Do financial and governmental institutions play a mediating role in the spillover effects of FDI?

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2023-09-01 DOI:10.1016/j.mulfin.2023.100809

Hyun-Jung Nam , Jeongseok Bang , Doojin Ryu

引用次数: 0

Abstract

We investigate the effects of foreign direct investment (FDI) on technological change in the Association of South East Asian Nations member countries. Our analysis underscores the pivotal roles that financial and governmental institutions play as mediators in the relationship between FDI and technological change. Our empirical results based on the 25 years panel dataset from 1996 to 2020 reveal that the rule of law, one of the sub-indicators of the Worldwide Governance Indicators, has a significant mediating effect in this relationship. Though financial institutions play a mediating role, FDI negatively affects financial institutions and positively affects technological change, meaning the suppression effect. To maximize FDI’s spillover effects, governments should facilitate the effective functioning of the rule of law and develop strategies to alleviate financing restrictions, which might hamper FDI.

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金融和政府机构在外国直接投资的溢出效应中是否发挥了中介作用？

我们调查了外国直接投资对东南亚国家联盟成员国技术变革的影响。我们的分析强调了金融和政府机构在外国直接投资与技术变革之间的关系中发挥的关键作用。我们基于1996-2020年25年面板数据集的实证结果表明，法治作为全球治理指标的子指标之一，在这种关系中具有显著的中介作用。虽然金融机构发挥了中介作用，但FDI对金融机构产生了负面影响，对技术变革产生了积极影响，即抑制效应。为了最大限度地发挥外国直接投资的溢出效应，各国政府应促进法治的有效运作，并制定战略来缓解可能阻碍外国直接投资发展的融资限制。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.