Multinationals and the globalization of R&D |
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| Institution: | 1. School of Economics, GEP, University of Nottingham, University Park, Nottingham NG7 2RD, United Kingdom;2. Ruhr-University Bochum, Faculty of Management and Economics, Chair of Finance and Economic Policy, 44801 Bochum, Germany;3. School of Economics, GEP and CESIfo, University of Nottingham, University Park, Nottingham NG7 2RD, United Kingdom;1. Rotman School of Management, University of Toronto, Toronto, ON, Canada;2. NBER, United States;1. Newcastle University Business School, 5 Barrack Road, Newcastle upon Tyne, NE1 4SE, UK;2. Amsterdam School of Economics, University of Amsterdam, Amsterdam, The Netherlands;1. Florence School of Economics and Management, University of Florence, Via delle Pandette 32, D6-215, Firenze, Italia 50127, Italy;2. Charles River Associates, London, UK |
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| Abstract: | In this paper we consider how the location, organization and output of knowledge production evolve within domestic firms following acquisition-FDI in order to understand the aggregate effect on an index of domestically produced innovations. We find strong differences according to how close the acquiring MNE is to the technologically frontier. Frontier MNEs are more likely to close R&D activities in acquired affiliates, but when they are retained they expand employment of high-skilled R&D workers and transfer R&D knowledge. Non-frontier MNEs make fewer changes to R&D. Overall the effect of acquisition-FDI on the domestic innovation index is positive. |
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