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other similar domestic firms both in terms of total employment and total factorproductivity.The effect on performance variables is very heterogeneous, depending on thecountry of destination of the investment and the sector in which the firm operates.We find positive gains for new MNEs investing in advanced economies in all the sizevariables considered (turnover, value added, employment and capital). This groupof firms also shows a negative differential in the growth rate of capital per worker,even if growth in the number of workers and capital is stronger. This could signala reorganization of production factors in the parent company in favor of the laborinput. In particular, the positive effects on employment are essentially explained bydevelopments in the white collar component. However, on average, and regardlessof the country of location, we do not find negative effects even on the employmentof blue collar workers. The aggregate gains in total factor productivity are mainlydriven by new multinationals operating in specialized and high-tech sectors.24