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A tale of two property rights: Knowledge, physical assets, and multinational firm boundaries

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  • Kukharskyy, Bohdan

Abstract

The theory of multinational firm boundaries has been shaped by two major paradigms: an earlier one, emphasizing the role of integration in preventing the dissipation of knowledge, and a more recent one, stressing the role of firm boundaries in mitigating underinvestments into relationship-specific assets in the face of contractual incompleteness. This paper develops a novel model encompassing both approaches in a unifying framework. The model predicts that the attractiveness of integration increases in the importance of the parent firm's knowledge capital and decreases in the importance of the affiliate's physical capital in a joint production process. Furthermore, stronger intellectual property rights (IPR) protection in the affiliate's country is predicted to mitigate the effect of knowledge intensity on the attractiveness of integration. I test these hypotheses using unique panel data on more than 100,000 firm pairs worldwide. In line with the model's predictions, knowledge-intensive parent firms choose higher ownership shares in their affiliates, yet this relationship is less pronounced the stronger the IPR protection in the affiliate's country. In addition, higher physical capital intensity of the affiliate is associated with lower ownership shares. These findings are robust to controlling for unobserved heterogeneity across countries, industries, and firms, providing strong support for the unifying theory of multinational firm boundaries.

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  • Kukharskyy, Bohdan, 2020. "A tale of two property rights: Knowledge, physical assets, and multinational firm boundaries," Journal of International Economics, Elsevier, vol. 122(C).
    • Handle: RePEc:eee:inecon:v:122:y:2020:i:c:s0022199619300832
    DOI: 10.1016/j.jinteco.2019.103262
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    3. Peter Eppinger & Hong Ma, 2023. "Optimal Ownership and Firm Performance: An Analysis of China’s FDI Liberalization," CESifo Working Paper Series 10551, CESifo.
    4. Stefano Bolatto & Alireza Naghavi & Gianmarco Ottaviano & Katja Zajc Kejžar, 2023. "Intellectual property and the organization of the global value chain," Economica, London School of Economics and Political Science, vol. 90(359), pages 707-745, July.
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    6. Biancini, Sara & Bombarda, Pamela, 2021. "Intellectual property rights, multinational firms and technology transfers," Journal of Economic Behavior & Organization, Elsevier, vol. 185(C), pages 191-210.
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    8. Gorodnichenko, Yuriy & Kukharskyy, Bohdan & Roland, Gerard, 2024. "Cultural distance, firm boundaries, and global sourcing," Journal of Development Economics, Elsevier, vol. 166(C).
    9. Xie, Dan, 2023. "Tariff cost and cross-border M&A affiliate sales: Evidence from China," Journal of Asian Economics, Elsevier, vol. 87(C).
    10. Abdin, Joynal & Sharma, Abhijit & Trivedi, Rohit & Wang, Chengang, 2024. "Financing constraints, intellectual property rights protection and incremental innovation: Evidence from transition economy firms," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
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    12. Ayerst, Stephen & Ibrahim, Faisal & MacKenzie, Gaelan & Rachapalli, Swapnika, 2023. "Trade and diffusion of embodied technology: an empirical analysis," Journal of Monetary Economics, Elsevier, vol. 137(C), pages 128-145.

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    More about this item

    Keywords

    Multinational firm boundaries; Knowledge dissipation; Hold-up; Intangible assets; IPR protection;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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