Greenfield vs. Acquisition: The Choice of Taiwanese Multinationals

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This paper conducts an empirical investigation into the determinants of foreign direct investment(FDI)entry mode choice. Probit model with sample selection is used to correct for selection bias. Empirical evidence from a firm-level dataset on Taiwanese manufacturing firms indicates that multinational firms tend to invest into a country with higher technology or larger culture difference from Taiwan via cross-border M&A strategy. Our empirical results also reveal that a firm’s scale, technology capacity and international experience seem to play an important role in the explanation of M&A and greenfield FDI.

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