Taking Stock of Firm-Level and Country-Level Benefits from Foreign Direct Investment
Taking Stock of Firm-Level and Country-Level Benefits from Foreign Direct Investment
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DOI：
10.1108/mbr-02-2018-0011
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发表时间：
2018-03
期刊：
影响因子：
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通讯作者：
Randolph Luca Bruno;N. Campos;S. Estrin
中科院分区：
文献类型：
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作者：
Randolph Luca Bruno;N. Campos;S. Estrin
本文旨在对新兴经济体进行系统的荟萃分析，以总结这些影响，并阐明这些条件的强度和异质性。设计/方法/方法本文提出了一个新的方法框架，使国家和公司层面的影响能够结合起来。从1940年到2008年，作者从东欧、亚洲、拉丁美洲和非洲的175项研究和大约1100项估计中收集了信息。两项主要研究结果表明，“宏观”效应比企业层面的效应要大得多，至少是企业层面效应的六倍，而且外国直接投资（FDI）对新兴经济体的好处远没有人们通常认为的那么“有条件”。原创性/价值实证文献尚未得出结论，当东道国经济正在崛起时，外国直接投资是否产生溢出效应。相反，结果往往被视为有条件的。对于宏观研究而言，这意味着外溢效应的存在和规模取决于东道国经济的体制、金融或人力资本发展水平。对于企业一级的研究，条件性与公司间联系的类型有关，即向前、向后或横向联系。
Purpose This paper aims to conduct a systematic meta-analysis on emerging economies to summarize these effects and throw light on the strength and heterogeneity of these conditionalities. Design/methodology/approach This paper proposes a new methodological framework that allows country- and firm-level effects to be combined. The authors hand collected information from 175 studies and around 1,100 estimates in Eastern Europe, Asia, Latin America and Africa from 1940 to 2008. Findings The two main findings indicate that “macro” effects are much larger than enterprise-level ones, by a factor of at least six and the benefits from foreign direct investment (FDI) into emerging economies are substantially less “conditional” than commonly thought. Originality/value The empirical literature has not reached a conclusion as to whether FDI yields spillovers when the host economies are emerging. Instead, the results are often viewed as conditional. For macro studies, this means that the existence and scale of spillover effects are contingent on the levels of institutional, financial or human capital development attained by the host economies. For enterprise-level studies, conditionality relates to the type of inter-firm linkages, namely, forwards, backwards or horizontal.