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FDI and heterogeneous performance of European enterprises

Author

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  • Valeria Gattai

    (University of Milano-Bicocca, DEMS)

  • Giorgia Sali

    (University of Milano-Bicocca)

Abstract

This paper investigates the link between Foreign Direct Investment (FDI) and performance of European enterprises. Drawing on a large longitudinal database, we introduce a sophisticated taxonomy of FDI that accounts for both the FDI direction—inward versus outward—and the number of FDI. Our estimates suggest that there are systematic performance differences among firms with heterogeneous FDI involvement. Interestingly, firms experiencing some FDI enjoy a superior performance compared with purely domestic enterprises. Moreover, within the FDI class, the deeper the firm’s involvement in FDI, the larger the performance difference with purely domestic enterprises. These results are consistent through several econometric models, performance measures and definitions of FDI; moreover, they are robust to many alternative specifications including firm, industry and country controls.

Suggested Citation

  • Valeria Gattai & Giorgia Sali, 2016. "FDI and heterogeneous performance of European enterprises," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 43(1), pages 25-65, March.
    • Handle: RePEc:spr:epolin:v:43:y:2016:i:1:d:10.1007_s40812-015-0022-5
    DOI: 10.1007/s40812-015-0022-5
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    Keywords

    FDI; Internationalization; Performance; Heterogeneous firms; Europe;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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