This paper provides a different perspective on the firm-level empirical analysis of the relation between foreign ownership and capital demand adjustment in host countries. The author estimates a dynamic structural model of investment on a sample of 4672 Belgian firms observed between 2003 and 2010 that permits to distinguish the ‘ownership status’ of firms. He considers a dynamic discrete choice model of a general specification of adjustment costs including convex and non-convex components. He uses the method of simulated moments procedure to estimate the structural parameters. The results indicate that multinational’s affiliates face lower capital adjustment costs than national firms.