Internationalization strategies of multi‐product firms: The role of technology
本文基于新发现的事实，构建理论模型分析多产品企业如何选择出口或对外直接投资，发现高生产率企业通过对外直接投资销售核心产品，而中等生产率产品则选择出口。
Abstract High‐performance firms typically have two features in common: (i) they produce in more than one country and (ii) they produce more than one product. In this paper, we analyze the internationalization strategies of multi‐product firms. Guided by several new stylized facts, we develop a theoretical model to determine optimal modes of market access at the firm–product level. We find that the most productive firms sell core varieties via foreign direct investment and export products with intermediate productivity. Shocks to trade costs and technology affect the endogenous decision to export or produce abroad at the product‐level and, in turn, the relative productivity between parents and affiliates.