text: we have reached. 11 (b) the origin of the firm more than the presence of licences tend to define the substitutive effect. In the cases analysed, It Is possible to observe that the greater the transnational corporation presence In the market. the greater the substantive effect over local capabilities. These two conclusions pose a second question: If the foreign subsidiaries' greater tendency to buy foreign technological assets (whether formally or not) varies according to the age of the firm or the Industrial branch. That Is, whether techniques are bought as often In old-established firms (or whether the foreign subsidiaries work In new branches), a point which could explain Its greater propensity to contract technology abroad. The question ls a valid one also because If there Is no relationship between age of firm and licencing, we can Infer that with the passage of time firms have freed themselves of contractual ties. This would to same extent confirm the complementary nature of technical Import. II. AGE OF THE BRANCH OF INDUSTRY AND LICENSING. A simple observation of table 1 (column (a)) shows that there Is no correlation between the age of the branch Cor the firm) and the propensity to purchase foreign technology. Very old Industries show a significant degree of Its sales made under foreign licences. In some cases higher than In the new branches, as can be clearly seen In several products of table 1. In fact. well established firms In their particular Industry still Involve foreign technology contracts In all or part of their sales. For Instance. two firms founded more than 60 years ago and without having changed their product I lnes significantly act under licences, as well as 18 others aged 30 and 50 years old. In fact the Information shows that lt Is not necessarily the new 
analysis: The text appears to be discussing the relationship between foreign subsidiaries and the acquisition of foreign technological assets, particularly in the context of industrial branches and the age of firms. The language and concepts used, such as "licensing", "foreign subsidiaries", and "industrial branch", suggest that the text is focused on economic and business-related topics.