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Table 11: Ex-post effects of investing abroad: PSM-DiDTurnoverValueEmployment CapitalVA CapitalTFPadded per worker per workert*-1 -0.004 0 0.007 0.006 -0.007 -0.001 -0.006(0.009) (0.013) (0.009) (0.015) (0.013) (0.016) (0.012)treated 330 330 330 330 330 330 330control 7399 7399 7399 7399 7399 7399 7399t*+1 0.054*** 0.064*** 0.03*** 0.016 0.034*** -0.013 0.039***(0.011) (0.013) (0.007) (0.011) (0.011) (0.012) (0.011)treated 330 330 330 330 330 330 330control 7399 7399 7399 7399 7399 7399 7399t*+3 0.028*** 0.039*** 0.022*** 0.014** 0.017*** -0.008 0.021***(0.005) (0.007) (0.004) (0.007) (0.005) (0.006) (0.005)treated 330 330 330 330 330 330 330control 7399 7399 7399 7399 7399 7399 7399t*+5 0.025*** 0.033*** 0.021*** 0.013** 0.012** -0.008* 0.016***(0.005) (0.006) (0.004) (0.005) (0.005) (0.005) (0.005)treated 330 330 330 330 330 330 330control 7399 7399 7399 7399 7399 7399 7399Dependent variables are average yearly growth rates. Bootstrapped standard errors in parentheses. *: p
Table 12: Ex-post effects of investing abroad: PSM-DiD, robustness checkTurnoverValueEmployment CapitalVA CapitalTFPadded per worker per workert*-3 0.004 0.003 0.005 0.003 -0.003 -0.002 -0.001(0.008) (0.01) (0.007) (0.009) (0.006) (0.011) (0.006)treated 257 257 257 257 257 257 257control 5766 5766 5766 5766 5766 5766 5766t*-1 0.007 0.011 0.013 0.005 -0.003 -0.008 0.002(0.011) (0.015) (0.01) (0.015) (0.013) (0.016) (0.014)treated 257 257 257 257 257 257 257control 5766 5766 5766 5766 5766 5766 5766t*+1 0.044*** 0.056*** 0.024*** 0.025** 0.033** 0.002 0.034**(0.014) (0.017) (0.008) (0.012) (0.014) (0.013) (0.015)treated 257 257 257 257 257 257 257control 5766 5766 5766 5766 5766 5766 5766t*+3 0.03*** 0.045*** 0.022*** 0.015** 0.022*** -0.007 0.025***(0.007) (0.01) (0.005) (0.007) (0.007) (0.008) (0.008)treated 257 257 257 257 257 257 257control 5766 5766 5766 5766 5766 5766 5766t*+5 0.025*** 0.036*** 0.02*** 0.014** 0.016*** -0.007 0.019***(0.006) (0.006) (0.004) (0.005) (0.005) (0.006) (0.005)treated 257 257 257 257 257 257 257control 5766 5766 5766 5766 5766 5766 5766Dependent variables are average yearly growth rates. Bootstrapped standard errors in parentheses. *: p
Page 1: Temi di Discussione(Working Papers)
Page 4 and 5: The purpose of the Temi di discussi
Page 7 and 8: 1 Introduction 1Multinational enter
Page 9 and 10: From a theoretical standpoint, the
Page 11 and 12: approach, foreign investment may be
Page 13 and 14: assets from balance sheet data are
Page 15 and 16: espect to non-MNEs is around 16% in
Page 17 and 18: investment t ∗ .Some theoretical
Page 19 and 20: on firm performance.The rationale o
Page 21 and 22: present significant differences in
Page 23 and 24: tween new-MNEs and domestic firms i
Page 25 and 26: 5 ConclusionsOver the last two deca
Page 27 and 28: ReferencesAckerberg, D., C.L. Benka
Page 29 and 30: Dunning, J. H. (1981) International
Page 31 and 32: Lizal, L. and K. Galuscak (2012)
Page 33 and 34: Tables and figuresTable 1: Correlat
Page 35 and 36: Table 7: Premia evolution over time
Page 37 and 38: Figure 1: TFP (log of) distribution
Page 39 and 40: Figure 3: Cumulative TFP (log of) d
Page 41: Table 10: Balancing test: pre and p
Page 45 and 46: Table 15: Ex-post effects of invest
Page 47 and 48: Table 19: Ex-post effects of invest
Page 49 and 50: ATFP estimationWe start from a (log
Page 51 and 52: ues do not appear very realistic, a
Page 53 and 54: Table A2: Production function estim
Page 55 and 56: BPropensity score matching with dif
Page 57 and 58: RECENTLY PUBLISHED “TEMI” (*)N.
Page 59 and 60: 2013A. MERCATANTI, A likelihood-bas
Page 61: R. DE BONIS and A. SILVESTRINI, The

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