By Paz Estrella Tolentino, John Dunning
This examines the connection among technological development and outward direct funding from corporations in Asia and Latin the US which has turn into more and more siginificant as those nations advance.
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Extra info for Technological Innovation and Third World Multinationals
Example text
The possession of these assets constitutes an effective barrier to entry to rival firms and renders a temporary monopoly power which yields a monopoly rent over and above the profit rates prevailing in the industry. In analysing the empirical evidence of industrial diversification and internalisation of US manufacturing firms, Wolf (1977) generalised that the important ownership advantages of these firms are those that stem from size and technical know-how. Foreign investment is therefore perceived as a modality for large firms that have a high level of technical expertise to maximise the use of their under-utilised resources.
Bermu da, the Bahamas, the Caribbean Islands, Haiti and other tax haven countries are omitted. Similarly, oil investments from the Middle East are also excluded since these investments are more properly described as portfolio rather than direct investments. By 1989, direct investments from developing countries increased almost twentyfold to a conservative estimate of US $61, 662 million, representing an annual average increase of 23 per cent from the 1975 level. Such an annual average growth rate of outward FDI from developing countries is almost twice as fast as that of developed countries, at 12 per cent.
The model deals with the process by which technologically innovative firms become very significant exporters in the first stage of foreign market servicing and then become outward direct investors at a later stage when locational advantages helped by a strong local currency favour international production. The presence of a strong local currency as a result of a strong export position and overall balance of payments surplus may provide the impetus for the growth of outward direct investment by locally based innovative firms (Cantwell, 1991b).