Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper proposes one possible determinant of the diversity of experience and behavior of multinational corporations and examines it empirically. The determinant is the “age” of foreign operations or “maturity” of foreign experience. We find empirical support for the proposition that the balance‐of‐payments flows between U.S. manufacturing parents and their foreign affiliates follow a predictable life cycle or sequence. We also find that the lags between “youth” and “full maturity” are perhaps much longer than the existing literature has suggested.