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| 1 |
ID:
101163
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| Publication |
2010.
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| Summary/Abstract |
China's success in attracting foreign direct investment has been cast in doubt as mainly a transfer of capital, not knowhow, because its financial system is incapable of allocating domestic savings and hard-earned foreign reserves to domestic enterprises. To shed light on this debate, we examine the determinants of equity sharing in Sino-foreign joint ventures with the premise that the roles of foreign direct investment (in transferring capital or knowhow) should be reflected in equity sharing between multinational firms and local firms. Our empirical analysis offers strong evidence for foreign direct investment as a transfer of knowhow, but limited support for foreign direct investment as a transfer of capital, which points to the need for further reform in China's financial system.
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| 2 |
ID:
192856
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| Summary/Abstract |
This study explores the finance-specific factors that help domestic companies operating in Thailand receive foreign direct investment (FDI) related to mergers and acquisitions (M&A). The three main objectives of this paper are to: analyse whether the firms receiving FDI differ from those that do not; identify significant finance-specific determinants that make Thai companies more likely to receive foreign investment; and explore the heterogeneity (different responses to investment decisions) at the firm-level, and the impact of financial constraints. This research makes use of the operational and financial data of both listed and unlisted Thai companies over the 2012–20 period and finds that larger as well as younger firms draw more foreign attention and have a higher probability of receiving M&A type of FDI. Moreover, companies with substantial intangible assets attract more investments from abroad. These findings have practical implications for business policies related to the accumulation of intangible assets. Specifically, developing flexible formal/informal linkages with potential M&A partners is key to promoting M&A-type FDI.
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| 3 |
ID:
073502
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| Publication |
2006.
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| Summary/Abstract |
Multinational firms are important conduits of managerial skills, foreign market linkages, and technology. Foreign export spillovers associated with multinational firms have the potential to reduce entry costs for local exporting firms. This paper examines whether exports by multinational firms increase the probability of exporting by domestic Chinese firms. The findings from the Probit estimation highlight the varying relationships between multinational exports and local foreign entry based on the type of ownership. The results from separating foreign-invested enterprises into overseas Chinese companies and OECD-based multinational firms suggest that the export activity of the former does not increase the probability of exporting by local firms, whereas the latter positively influence the export decision of local firms, particularly under processing trade.
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| 4 |
ID:
108394
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| Publication |
2011.
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| Summary/Abstract |
Aggregate trade data with breakdown into related and non-related party components show that US multinational enterprises use different trading strategies in the China region relative to other countries. US trade with the China region in 2002-2007 is characterized by arm's-length transactions. State-level trade data show great variability in state engagement with the region through trade: exports to the region range from 1 to 28 percent of state exports. In addition, compared to exports to other countries, exports to the region are highly concentrated. At the extreme, for some states, 96-98 percent of exports to the region are computer and electronic products. Finally, gravity regressions show that state exports to Hong Kong are positively associated with the relative size of the Hong Kong-born population in the states. There is no evidence that stricter labor regimes lead to lower state exports.
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| 5 |
ID:
169357
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Real estate activities and companies in China have grown considerably since the major reforms of the late 1970s. This paper examines the spatial deployment of firms linked to the Chinese real estate market in Chinese cities in 2010, 2013 and 2016. It provides a first mapping of multinational firms specialized in the real estate sector. It describes the patterns of ownership networks built by financial links both between foreign multinational firms and Chinese firms and among multinational firms themselves. It therefore provides a new understanding about the penetration of both foreign direct investment (FDI) and Hong Kong’s role in the Chinese real estate market. This paper provides a comparison of the spatial location logics of these firms according to their Chinese or foreign origin and offers a new perspective on the geography of real estate investment by analyzing financial links between the Chinese and foreign cities involved.
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| 6 |
ID:
152315
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| Summary/Abstract |
This article addresses the strategies of multinational firms when faced with business risk arising from nationalist tensions and interstate conflict, focusing on the use of social engagement activities under the rubric of corporate social responsibility (CSR) that are targeted at the host country’s society at large. The adoption of this strategy is contingent on firms’ risk perception: firms with higher degrees of risk perception invest more resources in social strategies. Moreover, as firms are more exposed to risk over time, they shift their risk management strategies to ones that try to transform the nature of risk through private sector activities that resemble public diplomacy. The argument is tested quantitatively using unique data on the contributions of Japanese firms to social engagement activities in China, and qualitatively with descriptive statistics from surveys of CSR activities and elite interviews with state and business actors in China and Japan. The findings highlight new sociopolitical roles for multinational firms in international politics.
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