The Role of Home and Host Country Characteristics in FDI: Firm-Level Evidence from Japan, Korea and Taiwan
The Role of Home and Host Country Characteristics in FDI: Firm-Level Evidence from Japan, Korea and Taiwan
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DOI：
10.1080/1226508x.2013.791470
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发表时间：
2013-06-01
影响因子：
1.7
通讯作者：
Park, Donghyun
中科院分区：
文献类型：
--
作者：
Hayakawa, Kazunobu;Lee, Hyun-Hoon;Park, Donghyun
有大量和不断增长的实证文献研究外向外国直接投资的决定因素。尽管母国的特征也影响企业的对外投资决策，但本文主要研究东道国特征对外国直接投资的影响。在本文中，我们研究东道国和母国的特点在外国直接投资中的作用。为此，我们建立了一个企业层面的数据库，从日本，韩国和台湾的对外直接投资。我们的实证分析得出两个主要结论。第一，外国直接投资环境较好的东道国，如市场规模较大、固定进入成本较低和工资较低，会吸引更多的外国投资者。第二，来自本国的工资较高的公司更有可能在国外投资。我们的经验证据的一个有趣而重要的政策含义是，寻求促进外国直接投资流入的政策制定者应该优先考虑工资较高的国家。
There is a large and growing empirical literature that investigates the determinants of outward foreign direct investment (FDI). This literature examines primarily the effect of host country characteristics on FDI even though home country characteristics also influence the decision of firms to invest abroad. In this paper, we examine the role of both host and home country characteristics in FDI. To do so, we constructed a firm-level database of outward FDI from Japan, Korea and Taiwan. Our empirical analysis yields two main findings. First, host countries with better environment for FDI, in terms of larger market size, smaller fixed entry costs and lower wages, attract more foreign investors. Second, firms from home countries with higher wages are more likely to invest abroad. An interesting and significant policy implication of our empirical evidence is that policy-makers seeking to promote FDI inflows should prioritize countries with higher wages.