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We explore the link between uncertainty in economic policy, firm-level FDI, and firm hedging behavior -building upon a newspaper-based index of economic policy uncertainty (EPU). We find that the relative difference in EPU between home and host country has a significant relationship with FDI. Firms increase their FDI level in countries, which have a low level of EPU relative to their home country. In addition, firms use derivatives more intensively in response to an increase in EPU. Interestingly, the link between EPU and corporate derivatives use varies according to the type of firm. Domestic MNCs make the most effective use of derivatives to hedge against EPU exposure. Journal of International Business Studies (2018) 49, 96-126.

This paper documents the ways in which overseas R&D in MNEs now plays roles in what are innovative new approaches to innovation itself. Networks of laboratories are seen as supporting both the short‐term and long‐term competitive evolution of the MNE group's globally‐effective product innovation. In terms of the immediate commercial application of new products for global markets it is argued that product development labs work within creative overseas subsidiaries in MNEs. These aim to derive variants of the new product that fully meet the distinctive needs of each key regional market. Another separate network of decentralised MNE labs carry out precompetitive (basic or applied) research, embodying particular areas of technological comparative advantage of their host countries. This network of labs therefore provides inputs into a centrally‐articulated programme whose objective is to provide the basis of the longer‐term technological evolution of the MNE, by upgrading the core knowledge from which future generations of innovative products can emerge.

This paper explores the strategic internationalisation of Research & Development activities of the world's 100 th largest food and beverages multinationals in 1996 and 2000 with a sample of nearly 8,000affiliates for each period. We focus on the overlying structures of R&D control and management implemented by these companies. We approach the internationalisation process using a typology developed and expanded in earlier studies, and investigate the role of the R&D oriented subsidiaries according to the internal resources of the company as well as the mandate of the subsidiary. Our results show trends towards the centralisation of these activities in a few locations within the Triad. Moreover, these mechanisms of control are heavily centralised in home-countries, much more so than the rest of the multinational network.We find indications that the geographic patterns of these mechanisms differ from those of the traditional labs of the same firms which are much more decentralised. The propensity to implement technological affiliates seems to relate to the home-country and is especially evident in Japanese food and beverage multinationals.Highly internationalised firms need to organise their R&D activities through specialised affiliates which centralise and direct the innovative activities of the company. Firms less internationalised, however, would need to implement this type of arrangement when they are very innovative. A large size and great product diversification do not seem to especially induce firms to establish these mechanisms of R&D control and management. Furthermore, the level of company's country spread is not a good predictor of the launching of technological affiliates specialising in product adaptation.