FOREIGN direct investment which I shall associate with the multinational corporation varies greatly in its prominence from country to country and sector to sector. The analytical apparatus of international trade and industrial organization supplies some hypotheses to explain this variation, but they have not been drawn together and tested competitively. The purpose of this paper is to explain statistically the substantial inter-industry variance that we observe in the prevalence of multinational corporations. In the first section I review the hypotheses that have been advanced to explain this variance. The second and third sections report tests of these hypotheses on the shares of sales held by foreign-owned enterprises in Canadian and United Kingdom manufacturing industries.
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