지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2013.5
- 수록면
- 655 - 676 (22page)
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초록· 키워드
오류제보하기
A host of external (global and regional) and internal (country-specific) factors affect Multinational Enterprises (MNEs)’s Foreign Direct Investment (FDI) decisions. Differentiating the two entry modes of FDI (Mergers and Acquisitions (M&A) and Greenfield investment), this paper aims to empirically assess whether or not there are global and regional spillover effects in FDI flows to emerging countries in addition to various country-specific factors. For this purpose, this paper employs the system GMM estimator for the panel data consisting of 40 emerging countries for the period 1990 - 2009. The results suggest that there exist a strong and significant global and regional spillover effect in both types of FDI flows to an emerging country. M&A appears to be more sensitive to external factors again, in that both global and regional spillover effects are about twice stronger for M&A than for Greenfield FDI. The results also suggest that country-specific factors matter a lot for FDI flows both in the form of M&A and Greenfield FDI, pointing to the importance of government roles in helping stabilize FDI flows to emerging countries. This paper also offers empirical evidence which is consistent with the phenomenon of a fire-sale FDI during the period of financial crisis. Additional evidence using extensive and intensive margins of M&A sales suggest that the fire-sale does not necessarily imply an increase in the number of deals, but it may reflect the sales of big firms during the crisis.
목차
Abstract
Ⅰ. Introduction
Ⅱ. Descriptive Statistics
Ⅲ. Empirical Specification
Ⅳ. Empirical Results
Ⅴ. Summary and Conclusion
References
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UCI(KEPA) : I410-ECN-0101-2014-320-002563744