{"title":"外来直接投资对环境的影响:各种民主的调节作用","authors":"João Bento, Miguel Torres","doi":"10.1108/mbr-01-2024-0008","DOIUrl":null,"url":null,"abstract":"\nPurpose\nThis paper aims to clarify the relationship between foreign direct investment (FDI), democracy and carbon intensity. This study examines the influence of types of democracy on the relationship between inward FDI and carbon intensity. For this purpose, it uses five varieties of democracy, including a composite democracy indicator as moderating variables.\n\n\nDesign/methodology/approach\nThis study applies the fixed-effects panel quantile regression approach that considers unobserved heterogeneity and distributional heterogeneity using panel data from 160 countries during 1990–2020. By taking into account sudden changes in the volume of inward FDI, an event study is conducted across various sub-samples of democracy to check the robustness of the results.\n\n\nFindings\nThe results show that FDI has a significantly negative impact on carbon intensity of the host country in the upper quantiles. In general, different types of democracy have a significant positive impact on carbon intensity across different quantiles. After considering the other factors, including industry intensity, trade openness, green technology, fossil fuel dependency and International Environmental Agreements, there is evidence that all types of democracy moderate the relationship between FDI and carbon intensity, thereby supporting the halo effect hypothesis. In addition, the interaction effects have a significant negative impact on carbon intensity of low- and high-carbon-intensive countries.\n\n\nOriginality/value\nThis paper offers several contributions to the literature on the effect of FDI and democracy on carbon intensity. This study overcomes the limitations related to the conceptualization and measurement of democracy found in the literature. While prior research has predominately concentrated on how democracy promotes the selection of FDI host-country locations, this study seeks to answer the question of whether democracy type has any effect on inward FDI, thus contributing to improving carbon intensity. Furthermore, this paper analyses the interaction effect on carbon intensity in different countries with different carbon intensity levels separately.\n","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":null,"pages":null},"PeriodicalIF":2.2000,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Towards environmental impact of inward foreign direct investment: the moderating role of varieties of democracy\",\"authors\":\"João Bento, Miguel Torres\",\"doi\":\"10.1108/mbr-01-2024-0008\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\nPurpose\\nThis paper aims to clarify the relationship between foreign direct investment (FDI), democracy and carbon intensity. This study examines the influence of types of democracy on the relationship between inward FDI and carbon intensity. For this purpose, it uses five varieties of democracy, including a composite democracy indicator as moderating variables.\\n\\n\\nDesign/methodology/approach\\nThis study applies the fixed-effects panel quantile regression approach that considers unobserved heterogeneity and distributional heterogeneity using panel data from 160 countries during 1990–2020. By taking into account sudden changes in the volume of inward FDI, an event study is conducted across various sub-samples of democracy to check the robustness of the results.\\n\\n\\nFindings\\nThe results show that FDI has a significantly negative impact on carbon intensity of the host country in the upper quantiles. In general, different types of democracy have a significant positive impact on carbon intensity across different quantiles. After considering the other factors, including industry intensity, trade openness, green technology, fossil fuel dependency and International Environmental Agreements, there is evidence that all types of democracy moderate the relationship between FDI and carbon intensity, thereby supporting the halo effect hypothesis. In addition, the interaction effects have a significant negative impact on carbon intensity of low- and high-carbon-intensive countries.\\n\\n\\nOriginality/value\\nThis paper offers several contributions to the literature on the effect of FDI and democracy on carbon intensity. This study overcomes the limitations related to the conceptualization and measurement of democracy found in the literature. While prior research has predominately concentrated on how democracy promotes the selection of FDI host-country locations, this study seeks to answer the question of whether democracy type has any effect on inward FDI, thus contributing to improving carbon intensity. Furthermore, this paper analyses the interaction effect on carbon intensity in different countries with different carbon intensity levels separately.\\n\",\"PeriodicalId\":46630,\"journal\":{\"name\":\"Multinational Business Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.2000,\"publicationDate\":\"2024-08-08\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Multinational Business Review\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1108/mbr-01-2024-0008\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Multinational Business Review","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1108/mbr-01-2024-0008","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}
Towards environmental impact of inward foreign direct investment: the moderating role of varieties of democracy
Purpose
This paper aims to clarify the relationship between foreign direct investment (FDI), democracy and carbon intensity. This study examines the influence of types of democracy on the relationship between inward FDI and carbon intensity. For this purpose, it uses five varieties of democracy, including a composite democracy indicator as moderating variables.
Design/methodology/approach
This study applies the fixed-effects panel quantile regression approach that considers unobserved heterogeneity and distributional heterogeneity using panel data from 160 countries during 1990–2020. By taking into account sudden changes in the volume of inward FDI, an event study is conducted across various sub-samples of democracy to check the robustness of the results.
Findings
The results show that FDI has a significantly negative impact on carbon intensity of the host country in the upper quantiles. In general, different types of democracy have a significant positive impact on carbon intensity across different quantiles. After considering the other factors, including industry intensity, trade openness, green technology, fossil fuel dependency and International Environmental Agreements, there is evidence that all types of democracy moderate the relationship between FDI and carbon intensity, thereby supporting the halo effect hypothesis. In addition, the interaction effects have a significant negative impact on carbon intensity of low- and high-carbon-intensive countries.
Originality/value
This paper offers several contributions to the literature on the effect of FDI and democracy on carbon intensity. This study overcomes the limitations related to the conceptualization and measurement of democracy found in the literature. While prior research has predominately concentrated on how democracy promotes the selection of FDI host-country locations, this study seeks to answer the question of whether democracy type has any effect on inward FDI, thus contributing to improving carbon intensity. Furthermore, this paper analyses the interaction effect on carbon intensity in different countries with different carbon intensity levels separately.
期刊介绍:
Multinational Business Review publishes high quality and innovative peer-review research on the strategy, organization and performance of multinational enterprise (MNE), international business history, geography of international business, and the impact of international business on economic growth and development. The journal encourages papers that are cross-disciplinary in nature, and that address new and important issues in international business. Multinational Business Review also promotes research on under-represented regions such as Africa, Central and Eastern Europe, Latin America, and South East Asia and their MNEs, as well as under-studied topics such as the role of trade, investment and other public policies. Specific topics of interest include innovation and entrepreneurship in an international context; corporate governance and ownership; social, environmental and political risk; the role of multilateral institutions; and the nature of emerging market multinationals. The title seeks strong conceptual studies, contributing to the advancement of theories and frameworks, and sound empirical work, whether qualitative or quantitative, suggesting managerial, economic or government policy recommendations. The journal encourages replication studies that contribute to our understanding of the reliability and validity of current knowledge. Finally, Multinational Business Review welcomes proposals for perspectives pieces that offer critical and challenging viewpoints; surveys of the literature particularly those that use new and innovative bibliometric methods; and special issues on topics of relevance to Multinational Business Review.