Global fixed capital investment by multinational firms
| Autor: | Rene Belderbos, Kyoji Fukao, Keiko Ito, Wilko Letterie |
|---|---|
| Přispěvatelé: | Organisation,Strategy & Entrepreneurship, Externe publicaties SBE, RS: GSBE TIID |
| Jazyk: | angličtina |
| Rok vydání: | 2013 |
| Předmět: |
ENTERPRISES
COUNTRIES Economics and Econometrics PRODUCTIVITY media_common.quotation_subject FDI Wage Monetary economics Foreign direct investment Fixed capital Investment (macroeconomics) EXPORT NETWORKS MODEL Capital (economics) Fixed investment FOREIGN DIRECT-INVESTMENT LOCATION Profitability index Business Total factor productivity LEVEL EVIDENCE media_common |
| Zdroj: | Economica, 80(318), 274-299. Wiley-Blackwell BASE-Bielefeld Academic Search Engine |
| ISSN: | 0013-0427 |
| Popis: | This paper develops and tests a simple model of the simultaneous determination of gross fixed capital formation by multinational Japanese firms in home and host countries. We treat multinational firms as multi-product firms, choosing optimal investment locations and production scale for each product. We test the predictions of the model on a unique dataset covering 1707 fixed capital investment decisions by (affiliates of) Japanese multinational firms in the manufacturing sector based on research conducted in 1996 and 1997. We find that the rate of investment is not only determined by factors affecting the return on investment levels in a country (e.g. effective demand and wages), but also by wage levels in other countries in which the firm operates manufacturing affiliates. Firms facing global liquidity constraints show systematically lower investment ratios, suggesting that financing constraints are another source of interaction between investments. |
| Databáze: | OpenAIRE |
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