| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9332 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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