Abstract
We analyze the relationship between the foreign direct investment and foreign divestment activities of U.S. multinational hospitals. While the extant literature in game theory discusses various aspects of action–reaction behavior, divestment activities of companies that entered host countries before their rivals’ entry in the same location have not been assessed empirically. Our analysis indicates that large for-profit U.S. hospitals are not pushed out of the foreign country by their rivals’ new investment. Instead, the decision for a complete divestment is related to the presence of the most internationalized U.S. hospital, HCA Healthcare. This finding demonstrates the strong influence of an industry leader on the international strategies of other rival hospitals.
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