827
Source: Alma/SFX Local Collection
ProQuest Central

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