... power while vertical FDI model had little explanatory power. Foreign direct investment Knowledge-and-physical-capital model Horizontal FDI Vertical FDI Emerging multinationals Poisson-pseudo maximum likelihood estimation technique F-23 The last decades have witnessed an upsurge...

... a growth in emerging multinational enterprises (EMNEs), firms from emerging economies that are increasingly investing in both developed and developing countries. The current value of the total outward FDI stock contributed by EMNEs is over $1 trillion. Compared to developed country multinational...