Host country corruption and Japanese outward foreign direct investment: A sectoral and industry-level analysis

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE Journal of Multinational Financial Management Pub Date : 2023-09-12 DOI:10.1016/j.mulfin.2023.100820

Andrzej Cieślik , Michael Ryan

引用次数: 0

Abstract

Japan regained its status as the world’s largest source of outward FDI in 2018. This paper studies the relationship between host country corruption and Japanese outward manufacturing and service FDI into 179 countries for the years 1995–2019. Employing a negative binomial model, we find that host country corruption is negatively associated with Japanese MNE activity at both aggregated, sectoral and industry-levels. Moreover, we do not identify major industry-level FDI determinant differences at the global level as both sectors and industries appear driven by market seeking motives. In contrast, the factor endowment variables signaling vertical FDI showed little if any statistical significance.

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东道国腐败与日本对外直接投资:部门和行业层面的分析

2018年，日本重新成为世界上最大的对外直接投资来源国。本文研究了1995-2019年东道国腐败与日本向179个国家的制造业和服务业对外直接投资之间的关系。采用负二项模型，我们发现东道国腐败在总体、部门和行业层面与日本跨国公司活动呈负相关。此外，我们没有发现全球一级主要的行业层面外国直接投资决定因素差异，因为部门和行业似乎都是受市场追求动机驱动的。相比之下，表明垂直外国直接投资的要素禀赋变量几乎没有统计学意义。

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.

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