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• W3122873893 abstract "IntroductionLiterature's development on the transnational companies starts from the theories of international trade, where from, in time, theories on foreign direct investments (FDI) and theories on firm internationalization, two interdependent aspects, came apart. Towards the last half of the century, neither the theories of international trade, nor those of foreign direct investments have been sufficient to describe the movements of the merchandise, services and financial flows of large companies. Theories of firm internationalization became more and more parts of international trade theories, a good example in this respect being the theory of competitive advantages that integrates both macroeconomic (the role of the production factors, the demand) and microeconomic approaches (competitors). Firm's internationalization was explained by many theorists (Penrose, 1968; Caves, 1969; Kindleberger, 1971; Hymer, 1976; Dunning, 1980, quoted in Morgan and Katsikeas, 1997) by relating it to the competitive mechanism and firm's behaviour in the circumstances of this mechanism.1. Theories of International TradeClassical theories of international trade, although not considering firm's earnings from free trade, but nation's earnings, constituted a theoretic key start point in the explanation of the internationalisation's rationales.Advantages offered by specialization, explained by the theories of absolute advantage (Adam Smith, 1776) and of comparative advantage (David Ricardo, 1817), and later by the theory of factor endowments, have been taken and adapted for the level of the firm. The theory of absolute advantage brought to the attention for the first time the possibility for a country to produce cheaper a given product than another country. In this case, countries' specialization in the production of goods with smaller costs and the trade of the production surplus was beneficial for both countries. Although it represented a major step in demonstrating the benefits of specialization, Adam Smith's theory could not offer the same perspectives for the countries that did not poses an absolute advantage for any category of products.From this situation, David Ricardo demonstrated that specialization is possible and beneficial even when a country doesn't poses and absolute advantage in the production of any good. Resources' allocation toward those goods that can be obtained cheaper than others and their export can bring benefits to both countries. This was a major demonstration that fundament the theories developed later, regardless of the fact that they confirmed, enriched or contradicted the hypotheses of the comparative advantages theory.At the beginning of the 20th century, two Swedish researchers Ohlin and Hecksher argue that the difference between countries is given by the production factors, and the products are different because of the production factors incorporated. According to the model (Ohlin - Hecksher factor proportion theory), a country holds a comparative advantage and thus will export the product that incorporates the abundant production factors in the respective country. Thus, the more abundant a production factor is, the cheaper it becomes. So, the difference in the production factors is given by the difference in their prices, generating the competitive advantage.Technological developments in the '60-ies and the substantially ample development of multinationals lead the specialists to look for new theoretical fundamentals that explain the complex evolutions of the international trade.The product life cycle theory developed by Vernon in the '60-ies proved to be a good frame of reference for explaining and predicting patterns of international trade, but of multinational companies as well. This can be considered the theory that unifies the development of multinational companies, showing without a doubt that trade flows are linked to the international trade (Morgan and Katsikeas, 1997, p. …" @default.
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• W3122873893 date "2010-12-01" @default.
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• W3122873893 title "From International Trade to Firm Internationalization" @default.
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