Featured Publications

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

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

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.

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Proximity and Scientific Collaboration: Evidence from the Global Wine Industry

Proximity and Scientific Collaboration: Evidence from the Global 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.

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

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

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.

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The impact of outward FDI on the performance of Chinese multinationals

The impact of outward FDI on the performance of Chinese multinationals

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.

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

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

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.

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Barking up the wrong tree? Measuring gender gaps in firms’ access to finance

Barking up the wrong tree? Measuring gender gaps in firms’ access to finance

Journal of Development Studies, 50, 10, 1430-1444

The article is written in collaboration with Andrea Presbitero and Claudia Piras.

The literature on gender-based discrimination in credit markets is recently expanding but the results are not yet definitive. This paper exploits a new dataset on Barbados, Jamaica and Trinidad and Tobago and finds that more precise measures of the gender composition of the firm show that women-led businesses are more likely to be financially constrained than other comparable firms.

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Emerging-market MNEs investing in Europe. A typology of subsidiary global–local connections

Emerging-market MNEs investing in Europe. A typology of subsidiary global–local connections

International Business Review, 23(4): 680-691

The article is co-authored with Elisa Giuliani, Sara Gorgoni and Cristina Guenther.

It empirically investigates how subsidiaries of multinationals from both emerging (EMNEs) and advanced (AMNEs) economies investing in Europe learn from the local context and contribute to it as much as they benefit from it. To explore this we classify the behavior of MNE subsidiaries into different typologies on the basis of how knowledge is transferred within the multinational and on the nature of the local innovative connections. The empirical analysis relies on an entirely new, subsidiary-level dataset in the industrial machinery sector in Italy and Germany. Results show that EMNEs and AMNEs undertake different strategies for tapping into local knowledge and for transferring it within the company. We identify a new typology of EMNE subsidiary that contributes through its significant local innovative efforts to development processes in the host country. This result suggests possible win-win situations from which novel policy implications may be drawn.

The article has been reviewed in the Rising Powers Blog.

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