@techreport{NBERw9252,
 title = "Firm-Specific Resources, Financial-Market Development and the Growth of U.S. Multinationals",
 author = "Susan Feinberg and Gordon Phillips",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "9252",
 year = "2002",
 month = "October",
 URL = "http://www.nber.org/papers/w9252",
 abstract = {We study the resource allocation decisions of U.S. multinational corporations (MNCs). We examine how established MNCs grow across countries and how firm-specific resources and host country financial-market development influence MNC growth. We find evidence of intra-firm trade-offs to growth in MNCs that have limited organizational capital and high R&D, and MNCs with low external and internal financing. In countries with less developed capital markets, we find significant within-MNC trade-offs to growth between affiliates and their U.S. parents. These trade-offs diminish over time as local capital markets develop. Our evidence indicates that access to financing and organizational capital are important resources for MNC affiliate growth.},
}