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Determinants of Ownership Structure: A Comparative Analysis of Multinational Firms' Preferences in Greece and Portugal

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  • Louri-Dendrinou, Eleni
  • Barbosa, Natália M C

Abstract

The aim of the paper is to examine the determinants of the ownership choice (full, majority, minority) of manufacturing MNFs established in Greece and Portugal in the 1990s. FDI observations in the two countries underline differences between them in terms of relative FDI size and industry as well as ownership preferences. Transaction cost arguments together with bargaining power considerations provide the theoretical basis for the econometric model which uses multinomial logit analysis applied on 363 and 469 MNFs in Greece and Portugal. The estimations contribute to a better understanding of such differences, showing that location and industry characteristics through their effect on risk-adjusted expected profits influence ownership decisions.

Suggested Citation

  • Louri-Dendrinou, Eleni & Barbosa, Natália M C, 2000. "Determinants of Ownership Structure: A Comparative Analysis of Multinational Firms' Preferences in Greece and Portugal," CEPR Discussion Papers 2347, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:2347
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    Cited by:

    1. Ari Kokko & Tran Toan Thang, 2014. "Foreign Direct Investment and the Survival of Domestic Private Firms in Viet Nam," Asian Development Review, MIT Press, vol. 31(1), pages 53-91, March.

    More about this item

    Keywords

    Multinationals; Ownership structure;

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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