By Richard E. Caves
1. The multinational company as an financial association; 2. The MNE and types of overseas financial job; three. association and development of the MNE; four. styles of marketplace festival; five. source of revenue distribution and hard work relatives; 6. funding habit and fiscal flows; 7. know-how and productiveness; eight. Taxation, MNEs' habit, and monetary welfare; nine. Multinationals in constructing nations and economies in transition; 10. Public coverage
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Indeed, it indicates that vertical linkages are widespread and have been increasing. -domiciled subsidiaries of foreign MNEs obtain about two-thirds of their imported inputs from their corporate affiliates. For individual affiliates, these flows tend to be steady over time rather than being displaced by local production as a subsidiary matures (Zeile, 1998). S. parents between 1984 and 1995. , Girma and G¨org, 2004). MNEs in industries making heavy use of (nonubiquitous) natural resources tend to place large proportions of their assets abroad (Pugel, 1978; Owen, 1982).
Within a national economy, many shocks affect most firms rather P1: JZZ 052186013Xc01 CUFX101/Caves 24 0 521 86013 X May 1, 2007 11:50 The Multinational Enterprise as an Economic Organization similarly – recessions, major changes in macroeconomic policy. Between countries, such disturbances are less closely correlated. 16 MNEs also enjoy lower levels of risk in the sense relevant to the stock market – financial risk (beta), according to Hughes, Logue, and Sweeney (1975), Thompson (1985), and Michel and Shaked (1986).
Or it can be produced in the asset-holding firm’s base location and exported. The proprietary-assets model thus identifies exporting and direct investment as alternative strategies for the potential MNE. An immediate corollary is that forces restricting trade encourage foreign investment where it is an option. Tariffs protecting a national market from imports therefore encourage direct investment. 3 Assume that the MNE can sell its product in two countries, Home and Foreign, and faces a 3 Also see Hirsch (1976) and Rugman (1980b, Part 1).
