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Discussion Paper Details

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Title: Determinants of Ownership Structure: A Comparative Analysis of Multinational Firms' Preferences in Greece and Portugal

Author(s): Nat�lia M C Barbosa and Eleni Louri-Dendrinou

Publication Date: January 2000

Keyword(s): Multinationals and Ownership Structure

Programme Area(s): International Trade and Regional Economics

Abstract: The aim of the paper is to examine the determinants of the ownership choice (full, majority, minority) of manufacturing MNFs established in Greece and Portugal in the 1990s. FDI observations in the two countries underline differences between them in terms of relative FDI size and industry as well as ownership preferences. Transaction cost arguments together with bargaining power considerations provide the theoretical basis for the econometric model which uses multinomial logit analysis applied on 363 and 469 MNFs in Greece and Portugal. The estimations contribute to a better understanding of such differences, showing that location and industry characteristics through their effect on risk-adjusted expected profits influence ownership decisions.

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Bibliographic Reference

Barbosa, N and Louri-Dendrinou, E. 2000. 'Determinants of Ownership Structure: A Comparative Analysis of Multinational Firms' Preferences in Greece and Portugal'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=2347