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Table 13: Ex-post effects on TFP of investing abroad: PSM-DiDWLP WLP-M LP ACF GNRt*-1 -0.006 0 0.002 0.004 -0.003(0.012) (0.014) (0.016) (0.017) (0.008)treated 330 332 330 326 330control 7399 7159 7136 6885 7130t*+1 0.039*** 0.033** 0.039*** 0.031*** 0.012(0.011) (0.014) (0.011) (0.012) (0.008)treated 330 332 330 326 330control 7399 7159 7136 6885 7130t*+3 0.021*** 0.025*** 0.023*** 0.018** 0.006*(0.005) (0.008) (0.006) (0.008) (0.004)treated 330 332 330 326 330control 7399 7159 7136 6885 7130t*+5 0.016*** 0.019*** 0.016*** 0.014*** 0.005**(0.005) (0.006) (0.004) (0.005) (0.002)treated 330 332 330 326 330control 7399 7159 7136 6885 7130Dependent variables are average yearly growth rates. WLP: Wooldridge(2009); WLP-M: Wooldridge (2009) with omitted price bias correction; LP:Levinsohn and Petrin (2003); ACF: Ackerberg et al. (2006); GNR: Gandhiet al. (2012). Bootstrapped standard errors in parentheses. *: p
Table 15: Ex-post effects of investing abroad, developing countries onlyTurnoverValueEmployment CapitalVA CapitalAdded per worker per workerTFPt*-1 0.008 -0.013 -0.003 0.023 -0.011 0.026 -0.016(0.025) (0.034) (0.018) (0.02) (0.03) (0.026) (0.031)treated 89 89 89 89 89 89 89control 2946 2946 2946 2946 2946 2946 2946t*+1 0.003 0.003 -0.001 0.044 0.004 0.045* -0.002(0.019) (0.022) (0.013) (0.027) (0.021) (0.025) (0.02)treated 89 89 89 89 89 89 89control 2946 2946 2946 2946 2946 2946 2946t*+3 -0.006 0.012 0.005 0.028** 0.007 0.023* 0.004(0.011) (0.015) (0.008) (0.014) (0.013) (0.013) (0.013)treated 89 89 89 89 89 89 89control 2946 2946 2946 2946 2946 2946 2946t*+5 0.005 0.02* 0.012* 0.018* 0.008 0.006 0.009(0.008) (0.012) (0.007) (0.01) (0.011) (0.009) (0.011)treated 89 89 89 89 89 89 89control 2946 2946 2946 2946 2946 2946 2946Dependent variables are average yearly growth rates. TFP is estimated using the Wooldridge (2009)methodology. 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 and 42: Table 10: Balancing test: pre and p
Page 43: Table 12: 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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