Multinazionalità e sopravvivenza delle imprese: un’analisi del settore manifatturiero italiano

The aim of this paper is to investigate whether and how the multinational status and foreign ownership of firms impact on Italian manufacturing firms. To this end, we carry out the analysis of firm survival distinguishing between foreign multinationals , domestic multinationals and domestic non-multinational firms . The empirical analysis carried out over the period 2004-2008 is based on a Kaplan-Meyer survival estimator and on a Cox proportional hazard model, controlling for several firm and industry specific covariates which may impact on survival. Our findings reveal that manufacturing firms owned by foreign multinationals are more likely to exit the market than both Italian multinationals and domestic non-multinational firms. However, when we split our sample according the degree of technological intensity, we found that the footloose nature of foreign multinationals is stronger into the less dynamic industries.