This text highlights the evolution of the thinking on the multinational subsidiary over a quarter of a century, from the early concerns about the "branch plant syndrome" to topics relating to the multinational enterprise as a differentiated corporate network and its role in innovation and entrepreneurship. It summarizes and evaluates the state of the art in research on the multinational subsidiary, with particular reference to managerial and economic development dimensions. The volume presents the articles of Neil Hood (written in conjunction with other leading scholars, particularly Julian Birkinshaw and Stephen Young), along with new contributions. The book should be of interest to students, researchers and policy makers.