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This study examines how multinational corporations (MNCs) organize internal ownership of their firm-specific advantages. Firm-specific advantages are the proprietary assets that provide the firm with a competitive advantage. In contrast to the assumption that firm-specific advantages are a public good within the firm, MNCs allocate economic ownership of their firm-specific advantages to affiliates and/or the parent within the firm. The MNC entities that own the firm-specific advantages internally contract or license them to other MNC entities. This study identifies four different ways in which MNCs choose to structure internal ownership of firm-specific advantages. Drawing on property rights theory, it is argued that these structures are important in creating incentives and facilitating coordination within the firm. The results suggest that MNCs with independent and easily codifiable firm-specific advantages, such as trademarks, are more likely to use ownership structures that provide market-like incentives. In contrast, MNCs with knowledge-intensive, tacit firm-specific advantages are more likely to use ownership structures that facilitate knowledge sharing and coordination within the firm.

Property Rights Theory and Ownership of Firm-Specific Advantages: The Implications of Contracting and Licensing within the Multinational Firm