This paper investigates the relationship between attributes of firms and the timing of foreign direct investment. Based on foreign investment data from Taiwan's manufacturing sector, the models are estimated using a split population model. Empirical results show that relative timing had a significantly positive influence on the probability of foreign direct investment during the period 1992-2002. In addition, results generally confirm the hypotheses that prior investors in the host country, cost of investment and firm size, as well as possession of technological ability, vertical integration and investment risk, are significantly related to early FDI. The evidence also shows that timing of FDI is affected by exports. Finally we note that the determinants of timing and probability differ for investment in mainland China, South-east Asia, and developed countries.