Multinational Firms and Impacts on Employment, Trade, and Technology: New Perspectives for a New Century

By Robert E. Lipsey; Jean-Louis Mucchielli | Go to book overview

Notes
1
On the dynamics of globalization, see in particular (Dicken 1992; Sachwald 1994b).
2
A number of European multinationals are much older, but extensive ODI from Europe, and in particular to the US, dates back to the 1970s.
3
On transatlantic cooperative agreements, see (Sachwald 1994a; Hagedoorn and Narula 1996; Hagedoorn 1998; Narula 1999).
4
For a review, see (Dunning 1993).
5
The choice of internal versus contractual technology transfer may depend on transaction costs or on the characteristics of knowledge, such as its degree of complexity (Kogut and Zander 1993).
6
However, the authors indicate that these results should be interpreted cautiously because of a multicollinearity problem.
7
The constant is not significant; the coefficient for R&D is significant and much lower than for the whole sample (which includes all countries).
8
This argument is expanded below about the Korean case.
9
Forty-nine per cent over 1981-90 and 43 per cent over 1991-97 (source: Bank of Korea).
10
Calculation based on the cumulated amount of ODI (Ministry of Finance 1998).
11
Proxied by the firm's average annual earnings by employee.
12
Or at least their competitive advantage is much less obvious than was that of Japanese firms when they massively invested in the US.
13
See below the discussion of the evolutionary theory of the firm.
14
This qualification is used by (Casson 1997) about international business. On the different issues and disciplines involved in the analysis of international production, see also (Cantwell 1991).
15
As an illustration, one can compare the summary tables of the paradigm provided respectively in (Dunning 1980, 1993, 1997).
16
This is not specific to the electric paradigm, since internalization theory (Hennart 1991a) or Ozawa's (1979) macroeconomic approach also rely on the existence of such conditions, even if they are not integrated in the analysis in the same way.
17
For an earlier version of this argument based on the analysis of cooperative agreements, see (Sachwald 1998).
18
See in particular (Penrose 1959; Teece et al. 1994).
19
For different contributions on the role of national factors in the formation of multinationals' competitive advantage (Vernon 1966; Muchielli 1985; Kogut 1988; Porter 1990).
20
A number of studies are based on data up to the mid-1990s (Patel 1993; Cantwell and Kotecha 1994, 1999; Papanastassiou and Pearce 1995; Zander 1997; Doremus et al. 1998).
21
On Korean firms latecomers' strategies, see in particular (Hobday 1995; Kim 1997; Hoesel 1999).
22
For reviews on these connected themes, see (Hennart 1991a; Dunning 1993).
23
The two are nevertheless related.
24
B. Gomes-Casseres (1989) reaches the same conclusion, but focuses on managerial shirking, which in turn raises the issue of governance. The above argument emphasizes organizational factors. For a similar opposition between the opportunist argument and the organizational argument with respect to ownership advantage transfer, see (Kogut and Zander 1993).
25
This base was the responsibility of the Bank of Korea until 1996 and has been maintained by the Korea Federation of Banks since then.

-265-

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