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Digitalization's divergent impact on FDI inflows: A comparative analysis between advanced and developing countries 数字化对FDI流入的不同影响:发达国家与发展中国家的比较分析
IF 1.8 Q3 BUSINESS Pub Date : 2025-09-01 DOI: 10.1016/j.tncr.2025.200148
Van Bon Nguyen
Digital technology in host countries serves as a significant comparative advantage in attracting FDI inflows. Does digitalization affect FDI inflows in different ways between advanced and developing countries? To unravel this question, we employ broadband subscriptions and Internet users as proxies for digitalization, examining their influence on FDI inflows across 37 advanced and 100 developing countries from 2002 through 2022. The two-step difference GMM Arellano-Bond and PMG estimators are applied to control endogeneity and serial autocorrelation. The findings present intriguing insights: First, digitalization and institutional quality emerge as magnets for FDI inflows in developing economies, while exerting deterrent effects in advanced countries. Second, market size increases FDI inflows in advanced economies, but decreases them in developing countries. Third, across advanced and developing countries, trade openness and infrastructure positively influence FDI inflows, whereas inflation is a hindrance. These revelations underscore essential policy implications for the governments of both advanced and developing countries. Policymakers may need to tailor strategies to harness the benefits of digitalization for FDI attraction, taking into account the distinct economic contexts and challenges faced by each group of countries.
东道国的数字技术在吸引外国直接投资流入方面具有显著的比较优势。数字化是否以不同的方式影响发达国家和发展中国家的FDI流入?为了解开这个问题,我们将宽带用户和互联网用户作为数字化的代表,研究了他们在2002年至2022年间对37个发达国家和100个发展中国家的外国直接投资流入的影响。采用两步差分GMM、Arellano-Bond和PMG估计器控制内生性和序列自相关。研究结果提出了有趣的见解:首先,数字化和制度质量成为发展中经济体吸引外国直接投资流入的磁石,同时在发达国家发挥威慑作用。其次,市场规模增加了发达经济体的FDI流入,但减少了发展中国家的FDI流入。第三,在发达国家和发展中国家,贸易开放和基础设施对外国直接投资流入有积极影响,而通胀则是一个障碍。这些披露强调了对发达国家和发展中国家政府至关重要的政策影响。政策制定者可能需要根据不同的经济背景和每一类国家面临的挑战,量身定制战略,以利用数字化对吸引外国直接投资的好处。
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引用次数: 0
The road to happiness: The effect of the belt and road initiative on residents' well-being in participating countries 幸福之路:“一带一路”倡议对参与国居民幸福感的影响
IF 1.8 Q3 BUSINESS Pub Date : 2025-09-01 DOI: 10.1016/j.tncr.2025.200144
Jiahang Song , Lei Li
This paper examines the impact of the Belt and Road Initiative(BRI) on residents' well-being using the difference-in-differences method based on Gallup World Poll(GWP) data from 2009 to 2018. The implementation of the BRI significantly enhances residents' well-being in participating countries, and this conclusion remains robust under a series of tests. Analysis of the mechanism indicates that advancements in economic and social development, improvements in governance quality, and enhancements in environmental sustainability lead to the increase of residents' well-being. The promotion effect is notably stronger in countries with greater regulatory quality and cultural proximity to China, and variations of the effect exist among different demographic groups. This paper provides insights into evaluating the developmental quality of the BRI.
本文基于2009 - 2018年盖洛普世界民意调查(GWP)数据,采用差中差法研究了“一带一路”倡议对居民幸福感的影响。“一带一路”建设显著提升了参与国居民福祉,这一结论经过一系列检验依然站得住脚。机制分析表明,经济社会发展的进步、治理质量的提高和环境可持续性的增强导致居民幸福感的增加。在监管质量和文化接近中国的国家,促进效应明显更强,不同人口群体之间的影响存在差异。本文为评估“一带一路”发展质量提供了新思路。
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引用次数: 0
Digitalization, transnationalization, and transformation of the global economy: A theoretical explanation 数字化、跨国化与全球经济转型:一个理论解释
IF 1.8 Q3 BUSINESS Pub Date : 2025-09-01 DOI: 10.1016/j.tncr.2025.200146
Daniel Lorberg , Holger Janusch
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引用次数: 0
Trade shocks and macroeconomic performance in non-UEMOA countries 非西非经委会国家的贸易冲击和宏观经济表现
IF 1.8 Q3 BUSINESS Pub Date : 2025-08-21 DOI: 10.1016/j.tncr.2025.200140
Kordzo Sedegah, Nicholas M. Odhiambo, Simplice A. Asongu
This present study examines how commodity terms of trade (CTOT) influence economic performance in the proposed West African Monetary Zone (WAMZ) or non-UEMOA countries using data from 2000 to 2021. To make the assessment, PVAR, Granger causality and impulse-response functions analyses are employed. The analyses are tailored such that economic performance is viewed in terms of unemployment, inflation, and real output. The following main findings are established. CTOT negatively affects inflation though the effect is not very significant. CTOT shocks positively and negatively affect real output and unemployment, respectively. Policy implications are discussed.
本研究使用2000年至2021年的数据,考察了商品贸易条件(CTOT)如何影响拟议中的西非货币区(WAMZ)或非西非货币区国家的经济表现。为了进行评估,采用了PVAR、格兰杰因果关系和脉冲响应函数分析。这些分析是量身定制的,以便从失业、通货膨胀和实际产出的角度来看待经济表现。主要发现如下:CTOT对通货膨胀有负面影响,但影响不是很显著。CTOT冲击分别对实际产出和失业产生正面和负面影响。讨论了政策影响。
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引用次数: 0
Innovation Governance: An attention-based view from Chinese MNCs 创新治理:来自中国跨国公司的关注视角
IF 1.6 Q3 BUSINESS Pub Date : 2025-06-01 DOI: 10.1016/j.tncr.2025.200128
Mingyi Xie , Shulin Wang , Muhammad Kaleem Khan , Yuxuan Du
Innovation has become crucial for Multinational Corporations (MNCs) to survive and thrive in today's digital era of disruptive technologies. According to the attention-based view, top management team (TMT) attention reflects organizational cognition and strategic preferences. This study investigates how TMT attention to innovation influences Chinese MNCs' innovation investment and examines the moderating role of managerial discretion. Using panel data from 9929 observations of Chinese A-share listed manufacturing MNCs from 2006 to 2022, we find that greater TMT attention to innovation-related issues leads to increased innovation investment. Furthermore, CEO duality strengthens this relationship, while firm age shows no significant moderating effect. Our findings provide valuable insights for policymakers and stakeholders seeking to promote organizational innovation in a rapidly evolving business environment.
创新已成为跨国公司(MNCs)在当今颠覆性技术的数字时代生存和发展的关键。根据注意基础观点,高层管理团队的注意反映了组织认知和战略偏好。本研究考察了管理层对创新的关注如何影响中国跨国公司的创新投资,并考察了管理层自由裁量权的调节作用。利用2006年至2022年9929个中国a股上市制造业跨国公司的面板数据,我们发现TMT对创新相关问题的关注程度越高,导致创新投资增加。此外,CEO的二元性强化了这一关系,而公司年龄没有显著的调节作用。我们的研究结果为决策者和利益相关者在快速发展的商业环境中寻求促进组织创新提供了有价值的见解。
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引用次数: 0
Towards better GVC participation in Africa: Does infrastructural development matter? 非洲如何更好地参与全球价值链:基础设施发展重要吗?
IF 1.6 Q3 BUSINESS Pub Date : 2025-06-01 DOI: 10.1016/j.tncr.2025.200124
Joshua Adeyemi Afolabi , Olufemi Adebola Popoola
Global Value Chain (GVCs) offer vast opportunities for industrialization, economic diversification, and structural economic transformation. However, despite various efforts to become notable actors in the GVC, many African countries remain positioned at the lower end of the GVC spectrum. Hence, this paper investigates the potential of infrastructure to catalyse GVC participation and elevate African countries to a level comparable to developed nations. Relevant data from 38 African countries spanning 2005–2021 are analysed using the Pooled Ordinary Least Square (POLS), and the System Generalised Method of Moments (SGMM) methods. The results provide overwhelming evidence of infrastructural development's crucial role in improving forward and backward GVC participation in Africa. Specifically, information and communication technology (ICT), electricity, and water infrastructure significantly promote forward and backward GVC participation. The results are robust to alternative analytical methods. African governments, therefore, need to pursue pro-infrastructural development policies and increase infrastructural spending to improve GVC participation.
全球价值链为工业化、经济多元化和经济结构转型提供了巨大机遇。然而,尽管为成为全球价值链中的重要参与者做出了各种努力,但许多非洲国家仍然处于全球价值链的低端。因此,本文研究了基础设施促进全球价值链参与的潜力,并将非洲国家提升到与发达国家相当的水平。使用汇总普通最小二乘法(POLS)和系统广义矩量法(SGMM)方法分析了2005-2021年间38个非洲国家的相关数据。研究结果提供了压倒性的证据,证明基础设施发展在改善非洲前进和落后的全球价值链参与方面发挥着关键作用。具体而言,信息通信技术(ICT)、电力和水基础设施显著促进了全球价值链的向前和向后参与。结果是稳健的替代分析方法。因此,非洲各国政府需要推行有利于基础设施发展的政策,增加基础设施支出,以提高全球价值链的参与度。
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引用次数: 0
Tax us, if you can: a game theoretic approach to the European Union's political impasse on a new corporate tax system 向我们征税,如果可以的话:用博弈论的方法分析欧盟在新公司税制度上的政治僵局
IF 1.6 Q3 BUSINESS Pub Date : 2025-06-01 DOI: 10.1016/j.tncr.2025.200127
Joana Andrade Vicente
In this paper we theoretically analyse the European Union's ongoing political impasse regarding the choice of a single method to allocate multinational enterprises' profits across countries and we find that this strategic situation resembles a coordination game with distributional consequences. The two Nash equilibria involve no efficiency trade-off, but the conflictual distribution of welfare gains and the presence of heterogeneous preferences have been preventing the implementation of a long-term comprehensive tax policy reform. A unitary taxation approach with formulary apportionment in the European Union is better suited to tackle artificial profit shifting via transfer pricing and would mean an evolutionary change without disrupting the current international tax policy environment. It would restore faith in fairness of the European tax system, while also allowing for further global coordinated actions to tackle the gradual decline and inadequacy of the current international transfer pricing standard-based regulatory model (based in legally non-binding standards and guidelines).
在本文中,我们从理论上分析了欧盟正在进行的关于选择单一方法来分配跨国企业利润的政治僵局,我们发现这种战略情况类似于具有分配后果的协调博弈。这两个纳什均衡不涉及效率权衡,但福利收益分配的冲突和异质性偏好的存在阻碍了长期综合税收政策改革的实施。在欧盟采用公式分摊的单一税收方法更适合解决通过转移定价进行人为利润转移的问题,这意味着在不破坏当前国际税收政策环境的情况下进行渐进式变革。这将恢复人们对欧洲税收体系公平性的信心,同时还允许进一步的全球协调行动,以解决当前基于国际转移定价标准的监管模式(基于法律上不具约束力的标准和指导方针)的逐渐衰落和不足。
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引用次数: 0
Modelling the effect of Chinese outward investments on its bilateral exports: Motivation for Belt and Road Initiative 中国对外投资对双边出口的影响建模:“一带一路”倡议的动机
IF 1.6 Q3 BUSINESS Pub Date : 2025-06-01 DOI: 10.1016/j.tncr.2025.200130
Oleksandr Rogach , Oleksii Chugaiev , Oleksandr Shnyrkov
The paper aims to estimate how outward investment activity of China affects its bilateral exports at the aggregate and sectoral level in the period of recovery from the pandemic crisis. Theoretical discussion about the channels of the effect is complemented with empirical analysis (correlation and regression analysis). China's exports and outward investments relatively its partner's GNI are used as the main variables together with several control variables. Nonparametric correlation, alternative definitions of foreign direct investments, exclusion of outliers and weighting cases were used for robustness check. Sector-specific models were created for the main exported products. There is a negative non-linear dependence of Chinese exports on distance to markets, which provides a confirmation of proximity-concentration trade off theory. The diminishing negative effect of distance suggests existence of fixed costs of exports regardless the distance, which can be potentially decreased by investment in logistical facilities or trade liberalization. Large China's outward investment projects lead to a lasting positive effect on China's bilateral exports: each 1 % of partner's GNI accumulated investments by China in its trade partner increases bilateral exports of China there by 0.05–0.2 % of partner's GNI. But the regularity is irrelevant for exports of fuels, electronic and electrical appliances. This provides a partial support for Kojima's hypothesis and Vernon's product life cycle model (in particular rising labor costs lead to reallocation of some production abroad resulting in structural changes in exports). The general positive effect of free trade areas (additional exports equivalent to 2–3 % of partner's GNI) and the negative effect of a trade partner's economy size are not robust across time. Multilateral trade balances in partner countries do not affect significantly exports of China. This evidences in favor of high competitiveness of Chinese exports even in protected foreign markets and in strong economies.
本文旨在估计中国对外投资活动在大流行危机恢复期对双边出口总量和行业层面的影响。对影响渠道的理论探讨辅以实证分析(相关分析和回归分析)。本文以中国的出口和对外投资相对于其合作伙伴的国民总收入为主要变量,并结合几个控制变量。使用非参数相关性、外国直接投资的替代定义、排除异常值和加权情况进行稳健性检查。为主要出口产品建立了特定行业的模型。中国出口与市场距离呈负非线性关系,证实了“接近-集中”权衡理论。距离的负面影响逐渐减弱表明,无论距离如何,出口都存在固定成本,这可以通过对物流设施或贸易自由化的投资而潜在地减少。中国的大型对外投资项目对中国的双边出口产生了持久的积极影响:中国对其贸易伙伴的累计投资每增加1%,中国对其贸易伙伴的双边出口就会增加0.05 - 0.2%。但这一规律与燃料、电子和电器的出口无关。这为Kojima的假设和Vernon的产品生命周期模型提供了部分支持(特别是劳动力成本上升导致一些生产在国外重新配置,从而导致出口的结构性变化)。自由贸易区的总体积极影响(相当于贸易伙伴国民总收入的2 - 3%的额外出口)和贸易伙伴经济规模的负面影响在时间上并不强劲。伙伴国家的多边贸易平衡对中国的出口没有显著影响。这证明即使在受保护的外国市场和经济强劲的国家,中国出口产品也具有很高的竞争力。
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引用次数: 0
A firm-level analysis of the impact of foreign direct investment in research and development on the innovation output of Indian firms 外国研发直接投资对印度企业创新产出影响的企业层面分析
IF 1.6 Q3 BUSINESS Pub Date : 2025-06-01 DOI: 10.1016/j.tncr.2025.200126
Ruchita Sharma , Ruchi Sharma
Using the firm-level data, this paper investigates the impact of Foreign Direct Investment in Research and Development (FDI-R&D) on firms' innovation output in the Indian context during 2010–2020. We hypothesize that foreign investment brings intangible knowledge about the recent technological advancements, international scientific practices, and working culture of global laboratories to domestic firms and thus improves the innovation performance of such firms. The major challenge in conducting the empirical studies is the selection problem as productive efficient host country firms are likely to attract foreign investments. Hence, we employ Propensity Score Matching (PSM) and Difference in Differences (DID) to capture the influence of foreign investment on innovation output namely patents. After controlling the selection problem, we find that firms with FDI-R&D patent more than the non-FDI-R&D firms.
本文利用企业层面的数据,考察了2010-2020年印度背景下外商直接研发投资(FDI-R&;D)对企业创新产出的影响。我们假设外国投资为国内企业带来了有关最新技术进步、国际科学实践和全球实验室工作文化的无形知识,从而提高了这些企业的创新绩效。进行实证研究的主要挑战是选择问题,因为生产效率高的东道国公司很可能吸引外国投资。因此,我们采用倾向得分匹配(PSM)和差异中的差异(DID)来捕捉外商投资对创新产出即专利的影响。在控制了选择问题后,我们发现拥有r&d专利的企业比没有研发专利的企业更具竞争力。
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引用次数: 0
Locational advantages and foreign direct investment in MENA: A comprehensive analysis of institutional and economic factors 中东和北非地区的区位优势和外国直接投资:制度和经济因素的综合分析
IF 1.6 Q3 BUSINESS Pub Date : 2025-06-01 DOI: 10.1016/j.tncr.2025.200131
Almuqrin Fawaz
This study investigates factors shaping FDI inflows in the MENA region from 1996 to 2021, employing static and dynamic panel data models. A composite institutional quality index, created via Principal Component Analysis, reveals a positive long-term effect on FDI. However, voice and accountability exhibit an unexpected negative relationship with FDI, highlighting potential governance concerns among investors. Other findings include the beneficial impact of domestic market size, the nuanced effects of trade openness and financial development over time, and the adverse influence of resource dependence. By incorporating the Feasible Generalized Least Squares (FGLS) and Panel ARDL approaches, this study provides nuanced insights into FDI determinants and offers actionable policy recommendations for fostering an investor-friendly environment in resource-dependent economies.
本研究采用静态和动态面板数据模型,调查了1996年至2021年影响中东和北非地区FDI流入的因素。通过主成分分析创建的综合制度质量指数揭示了对外国直接投资的积极长期影响。然而,话语权和问责制与外国直接投资表现出意想不到的负相关关系,突显了投资者对治理的潜在担忧。其他发现包括国内市场规模的有利影响、贸易开放和金融发展随时间的细微影响,以及资源依赖的不利影响。通过结合可行广义最小二乘(FGLS)和面板ARDL方法,本研究提供了对外国直接投资决定因素的细致见解,并为在资源依赖型经济体中培育对投资者友好的环境提供了可操作的政策建议。
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引用次数: 0
期刊
Transnational Corporations Review
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