Multinationality, foreignness and institutional distance in the relation between R&D and productivity |
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| Authors: | Dolores Añón Higón Miguel Manjón Antolín |
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| Institution: | a Applied Economics II & ERI-CES, Universitat de València, Avda. de los Naranjos, s/n, 46022 Valencia, Spain
b QURE-CREIP-Department of Economics, Rovira i Virgili University, Avgda. de la Universitat, 1, 43204 Reus, Spain |
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| Abstract: | This paper empirically examines to what extent being foreign and part of a multinational affects the endogenous relation between R&D and productivity. Our findings indicate that multinationals obtain in general higher R&D returns. Also, there is a negative foreignness effect in that domestic-owned multinationals outperform foreign subsidiaries. However, these effects are somehow moderated by the institutional distance between the home and host countries. These results, obtained for a panel of UK firms, are largely consistent with a set of hypotheses derived from the institutional and international business theories. |
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| Keywords: | C14 D24 F23 |
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