Exploring new markets : direct investment, contractual relations and the multinational enterprise / Horstmann, Ignatius J. Horstmann, James R.Markusen.
Tipo de material: TextoSeries Working paper series ; no. 5029Detalles de publicación: Cambridge, Mass. : National Bureau of Economic Research, 1995Descripción: 33 p. : ilTema(s): Clasificación CDD:- 332.673 21
Tipo de ítem | Biblioteca actual | Signatura topográfica | URL | Estado | Fecha de vencimiento | Código de barras | |
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Documento | Biblioteca Manuel Belgrano | F 332.673 H 17737 F (Navegar estantería(Abre debajo)) | Enlace al recurso | Disponible | 17737 F |
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We consider the multinational firm's decision on whether to enter a new market immediately via direct investment or to contract initially with a local agent and (possibly) invest later. Use of a local agent allows the multinational to avoid costly mistakes by finding out if the market is large enough to support direct investment. However, the agent is able to extract information rents from the multinational due to being better informed about market characteristics. We find that direct investment is the desirable mode of entry when the market is on average large and there is little down- side risk in expected profits.
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