FDI逃避主义:全球经济中母国风险对对外投资的影响

IF 3.2 Q1 BUSINESS, FINANCE
O. Osabuohien-Irabor, I. Drapkin
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引用次数: 2

摘要

在过去的几十年里,行为金融学的大量文献研究了企业的国际化动机,重点关注东道国的风险成分如何影响投资流入。但母国风险对投资外流的影响仍未得到检验。因此,基于对FDI逃避主义的概念化和邓宁折衷主义范式与国际化理论的结合框架,本研究的目的有两个:第一,检验和解释母国复合风险(包括经济风险、金融风险和政治风险)对企业对外直接投资国际化动机的影响。第二,确定母国风险的哪些成分“推动”企业在全球市场上发起FDI逃避现象。研究结果表明,母国综合风险对国外投资流动有适度的不利影响,这是由政治和金融风险组成的,这可能导致逃避外国直接投资。这些发现表明,企业可能将对外直接投资作为一种部分逃避策略,以应对其本国的政治和金融挑战。这些结果对内生性问题是强有力的,并对减少国家风险的政策设计具有若干重大意义,以实现企业的具体目标和政府的政策目标。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
FDI Escapism: the effect of home country risks on outbound investment in the global economy
Over the past few decades, large numbers of literatures in behavior finance have examined firm's internationalization motives, with focused on how host country's risk components affect investment inflow. But the effects of home country risk on investment outflow remain unexamined. Therefore, based on the conceptualization of FDI escapism and the combine frameworks of Dunning's eclectic paradigm and internationalization theory, the objectives of this study are twofold: First, to examine and explain the effects of home country composite risks (which encompasses economic risks, financial risks, political risk) on firms' internationalization motive through outward FDI. Second, to determine which components of home country risk "pushes" firms to initiate the FDI escapism phenomenon in global market. Findings reveal that home country composite risk has moderate adverse effect on investment flow abroad, contributed by both the political and financial risk components, which may give rise to escaping FDI. These findings suggest that firm may initiate outward FDI as a partial escape strategy to address the political and financial challenges in their home country. These results are robust to endogeneity issue and have several substantial implications for policy design to reduce country risks in order to achieve firm's specific objective and government policy goals.
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来源期刊
CiteScore
0.30
自引率
1.90%
发文量
14
审稿时长
12 weeks
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