Does Tobin's q Matter for Firms' Choices of Globalization Mode?
Does Tobin's q Matter for Firms' Choices of Globalization Mode?
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发表时间：
2011-07
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通讯作者：
Jinji Naoto;Xingyuan Zhang;Haruna Shoji
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作者：
Jinji Naoto;Xingyuan Zhang;Haruna Shoji
本文利用日本企业层面的数据，实证考察了不同生产率和托宾Q值的企业在全球化模式选择上的差异。我们的发现支持Helpman、Melitz和Yeaple(2004)以及Chen、Horstmann和Markusen(2008)的预测。也就是说，我们发现生产率较高的企业倾向于选择更多的外国直接投资(FDI)，而不是更少的出口。我们还发现，托宾Q值较高的企业倾向于选择更多的外国直接投资，而较少选择国外的生产外包。生产率的差异对于FDI和国外外包之间的选择相对不重要，托宾Q值的差异对于出口和FDI之间的选择相对不重要。由于全球化活动指标具有较强的负偏态分布，因此我们的结果表明分位数回归适合于分析企业特征与全球化模式选择之间的关系。
In this paper, we investigate empirically how firms' choices of globalization mode differ according to their productivity and Tobin's q using firm-level data of Japanese firms. Our findings support predictions by Helpman, Melitz, and Yeaple (2004) and by Chen, Horstmann, and Markusen (2008). That is, we find that firms with higher productivity tend to choose more foreign direct investment (FDI) and less exporting. We also find that firms with higher Tobin's q tend to choose more FDI and less foreign outsourcing of production. The difference in productivity is relatively less important for the choice between FDI and foreign outsourcing, and the difference in Tobin's q is relatively less important for the choice between exporting and FDI. Because the indexes of globalization activities have a strong negatively skewed distribution, our results indicate that quantile regression would be appropriate to analyze the relationship between firm characteristics and choice of globalization mode.