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- Divestment cycles in the Portuguese electrical and electronics industry: an historical, multilevel analysis (1975–2015)Publication . Silva, Pedro; Moreira, AntonioThis article deals with the topic of divestment. In the early 1990s, the Portuguese electrical and electronics industry (EEI) attracted high levels of foreign direct investment. This increase in capital flows played an important role in Portugal’s economic development. However, after a period of growth and expansion, divestments became more common and the Portuguese government had to work hard to retain the existing investments. This study adopts a qualitative and historical approach to examine howeconomic and social changes impacted divestments in the EEI between 1975 and 2015, contributing to develop extant theories on divestment. The article helps to understandwhat happened to the Portuguese manufacturing industry and to the EEI in particular, providing valuable lessons on international divestments and production relocations.
- Subsidiary survival: a case study from the Portuguese electronics industryPublication . Silva, Pedro; Moreira, AntonioPurpose – The existing literature suggests that multinational corporations (MNCs) divest subsidiary units whenever they cease to enjoy the advantages of ownership, location or internalization. However, not all MNCs divest under these conditions. This paper aims to explore the factors that contributed to the survival of a particular subsidiary and prevented it from being divested. Design/methodology/approach – The analysis focuses on an individual subsidiary of a large foreign MNC in the electronics industry, which divested other subsidiaries from Portugal. Data were collected using semi-structured interviews. Findings – The subsidiary’s diverse customer base, specificity and high level of efficiency, the local advantages, the existing governmental agreements and the parent MNC’s previous unsuccessful relocation experiences seem to have contributed to the survival of the subsidiary. Research limitations/implications – Although the results of the case study are not generalizable to the entire population of firms, the featured case study is a rare survival success story in the Portuguese electronics industry. Practical implications – The proposed framework may offer public authorities measures to create conditions to encourage firms to retain their investment in a particular site. For corporate strategists, new perspectives on subsidiary survival are provided. Originality/value – This paper is one of the few qualitative studies in the field of subsidiary survival. The results offer an integrative framework on which factors contribute to the survival of a subsidiary located on a comparatively unfavorable labor cost location and support the role of the organizational learning and of previous failed relocation experiences and relocation barriers when a parentMNC decides whether to retain a unit.
- Foreign and multinational ownership impact on firm exit: a sectoral analysisPublication . Silva, Pedro; Moreira, AntonioThis article examines the impact of foreign and multinational ownership on firm exit using a sample of Portuguese firms for the period 2007–2016, with Kaplan–Meier survival functions and a Cox proportional hazard model. The results show that purely domestic firms endure worse survival prospects than multinationals, but this is more related to firm-level variables and not because of the effects of foreignness or multinational ownership. The disaggregated results at a sectoral level provide support for the contingent role of foreignness in very specific sectors of the Portuguese economy.