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What is the correct way to explain what the abbreviation in this sentence stands for:

Also known as the “OLI” framework – standing for Ownership, Location and Internalization, it conceptualizes the core reasons for a firm to invest in a foreign country, dividing them into three sources of advantages.

Also known as the “OLI” framework – standing for 'Ownership', 'Location' and 'Internalization', it conceptualizes the core reasons for a firm to invest in a foreign country, dividing them into three sources of advantages.

or

Also known as the “OLI” framework – standing for ownership, location and internalization, it conceptualizes the core reasons for a firm to invest in a foreign country, dividing them into three sources of advantages (Neary, 2009).

If none of the 3 options is correct, please explain what the proper way is.

  • There is no correct way—it's purely a matter of style. More often than not, an abbreviation is put in parentheses after its long form. For example: ownership, location, and internationalization (OLI). Also, unless the long form is a proper noun (I don't know in this case), the individual words would not start with capital letters. – Jason Bassford Dec 12 '18 at 16:19

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