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This study explores the determinanb of foreign direct invesbaent by analyzing the variation across U S manufacturing indnstdea in the extent of outward foreign direct investment. lbree types of industry rhatncterhties are hypothesized to explain this variation. Empirical support i s found for four sources of ownenhipapedlic advantages favoring foreign direct investment, new technology created k n g h research and development, marketing abilities, organizatkmal techniques and a p i g l m t advanhges. Support is found for the mle of pmdnrtion scale economies in favoring cenb.liption and hindering foreign direct investment. but resnlts suggest only a weak role for trnnsport co& in favoring decentrnlhtlon and foreign direct investment. Rodurn concentration. perhaps reflecting oligopolistic competition, is positively related to foreign direct investment.

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