This paper analyses the key factors in the creation of sales and production subsidiaries, using a logit model applied to a sample of 323 Spanish companies with international activities. A high degree of fit between the results and the established hypotheses in the literature is observed. The internalisation of foreign distribution activities is related to a higher level of assets intangibility, a greater international experience and a geographical scope focused on the European Union and Latin America. Furthermore, the creation of foreign production subsidiaries is associated with a higher level of assets specificity and with greater size and total experience. Finally, the following of either a global or multidomestic strategy and the participation in international networks do not appear to be relevant in the creation of subsidiaries.

Keywords: internationalisation, Spanish firms, entry methods, foreign direct investment, logit analysis.
JEL classification: F20, L19.