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Wiley InterScience | ||
  World EconomyVolume 31 Issue 8, Pages 969 - 992 Published Online: 21 Aug 2008 Journal compilation © 2010 Blackwell Publishing Ltd
Abstract | References | Full Text: HTML, PDF (Size: 325K) | Related Articles | Citation Tracking  A Tale of Three Countries: Italian, Spanish and Swiss Manufacturing Operations in China The author is grateful to Luisella Balestra, Carlo Filippini, Andrea Fosfuri, Gianmarco Ottaviano, Stefan Francini and Sara Ugolini, for insightful discussions and assistance in data collection, while the helpful comments of an anonymous referee greatly improved the quality and readability of the paper. This research is part of the project 'FDI and Internalisation in Asia: Evidence from Italy and Spain'. Financial support from Bocconi University (Ricerca di Base) is gratefully acknowledged. All remaining errors are the author's own. Copyright Journal compilation © 2008 Blackwell Publishing Ltd ABSTRACTIn this paper, the choice of joint venture versus wholly foreign-owned enterprise (WFOE), made by Italian, Spanish and Swiss multinationals in China, as shaped by the risk of dissipation of intangible assets, is investigated. Probit estimates, based on an entirely new firm-level dataset, constructed by the author, show that WFOE is more likely to emerge when know-how easily spills over – namely for firms endowed with more intangible assets or belonging to high-tech sectors – in line with the theoretical expectations. |
