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Management International Review

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01.12.2013 | Research Article

Multinational Performance and the Geography of FDI

Evidence from 46 Countries

verfasst von: Dr. Yong Yang, Prof. Pedro S. Martins, Prof. Nigel Driffield

Erschienen in: Management International Review | Ausgabe 6/2013

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Abstract

The literature on multinationality and firm performance has generally disregarded the role of geography. However, the location of FDI assumes particular importance in terms of the link between multinationality at the firm level. The purpose of this paper is to consider the multinationality-performance relationship within the context of greater emphasis on the importance of location, but also emphasising the importance of the location decision.
This paper draws on firm-level data covering over 16,000 multinationals from 46 countries over the period of 1997–2007 and allows for different effects upon the performance of the multinational firm depending on the level of development of the host economy.
In our results, we find a clear positive relation between multinationality and firm performance. However, investment in developing countries is associated with larger effects on performance than in the case of investment in developed countries. We also find that the return to investing in developing countries is U-shaped.
This indicates that multinationals are likely to face losses in the early stage of their investment in developing countries before the positive returns are realized. Overall, our results suggest that the net gains for multinationals from greater geographical diversification have not yet been fully explored. Geographical diversification into developing countries may be an important source of competitive advantages that deserves more serious consideration from business leaders and academics alike.

Nächster Artikel FDI Structure, Investment Specificity, and Multinationality Value under Host Market Uncertainty

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We re-ran our estimation regressions including variables, such as intangible assets, long term debt, and average earnings (as a proxy of labour quality) as different indicators or measures of firm heterogeneity. We find the results are robust. However, these are not available for the full sample of firms, and they are available for just over half, and only available for developed countries firms. These are available upon the request.

Without controlling for firm age, assets, ownership and number of employees, we again find there is U shape correlation between multinationality (OSTS) and firm performance. However, we are not concerned that interpretation of point estimates, when key control variables are missing may be open to misinterpretation, especially as a key role of these variables is to control for unobserved heterogeneity. We believe the estimates without controlling for firm heterogeneity are biased. These estimates are available upon the request.

Orbis also contains further detail such as news, market research, ratings and country reports, scanned reports, ownership and mergers and acquisitions data. Orbis has a large number of additional reports per company, in particular about listed companies, banks and insurance companies, and other major private companies. See Ribeiro et al. (2010) for more information on the Orbis data set and Bhaumik et al. (2010) and Martins and Yang (2010) for other papers that use this data set.

This criterion leads to the exclusion of several firms in some countries, in particular Canada and India. However, this is not a relevant problem for the overwhelming majority of countries.

Another common aggregate multinationality measure used in the literature, i.e., the foreign to total sales ratio, is not available in the Orbis data set. However, one potential problem with this variable is that the level of the firm’s sales in foreign countries typically does not exclude intermediate goods exported from the home country and resold by its overseas subsidiaries, resulting in possible bias to the MP estimate (Geringer et al. 2000; Tallman and Li 1996; Qian et al. 2008).

The list of multinationality measures also includes the total number of foreign nations in which firms have subsidiaries (see related surveys (Sullivan 1994; Annavarjula and Beldona 2000; Li 2007).

In our data, developed countries include the members of G8 (except Russia), most EU members, Norway, Iceland, Switzerland, New Zealand, Australia, Bermuda, Israel, Japan, Taiwan, South Korea, and Hong Kong.

Firms are concentrated in some EU countries, most G8 countries and some developing countries. Taken together firms from US, UK, France, Germany, Italy and Japan, account for 56 % of the sample. The distribution of firms by country, along with the mean of most important variable by country used in our analysis are available upon the request.

We also tried a scatter plot of both the number of overseas subsidiaries in developed countries (Overseas \(Su{b^{D\prime ed}}\)) and in developing countries (Overseas \(Su{b^{D\prime ing}}\)), and we find some evidence of a trade-off between the two variables. This is available upon the request.

We tested for the potential of an S-shaped by including a cubic term in the regressions and also by the inspection of the summary statistics in Table 1. However, the average multinationality of firms investing in developing countries is 0.19 with a standard deviation of 0.27. Very few attain a 73 % degree of multinationality in developing countries, such that the existence of a third stage is moot.

Furthermore, we extended our analysis by incorporating weights of outward FDI of the country and then rerun our main specifications applying those weights. These results were robust and are available upon request.

While developing nations FDI affiliates are smaller and therefore have smaller net total profit compared with developed nations FDI affiliates, they are not less profitable in terms of return on assets or return on sales. In line with the literature, we use return on sales as the measure of profitability, making our results comparable with many previous studies of MP relationship (e.g., Geringer et al. 1989; Grant 1987; Tallman and Li 1996; Capar and Kotabe 2003), this measure indicates how much net income is earned from each sales per revenue.

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Titel: Multinational Performance and the Geography of FDI
Evidence from 46 Countries
verfasst von: Dr. Yong Yang
Prof. Pedro S. Martins
Prof. Nigel Driffield
Publikationsdatum: 01.12.2013
Verlag: Springer Berlin Heidelberg
Erschienen in: Management International Review / Ausgabe 6/2013
Print ISSN: 0938-8249
Elektronische ISSN: 1861-8901
DOI: https://doi.org/10.1007/s11575-013-0180-5

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