摘要：This paper investigates the effects of recent foreign capital divestment observed over a variety of economic activities in the Spanish economy. A lower participation of foreign firms in total gross value added that could possibly be affecting income annual growth is detected since mid 1990s, and in particular from 1999 onwards. When determinants of relative value added are explored, the participation of foreign firms appears to decline as foreign firms’ advantages over national ones are reduced in terms of capital per worker, size, ordinary profitability of net assets and know how.
