G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9332
DP9332 The Internationalization Process of Firms: from Exports to FDI
André Sapir; Maurizio Zanardi; Paola Conconi
发表日期2013-02-03
出版年2013
语种英语
摘要This paper shows that uncertainty can lead firms to follow a gradual internationalization process. We describe a model in which firms are uncertain about their ability to earn profits in a foreign market and must decide whether or not to serve it, and whether to do so through exports or foreign affiliate sales. We show that a firm may first test the foreign market via exports, before engaging in foreign direct investment (FDI). To assess the evidence, we exploit a unique dataset of firm-level exports and FDI in individual destination countries, covering all Belgian companies over the 1998-2008 period. We show that a firm?s FDI entry in a foreign market is almost always preceded by its export entry. More uncertain foreign market conditions lead new exporters to delay FDI entry decisions. Our analysis suggests that exports and FDI, although substitutes from a static perspective, may be complements over time, since the knowledge acquired through export experimentation can lead firms to start investing abroad.
主题International Trade and Regional Economics
关键词Experimentation Exports Fdi Uncertainty
URLhttps://cepr.org/publications/dp9332
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538168
推荐引用方式
GB/T 7714
André Sapir,Maurizio Zanardi,Paola Conconi. DP9332 The Internationalization Process of Firms: from Exports to FDI. 2013.
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