By Peter J. Buckley, Mark Casson
These papers offer an built-in remedy of the speculation with its purposes for business sectors, areas and overseas company coverage. the speculation is utilized to smaller companies, to co-operative agreements among agencies and to exports within the technique of huge multinational firms.
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Extra resources for The Multinational Enterprise: Theory and Applications
Finally the international business approach has been to attempt to define successful foreign operation and to relate this outcome to the subdecisions going into the investment decision. The following sections investigate these approaches in more detail. Foreign Direct Investment by SmalllMedium Enterprises 27 The Economics of the Firm's Growth The economic theory of the multinational enterprise, drawing on industrial economics, international economics, the theory of finance and the economics of location has integrated and expanded concepts relevant to the growth of the firm (Buckley and Casson, 1976, 1985).
Czinkota and G. Tesar (eds) Export Management: An International Context (New York: Praeger). BUCKLEY. P. J. (1983a) 'A Critical View of Thearies of the Multinational Enterprise' , Aussenwirtschaft, 36, pp. 70--87. Revised version in Buckley and Casson (1985), op. eil. AHARONI. Y. ) The Growth of International Business (London: George Allen & Unwin). BUCKLEY, P. , BERKOVA, z. and NEWBOULD, G. D. (1983) Direct Investment in the UK by Smaller European Firms (London and New York Macmillan and Crane Russak).
Therefore, the risk averse firm is likely, initially at least to underinvest and to begin with a small stake. The small initial investment thus eeonomises on the eosts of investigation and organisation. Third, the proeess has a dynamic of its own. When the firm has a (smalI) successful foreign subsidiary, uncertainty is lower and the costs of search for further profit approximate to zero. The argument thus is that rather than scanning the world for further , possibly more profitable, opportunities, the firm will re-invest in its safe bet - the existing subsidiary.