INCERTIDUMBRE EXTERNA Y ELECCIÓN DEL MODO DE ENTRADA EN EL MARCO DE LA INVERSIÓN DIRECTA EN EL EXTERIOR

El presente trabajo analiza el efecto de la incertidumbre externa sobre la eleccion del modo de entrada en el marco de los procesos de inversion directa en el exterior. En concreto, se diferencia entre la incertidumbre procedente del entorno informal (distancia cultural) y del entorno formal (riesgo politico) del pais receptor y se analiza la potencial existencia de un efecto moderador/potenciador de una de estas variables sobre la otra al analizar la influencia de ambas sobre tal eleccion. Al objeto de contrastar empiricamente la existencia de dicho efecto se utiliza una muestra de inversiones realizadas por empresas espanolas. Adicionalmente, y al objeto de contrastar la validez de la medida de distancia cultural tradicionalmente utilizada en la literatura, se consideran otras medidas alternativas, como la distancia euclidea de cada dimension individual o las dimensiones identificadas y medidas en el marco de un reciente proyecto de investigacion multinacional denominado GLOBE.

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