Internal Ownership Structures of U.S. Multinational Firms

Raising Arab Capital: Experirnces of Russian Regions

“…Similarly, when an MNE needs to set up an entity as a vehicle to attract outside financing or as an umbrella entity to house a JV with a third party, where possible, it will aim to do so in a jurisdiction that provides an attractive institutional environment. Lewellen and Robinson (2013). Note: Elements of complexity refer to the elements discussed in section IV.B.1.…”

“…Lewellen and Robinson (2013) find that tax motives feature prominently as determinants of ownership structures. 12 The relevance of international investment treaties, specifically BITs, is also confirmed by Lewellen and Robinson (2013) showing that affiliates located in countries with more extensive investment treaty networks are more likely to be owners. 13 The evidence of the increasing complexity of MNE ownership structures is confirmed by other studies.…”

“…The control-probabilities method for the calculation of corporate boundaries is developed in Rungi et al (2016). 8 Lewellen and Robinson (2013) find that historical coincidence is a statistically significant determinant of ownership complexity. With the database used for the analysis in this chapter it is not possible to fully test this hypothesis (although some observed, overly complex and chaotic ownership structures seem to support it).…”

“…13 The evidence of the increasing complexity of MNE ownership structures is confirmed by other studies. Based on a large sample of United States MNEs, Lewellen and Robinson (2013) document that the average complexity of complex MNEs has been increasing since 1994, although the share of complex MNEs has decreased (the distribution curve has become steeper). This work is particularly relevant to the discussion in this chapter as it explores complexity in the ownership structure of firms' operations abroad.…”

“…La Porta et al (1999); Altomonte and Rungi (2013); Lewellen and Robinson (2013); Altomonte et al (2014). For a literature review, see also Khanna and Yafeh (2007).…”