Publications

Chinese and Indian Multinationals: A Firm-level Analysis of their Investments in Europe

15 - 11 - 2015 in Featured Publications, Journal Articles Tags: China, FDI, India, MNEs

Global Economic Review, 44, 4: 452-469

This article is co-authored with Vito Amendolagine and Claudio Cozza

We study Chinese and Indian multinationals investing in Europe investigating their identity, their characteristics and the association between their features and their international strategies. In relation to the mode of entry, we find that greenfield investments are a more likely option for large-sized companies. Moreover a high propensity for innovation is associated with a high probability to enter with an acquisition and with technological asset-seeking investments.

Is Co-Invention Expediting Technological Catch Up? A Study of Collaboration between Emerging Country Firms and EU Inventors

7 - 10 - 2015 in Featured Publications, Journal Articles Tags: Brazil, Catch up, China, India, Innovation, Patents

World Development 77, 16: 192-205

The article is co-authored with Elisa Giuliani and Arianna Martinelli

Growing internationalization constitutes an opportunity for technological catch up. In this paper we analyze Brazilian, Indian, and Chinese cross-border inventions with EU-27 inventors. Our results suggest that these inventions represent an opportunity for emerging country firms to accumulate technological capabilities, access frontier knowledge, and appropriate the property rights of co-inventions.

The impact of outward FDI on the performance of Chinese Firms

7 - 09 - 2015 in Featured Publications, Journal Articles, Publications Tags: China, Emerging Countries, FDI

China Economic Review 36, December, 42-57

The article is co-authored with Claudio Cozza and Marco Sanfilippo

This paper investigates the effects on Chinese firms of Outward FDI into advanced European countries. The results provide robust evidence supporting the view that China‟s OFDI so far have had a positive impact on domestic activities in enhancing firms‟ productivity and scales of operation, measured by sales and employment. Featured in The Economist, September 12th 2015.

Local innovation and global value chains in developing countries

16 - 07 - 2015 in Featured Publications, Publications, Working Papers Tags: Global Value Chain, Innovation, Local Development

UNU-MERIT Working Papers #2015-022

with Valentina De Marchi and Elisa Giuliani

This working paper is part of a collaborative research effort of UNIDO and UNU‐MERIT. It has been commissioned as a background paper for the UNIDO Industrial Development Report 2016. In this study we undertake a systematic review of the literature on GVCs in developing countries to investigate if and how innovation has been undertaken at the local level.

Multinational enterprises from emerging economies: what theories suggest, what evidence shows. A literature review

29 - 04 - 2015 in Featured Publications, Journal Articles, Publications Tags: Emerging Countries, FDI, MNEs

Economia e Politica Industriale 42:3, 343-370

The article is co-authored with Alessia Amighini, Claudio Cozza, Elisa Giuliani and Vittoria Scalera

The phenomenon of Emerging Economy Multinational Enterprises (EMNEs) and their internationalization process have sparked the debate over the appropriateness of International Business theories to study EMNEs’ internationalization processes. The literature has extensively investigated what distinguishes EMNEs from Advanced Country Multinational Enterprises (AMNEs). This review summarizes and discusses some of the issues that have mostly attracted scholarly debate in this research area.

The Location Strategies of Multinationals from Emerging Countries in the EU Regions

7 - 03 - 2015 in Featured Publications, Publications, Working Papers Tags: China, Emerging Countries, Europe, FDI, India, MNEs

UNU-MERIT Working Papers #2015-009

with Riccardo Crescenzi and Carlo Pietrobelli

This paper looks at the location choices of MNEs in the European Union (EU-25) regions and unveils that EMNEs follow distinctive location strategies. Their attraction into large regional markets is similar to AMNEs as well as their irresponsiveness to efficiency seeking motives. Conversely, the most knowledge-intensive investments respond mainly to strategic assets and the agglomeration of foreign investments in the same business functions.

Proximity and Scientific Collaboration: Evidence from the Global Wine Industry

1 - 03 - 2015 in Featured Publications, Journal Articles, Publications Tags: Catch up, Emerging Countries, Wine industry

Tijdschrift voor economische en sociale geografie 106, 2: 205-219.

The article is co-authored with Lorenzo Cassi and Andrea Morrison.

Scientometric studies provide a good way of understanding why and how international research collaboration occurs. Our study investigates patterns of international scientific collaboration in wine related research. We test a gravity model that accounts for geographical, cultural, commercial, technological, structural and institutional differences among a group of Old World (OW) and New World (NW) producers and consumers. Our findings confirm the problems imposed by geographical and technological distance on international research collaboration.

Chinese and Indian Multinationals: A Firm-Level Analysis of their Investments in Europe

20 - 12 - 2014 in Featured Publications, Working Papers Tags: China, Emerging Countries, FDI, India

Papers in Innovation Studies #27 CIRCLE – Lund University

with Vito Amendolagine and Claudio Cozza

In this paper we undertake an empirical analysis of Chinese and Indian FDIs in Europe to investigate their identity and characteristics and the association between these features and their international business strategies. We exploit a dataset at the level of the investing firms. In relation to mode of entry, we find that the greenfield is a more likely option for large-sized companies, and that weak propensity for innovation is associated with a low probability to enter through a merger or acquisition. A high propensity for innovation is related to asset-seeking FDI, while high profitability is needed to invest in the core EU countries.

The impact of outward FDI on the performance of Chinese multinationals

4 - 12 - 2014 in Featured Publications, Working Papers Tags: China, Emerging Countries, FDI

BOFIT Discussion Papers 24 • 2014

with Claudio Cozza and Marco Sanfilippo

Using a new firm-level database, EMENDATA, this paper investigates the effects on Chinese multinational enterprises of Outward FDI (OFDI) into advanced European countries. Propensity score matching is combined with a difference-in-difference estimator to reduce the problems of self-selection of treated firms in foreign markets. The results provide robust evidence in support of the view that China’s OFDI had so far a positive impact on domestic activities in enhancing firms’ productivity and scales of operation.

Investigating Chinese Outward Foreign Direct Investments: How Can Firm-level Data Help?

18 - 11 - 2014 in Featured Publications, Journal Articles, Publications Tags: China, Emerging Countries, FDI

China and the World Economy, 22, 6: 44-63

The article is written in collaboration with Alessia Amighini, Claudio Cozza and Marco Sanfilippo.

The empirical literature on China’s outward foreign direct investment mainly relies on aggregate data from official statistics, but the reliability of such data is currently a matter of concern because it does not take account of relevant features such as industry breakdown, ownership structure and entry mode. A novel firm-level database, EMENDATA, compiled by matching data from several available sources on various types of cross-border deals and including information on group structure, provides a more accurate picture and enables new empirical analyses of the rapidly increasing presence of Chinese companies abroad.

Is Co-Invention Expediting Technological Catch Up? A Study of Collaboration between Emerging Country Firms and EU inventors

9 - 11 - 2014 in Publications, Working Papers Tags: Catch up, Emerging Countries, Innovation, Patents

Papers in Innovation Studies #25 CIRCLE – Lund University

with Elisa Giuliani and Arianna Martinelli

Firms from emerging countries such as Brazil, India, and China (BIC) are going global, and Europe is attracting around one-third of their direct outward investments. Growing internationalization constitutes an opportunity for technological catch up. In this paper we analyze BIC firms’ cross-border inventions with European Union (EU-27) actors, during the period 1990-2012. Our results suggest that cross-border inventions represent an opportunity for BIC firms to accumulate technological capabilities, access frontier knowledge, and appropriate the property rights of co-inventions.

Is access to credit a constraint for Latin America enterprises? An empirical analysis with firm-level data

9 - 11 - 2014 in Publications, Working Papers Tags: Access to credit, Credit, Latin America, Small and Medium Enterprises

MOFiR WP #101

With Andrea Presbitero

An intense process of deregulation and financial liberalization in Latin America has increased competitive pressures and led to bank restructuring and consolidation. This paper looks at firm access to credit in the region, focusing on the role of credit market structure. Using firm-level data from theWorld Bank Enterprise Survey, we find that access to bank credit is very heterogeneous. On average, smaller and less productive firms are less likely to apply for credit and more likely to be financially constrained.

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