Foreign Aid as a Signal to Investors: Predicting FDI in Post-Conflict Countries
Foreign Aid as a Signal to Investors: Predicting FDI in Post-Conflict Countries
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对外援助作为投资者的信号：预测冲突后国家的外国直接投资
DOI：
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发表时间：
2019
期刊：
影响因子：
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通讯作者：
Ana Carolina Garriga
中科院分区：
文献类型：
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作者：
Ana Carolina Garriga
发展援助是否能吸引冲突后国家的外国直接投资？本文件通过解释在低信息环境中的发展援助如何成为吸引投资的信号，为关于援助的效果和外国直接投资的决定因素的越来越多的文献作出了贡献。在向国外投资之前，公司会寻找潜在东道国的数据。在冲突后国家，可靠的信息很少，部分原因是政府面临歪曲信息的不寻常动机。在这种情况下，公司会关注信号。一个是发展援助，因为捐助者倾向于给他们信任的国家更多的资金，以妥善处理资金。我们的研究结果表明，援助似乎吸引外国直接投资-然而，这是有条件的援助是否可以被视为地缘战略动机。我们还表明，这种影响随着冲突后的时间流逝而减少。这表明援助的信号效应是低信息环境所特有的，并有助于排除将援助和外国直接投资联系起来的替代因果机制。
Does development aid attract FDI in post-conflict countries? This paper contributes to the growing literature on effects of aid and on determinants of FDI by explaining how development aid in low-information environments is a signal that can attract investment. Before investing abroad, firms seek data on potential host countries. In post-conflict countries, reliable information is poor, in part because governments face unusual incentives to misrepresent information. In these conditions, firms look to signals. One is development aid, because donors tend to give more to countries they trust to properly handle the funds. Our results show that aid seems to draw FDI – however, this is conditional on whether the aid can be considered geostrategically motivated. We also show that this effect decreases as time elapses after the conflict. This suggests that aid’s signaling effect is specific to low-information environments, and helps rule out alternative causal mechanisms linking aid and FDI.
影响因子：
6.9
作者：
Kimura, Hidemi;Todo, Yasuyuki
通讯作者：
Todo, Yasuyuki