This paper examines the roles of firm and country characteristics in determining multinationals' choice of foreign direct investment (FDI) type and location. Using Korean firm‐level data, we find that highly productive firms are more likely than their less efficient counterparts to invest in...

We use panel data consisting of 96 countries and covering the period 1960–2000 to investigate the effects of free trade agreements (FTAs) and hub-and-spoke systems of FTAs on exports. Our empirical results imply an annual growth rate of 5.57% in exports, leading to a doubling of exports after...