Introduction

In recent decades, there has been increasing internationalization of previously national economies. While the most conspicuous change is the massive reshuffling of portfolio investment in financial markets, it may be argued that individual economies are more thoroughly affected by foreign direct investment (FDI), through which multinational companies (MNCs) own and control factors of production in foreign countries. In contrast to portfolio investment, FDI involves not only financial flows but also, in particular, transfers of intangible assets, e.g. in the form of knowledge about production processes, markets, distribution channels and management.