Transnational Corporations Review最新文献

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Dynamic Effect of Foreign Direct Investment on Export Growth in Ghana: Does Financial Development Matter? 外国直接投资对加纳出口增长的动态影响：金融发展是否重要？

IF 1.6 Q3 BUSINESS

Transnational Corporations Review

Pub Date : 2025-06-01 Epub Date: 2025-06-06 DOI: 10.1016/j.tncr.2025.200129

Joseph Owusu Amoah , Imhotep Paul Alagidede , Yakubu Awudu Sare

This study explores the influence of foreign direct investment (FDI) on export growth in Ghana. We use the Zivot and Andrews unit root test on Ghanaian time-series data from 1990 to 2021 to examine the order of integration. In addition, we utilise the Johansen and Gregory and Hansen cointegration approaches to confirm the existence of a long-period bond among the time series. The results show that FDI negatively affects Ghanaian exports, while financial development positively affects Ghanaian exports. In addition, our results show that industrialisation improves exports, while exchange rate and labour cost have negative impacts on exports. Generally, a certain level of financial stability is needed for financial development and higher exports. However, our results show a U-shaped correlation between increased FDI inflows and exports, suggesting a threshold impact. Causality test results show that exports cause industrialisation and FDI in a single flow, while labour specifically causes exports. This study recommends the realignment of access to credit as well as the efficient allotment of export budgets.

本研究探讨了外国直接投资（FDI）对加纳出口增长的影响。我们对1990年至2021年的加纳时间序列数据使用Zivot和Andrews单位根检验来检验整合的顺序。此外，我们利用约翰森、格雷戈里和汉森协整方法来确认时间序列之间存在长周期联系。结果表明，FDI对加纳出口有负向影响，而金融发展对加纳出口有正向影响。此外，我们的研究结果表明，工业化对出口有促进作用，而汇率和劳动力成本对出口有负向影响。一般来说，金融发展和增加出口需要一定程度的金融稳定。然而，我们的结果显示，增加的外国直接投资流入和出口之间呈u型相关性，表明存在阈值影响。因果关系检验结果表明，出口对工业化和外国直接投资的影响是单一的，而劳动力对出口的影响是明确的。这项研究建议重新调整获得信贷的途径以及有效地分配出口预算。

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引用次数: 0

Does universalization of healthcare coverage promote inward FDI in health sectors? an empirical investigation using panel data of 59 countries 医疗保险的普及是否促进了卫生部门的外国直接投资？利用59个国家的面板数据进行实证调查

IF 1.6 Q3 BUSINESS

Transnational Corporations Review

Pub Date : 2025-06-01 Epub Date: 2025-06-06 DOI: 10.1016/j.tncr.2025.200125

Hicham Ouakil , Hana Sarsar , Jihad Ait Soussane

The paper investigates the effect of universal healthcare coverage (UHC) on FDI net inflows into health sectors across 59 countries from 2000 to 2021, using multiple specifications and control variables. The findings demonstrate a consistent and statistically significant impact of UHC and FDI inflows in health sectors where the elasticity estimation of the increase in FDI net inflows ranges from 0.0003 % to 0.0004 % for each 1-point increase in UHC score. These results indicate the economic attractiveness of countries with comprehensive healthcare systems. The results suggest that the universalization of healthcare coverage is a determinant of FDI in health sectors. Therefore, policymakers should consider generalizing healthcare coverage services to attract FDI in health sectors, thereby stimulating economic growth and improving healthcare outcomes.

本文使用多种规格和控制变量，调查了2000年至2021年期间，全民医疗保险（UHC）对59个国家卫生部门FDI净流入的影响。研究结果表明，全民健康覆盖和外国直接投资流入对卫生部门的影响具有一致性和统计学意义，其中全民健康覆盖得分每增加1分，外国直接投资净流入增加的弹性估计范围为0.0003%至0.0004%。这些结果表明，具有全面医疗保健系统的国家具有经济吸引力。结果表明，医疗保险的普及是卫生部门FDI的决定因素。因此，决策者应考虑推广医疗保险服务，以吸引卫生部门的外国直接投资，从而刺激经济增长并改善医疗保健结果。

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

Transnational Corporations Review

Pub Date : 2025-06-01 Epub Date: 2025-06-06 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。

引用次数: 0

Dynamic connectedness between global geopolitical tension and flow of foreign remittances amid heightened geopolitical risk with application of NARDL estimation approach 基于NARDL估算方法的地缘政治风险加剧背景下全球地缘政治紧张与外国汇款流动之间的动态联系

IF 1.6 Q3 BUSINESS

Transnational Corporations Review

Pub Date : 2025-03-01 Epub Date: 2024-12-10 DOI: 10.1016/j.tncr.2024.200106

Qianjin Lu , Farid Ullah , Fouzia Amin , Mirzat Ullah

This empirical study examines the dynamic connectedness between global geopolitical tension (GPR) and the flow of foreign remittances (FR) in response to evolving global and strategic economic dynamics. The study employs the NARDL estimation model to assess the symmetric and asymmetric connectedness among key indicators influencing economic changes in BRIC economies. The study used quarterly frequency data from 1998 to 2023. The short run results reveal that GPR exhibits a symmetric relationship with the flow of FR across the BRIC economies. However, in the long run, an asymmetric association between GPR and the flow of FR is observed. These findings underscore the importance for policymakers, migrants, and recipients to consider the asymmetric and volatile nature of global geopolitical tension when formulating policies and making decisions regarding remittance transfers. Such insights contribute to more informed decision-making processes and effective policy interventions in the realm of remittance flows.

本实证研究考察了全球地缘政治紧张局势（GPR）与外国汇款流量（FR）之间的动态联系，以响应不断变化的全球和战略经济动态。本研究采用NARDL估计模型来评估影响金砖四国经济变化的关键指标之间的对称和非对称连通性。该研究使用了1998年至2023年的季度频率数据。短期结果表明，GPR与金砖四国经济体的资本流动呈现对称关系。然而，从长期来看，探地雷达和FR流量之间存在不对称关联。这些发现强调了政策制定者、移民和受援国在制定有关汇款的政策和决策时考虑全球地缘政治紧张局势的不对称和不稳定性的重要性。这些见解有助于在汇款流动领域进行更明智的决策过程和有效的政策干预。

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引用次数: 0

Climate change, the internet and the cotton yield gap between African countries and the rest of the world 气候变化、互联网和非洲国家与世界其他地区之间的棉花产量差距

IF 1.6 Q3 BUSINESS

Transnational Corporations Review

Pub Date : 2025-03-01 Epub Date: 2025-02-27 DOI: 10.1016/j.tncr.2025.200112

Maosheng Ye , Mpabe Bodjongo , Jie Cai , Liao Heran

This study investigates the effects of climate change and internet access on cotton yield disparities between African nations and other cotton-producing countries from 1995 to 2019. Utilizing econometric analysis based on a decomposition model, the findings reveal that African countries underperform relative to their counterparts in cotton yields. The study suggests that mitigating temperature variability, expanding internet access, and enhancing education, financial liberalization, and labor market flexibility, have the potential to reduce this yield gap. However, rising temperatures exacerbate the disparity and hinder progress in closing the yield gap.

本研究调查了1995年至2019年气候变化和互联网接入对非洲国家和其他棉花生产国之间棉花产量差异的影响。利用基于分解模型的计量经济分析，研究结果表明，非洲国家在棉花产量方面的表现低于其他国家。该研究表明，缓解温度变化、扩大互联网接入、加强教育、金融自由化和劳动力市场灵活性，有可能缩小这一收益差距。然而，不断上升的气温加剧了这一差距，阻碍了缩小产量差距的进展。

引用次数: 0

Does managerial myopia affect firms’ green merger and acquisition? Evidence from Chinese firms in high-polluting industries 管理短视是否影响企业绿色并购？来自中国高污染行业企业的证据

IF 1.6 Q3 BUSINESS

Transnational Corporations Review

Pub Date : 2025-03-01 Epub Date: 2025-03-12 DOI: 10.1016/j.tncr.2025.200115

Xiaohua Chen, Hui Liu, Wen Du

Utilizing a dataset comprising 1536 merger and acquisition transactions involving Chinese A-share listed firms operating in high-polluting industries during the period of 2001–2020, this paper aims to investigate managerial myopic impact on green merger and acquisition. The primary findings indicate that managerial myopia significantly impedes the occurrence of green merger and acquisition activities within firms operating in high-polluting industries. This adverse effect is consistently observed across various models. Mechanism tests reveal that myopic managers exert an adverse influence on firms' green merger and acquisition by reducing the level of analyst attention and the environmental, social, and governance ratings among these companies. Furthermore, the results of the moderating tests demonstrate that stronger internal supervision, a higher firm value, and a male chief executive officer can substantially alleviate managerial myopic negative impact on green merger and acquisition. Additionally, heterogeneity checks propose that managerial myopic detrimental impact on firms’ green merger and acquisition is particularly pronounced in companies characterized by weak governance structures, lower tax burdens, and those operating in the decline stage. The insights from this research carry significant policy implications for industries with high levels of pollution, particularly in emerging economies.

本文利用2001-2020年中国a股高污染行业上市公司1536宗并购交易的数据集，研究管理层近视对绿色并购的影响。研究发现，管理近视显著阻碍了高污染行业企业绿色并购活动的发生。这种不利影响在不同的模型中一致地被观察到。机制检验表明，短视管理者通过降低分析师的关注水平和企业的环境、社会和治理评级，对企业的绿色并购产生不利影响。此外，调节检验结果表明，加强内部监督、提高企业价值和男性首席执行官能够显著缓解管理近视对绿色并购的负面影响。此外，异质性检验表明，管理短视对企业绿色并购的不利影响在治理结构薄弱、税负较低和经营处于衰退期的公司中尤为明显。这项研究的见解对高污染行业，特别是新兴经济体的高污染行业具有重要的政策意义。

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引用次数: 0

The impact of informatization on total factor productivity and its regional differences: An empirical study based on Chinese data 信息化对全要素生产率的影响及其区域差异——基于中国数据的实证研究

IF 1.6 Q3 BUSINESS

Transnational Corporations Review

Pub Date : 2025-03-01 Epub Date: 2025-02-22 DOI: 10.1016/j.tncr.2025.200111

Xiaozhong Li , Fangqing Tang , Dongfang Shen , Jie Zhang , Xinyue Hu

On the basis of a theoretical analysis, this paper develops an indicator framework for measuring informatization level and estimates the informatization levels of various regions in China spanning 2006 to 2019; Utilizing the DEA-Malmquist index approach, the paper estimates the TFP of various regions in China and decomposes it into technological progress and technical efficiency. The findings reveal an annually increasing level of informatization in China, with higher presence in the east and lower in the west. The influence of informatization on TFP presents a positive "U" -shaped feature, but the turning point of the eastern region is earlier than that in the central and western regions. The level of informatization also has a spatial spillover effect on TFP, similarly presenting a positive "U" shape. The article offers pertinent policy suggestions aiming to promote China's TFP through informatization.

在理论分析的基础上，构建了衡量信息化水平的指标框架，并对2006 - 2019年中国各地区信息化水平进行了估算；本文利用DEA-Malmquist指数法估算了中国各地区的全要素生产率，并将其分解为技术进步和技术效率。调查结果显示，中国的信息化水平逐年上升，东部较高，西部较低。信息化对全要素生产率的影响呈正“U”型特征，但东部地区的拐点要早于中西部地区。信息化水平对全要素生产率也存在空间溢出效应，同样呈正“U”型。本文提出了针对性的政策建议，旨在通过信息化促进中国全要素生产率的提高。

引用次数: 0

Has FinTech reshaped global trade? New empirical evidence from structural gravity model 金融科技重塑了全球贸易吗？结构重力模型的新经验证据

IF 1.6 Q3 BUSINESS

Transnational Corporations Review

Pub Date : 2025-03-01 Epub Date: 2024-12-05 DOI: 10.1016/j.tncr.2024.200105

Mamta Kumari

Technological advancements in the financial sector are widely recognized as transformative for global trade and supply chains, significantly improving access to financial services while enhancing the security, efficiency, transparency, and flexibility of transactions between exporters and importers. In this context, the present study investigates the role of financial technology (fintech) in promoting international trade. Drawing on both theoretical and empirical frameworks that link trade and finance, the research explores how fintech innovations reduce trade costs and, in turn, enhance the gains from trade. By estimating a theory-consistent gravity model based on bilateral trade flows from 106 countries over the period 2014–2019, the study reveals that fintech innovations disproportionately stimulate international trade compared to domestic trade. These findings highlight the critical role of fintech in lowering trade barriers and suggest that policies promoting fintech development—such as those fostering innovation in blockchain, payment systems, and financial services—are essential to strengthening global trade competitiveness.

金融领域的技术进步被广泛认为对全球贸易和供应链具有变革性作用，显著改善了获得金融服务的机会，同时提高了出口商和进口商之间交易的安全性、效率、透明度和灵活性。在此背景下，本研究探讨了金融技术（fintech）在促进国际贸易中的作用。利用联系贸易和金融的理论和实证框架，本研究探讨了金融科技创新如何降低贸易成本，进而提高贸易收益。通过估算基于2014-2019年期间106个国家双边贸易流量的理论一致引力模型，该研究表明，与国内贸易相比，金融科技创新对国际贸易的刺激不成比例。这些发现突出了金融科技在降低贸易壁垒方面的关键作用，并表明促进金融科技发展的政策，如促进bb0、支付系统和金融服务创新的政策，对增强全球贸易竞争力至关重要。

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引用次数: 0

Role of financial institutions in poverty alleviation: Nexus of domestic credit, digital transactions and poverty in South Asia 金融机构在减贫中的作用：南亚国内信贷、数字交易与贫困的关系

IF 1.6 Q3 BUSINESS

Transnational Corporations Review

Pub Date : 2025-03-01 Epub Date: 2025-02-21 DOI: 10.1016/j.tncr.2025.200110

Muhammad Ayub Khan Mehar

The main objective of this study is to test the impacts of lending by various types of financial institutions on poverty, employment, and new business startups. The study is based on seven equations estimated through the ordinary least squares (OLS) technique and censored TOBIT equations. These estimations are based on 21 years of data from 3114 financial institutions. Empirical pieces of evidence based on firm-level data reveal that the donations in the formation of the equities of lending institutions are a significant determinant of lending to clients below the poverty line. It was observed that commercial banks provide more lending for hiring labor than other lending institutions. This conclusion emphasizes the importance of commercial banks for the transfer of fiscal resources to the middle- and lower-income groups. The study recognizes the importance of financial institutions in the South Asian context.

本研究的主要目的是检验各类金融机构贷款对贫困、就业和创业的影响。该研究基于通过普通最小二乘（OLS）技术和删减TOBIT方程估计的七个方程。这些估计是根据3114家金融机构21年来的数据得出的。基于公司层面数据的实证证据表明，贷款机构股权形成中的捐赠是向贫困线以下客户提供贷款的重要决定因素。据观察，商业银行为雇佣劳动力提供的贷款比其他贷款机构更多。这一结论强调了商业银行对财政资源向中低收入群体转移的重要性。该研究认识到金融机构在南亚地区的重要性。

引用次数: 0

Institutional quality and the shadow economy in Africa: Effect and transmission channels 制度质量与非洲影子经济：影响与传播渠道

IF 1.6 Q3 BUSINESS

Transnational Corporations Review

Pub Date : 2025-03-01 Epub Date: 2025-03-13 DOI: 10.1016/j.tncr.2025.200113

Tii Tasheh Fonsoh , Aloysius M. Njong , Tii N. Nchofoung

The present work investigates the effect of institutional quality on Africa's underground economy, as well as the mechanisms that modulate this effect. Considering cross-sectional dependency between panels, this study considers data of 41 African countries from the period 1996 to 2017 and the system generalized method of moment is used. The results of this investigation propose that institutional quality has a considerable detrimental impact on Africa's underground economy. The interactive effect findings reveal that modulating institutional quality through natural resource rents and trade has an adverse net effect on the size of Africa's shadow economy up to the threshold values of 37.14843 for natural resource rents (% GDP) and 40.55319 for trade (% GDP), after which the negative effect is nullified. Policy implications are discussed.

本研究调查了制度质量对非洲地下经济的影响，以及调节这种影响的机制。考虑到面板之间的横截面依赖性，本研究考虑了41个非洲国家1996年至2017年的数据，并使用了系统广义矩量法。这项调查的结果表明，制度质量对非洲地下经济有相当大的不利影响。交互效应研究结果表明，通过自然资源租金和贸易调节制度质量对非洲影子经济规模的净负面影响达到自然资源租金（% GDP）的37.14843和贸易（% GDP）的40.55319的阈值，超过该阈值后，负面影响就消失了。讨论了政策影响。

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全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

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