Marín Sanz, Raquel

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First Name
Last Name
Marín Sanz
Universidad Complutense de Madrid
Faculty / Institute
Ciencias Económicas y Empresariales
Análisis Económico y economía cuantitativa
Fundamentos del Análisis Económico
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Now showing 1 - 6 of 6
  • Publication
    FDI entry models, development and technological spillovers
    (Instituto Complutense de Estudios Internacionales, 2011) Álvarez González, Isabel; Marín Sanz, Raquel; Santos Arteaga, Francisco Javier
    Most of the literature related to foreign direct investment in developing countries focuses on the incentives of local producers to incur in the technological development costs required to act as suppliers of multinational companies (MNC). Scarce attention has been paid to the strategic interactions derived from the potential (reciprocal) technological spillovers between local firms and MNC subsidiaries, with the recent exception of the theoretical model by Sanna-Randaccio and Veugelers (2007). Such a void in the literature is justified on the technological differences between MNC and local firms, assuming that both of them produce for totally independent markets under no direct competition conditions. If this were the case, MNC entry modes in underdeveloped countries should be independent of their level of development. We reject such a simplification illustrating empirically how entry modes depend on the development level of a given host country. Besides, this finding is justified with a theoretical proposal that generalizes the Sanna-Randaccio and Veugelers (2007) model. Our extension accounts for all the possible equilibrium scenarios jointly defined by the strategies of both the MNC and the local firms, which allows us to consider the equilibria ignored in a partial analysis and to provide a general equilibrium explanation for the evidence presented.
  • Publication
    FDI and world heterogeneities: The role of absorptive capacities
    (Instituto Complutense de Estudios Internacionales (ICEI), 2008) Álvarez González, Isabel; Marín Sanz, Raquel
    It is generally agreed that foreign direct investment (FDI) flows can contribute to the local upgrading of host economies, whereas the diverse technological strategies of multinational companies (MNCs) can determine the existence and size of spillover effects. When considering FDI entry modes, merger and acquisitions (M&As) reveal a higher level of interaction with local productive systems than general FDI. Accordingly, their impacts may differ depending on the development level of countries and on the characteristics of national systems. Our aim is to exam the relative importance of local determinants explaining different choices of FDI entry. We explore both the strengths of the traditional explanation of FDI flows as well as the relevance of institutional stability and consolidation of national absorptive capabilities; the latter are considered key features of national systems. Our findings confirm that the factors at a country level affecting general FDI differ from those concerning cross-border M&As and support the need to investigate new drivers for attraction of FDI. Structural factors explain better the behaviour of FDI, whereas the factors of national systems of innovation are more closely correlated with the cross-border M&As trend. Finally, although international inequalities persist when both developed and developing countries are considered, it is interesting to note the importance of the heterogeneity that characterises the developing world as a topic for further research.
  • Publication
    The role of networking in the competitiveness profile of Spanish firms.
    (ICEI, 2005) Álvarez González, Isabel; Fonfría Mesa, Antonio; Marín Sanz, Raquel
    Two main forces coincide nowadays in the characterisation of productive systems. On the one hand, the internationalisation of markets and economic activities has resulted in an increasing competition worldwide and a new and more global division of labour. On the other, the greater complexity of technology makes innovation a key factor in manufacturing firms’ competitiveness. Cooperative network relationships seem to be important in both processes. This paper aims to explore this aspect in the competitiveness behaviour of four Spanish manufacturing industries: food, chemicals, electronics and vehicles. Data has been obtained from a survey conducted specifically for this purpose at the firm level. Findings from the empirical analysis, based on the application of the Polytomus Logit Universal Model (PLUM), confirm the positive effects of the ability to network on company performance, particularly, intra-firm cooperation, cooperation between competitors and user-producer relationships.
  • Publication
    R&D internationalization and the strategic relevance of the institutional framework in host locations
    (Inderscience, 2016-11-28) Álvarez González, Isabel; Marín Sanz, Raquel; Santos Arteaga, Francisco Javier
    The configuration of host national systems of innovation and the technological international networks established by multinational enterprises (MNE) can become key aspects for the internationalisation decision that may also concern knowledge related activities such as R&D. Through the combination of a theoretical model and empirical analysis, this paper shows to what extent institutional quality becomes a determinant factor for the attraction of foreign R&D activities, these latter being conditioned by the technological and productive capabilities of local contexts and the competitive pressures MNE face in foreign countries. Our contribution is a step further in the explanatory framework of R&D internationalisation and also provides new insights about what are the key reinforcement mechanisms for the attraction of new knowledge intensive investments.
  • Publication
    Foreign Direct Investment Entry Modes, Development and Technological Spillovers
    (Blackwell Publishing Ltd, 2015-09) Álvarez González, Isabel; Marín Sanz, Raquel; Santos Arteaga, Francisco Javier
    This paper illustrates how wholly owned entry modes of multinational companies (MNCs) are jointly determined by both the strategic objectives of the MNC and the local firms’ assets in the creation of value. In particular, the entry mode chosen is based on the potential reciprocal technological spillovers between local firms and MNC subsidiaries. M&As are preferred when host countries exhibit a certain level of development in their local systems of innovation, especially for technologically leading MNCs. Otherwise, for technological laggard MNCs, greenfield investments prevail and M&As may be carried out for meeting demand motives in developing local systems of innovation.
  • Publication
    Internal and external factors of competitiveness in the middle-income countries
    (Instituto Complutense de Estudios Internacionales, 2009-11) Álvarez González, Isabel; Marín Sanz, Raquel; Maldonado, Georgina
    En el diverso grupo de países de renta media (PRM) se integra un conjunto de economías con un comportamiento exportador de bienes intensivos en tecnología que sobresale respecto al promedio del grupo. Una de las explicaciones de ese resultado estaría en la diferencia de capacidades tecnológicas nacionales, entendiendo éstas como un factor condicionante de la dinámica productiva y comercial que genera ganancias de competitividad. También los efectos que generan los flujos de comercio y de inversión directa (IDE) en estas economías en las que las empresas extranjeras han participado en la industrialización y modernización de su estructura productiva, formarían parte de la explicación. Por ello, en este trabajo analizamos las posibilidades de integración de los PRM en los dinámicos mercados de alta tecnología, a partir de la interacción que se define entre el papel de la IDE y la habilidad de absorción y creación de tecnología. Nuestro trabajo empírico trata de detectar la importancia relativa de factores internos y externos en las mejoras de competitividad internacional de estos países en desarrollo, haciendo uso de un panel de datos en el período comprendido entre 1998 y 2005.