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ID:
141176
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| Summary/Abstract |
This study investigates the location choice performance of foreign direct investment (FDI) originating from small- and medium-sized multinational enterprises established in newly industrialized economies. In this study we integrate location diversification, breadth and corporate governance to examine the performance of Taiwanese enterprises investing in Chinese mainland. Examining Taiwanese manufacturing enterprises from foundational, traditional and high-technology aspects, our findings demonstrate the following: (i) diversifying the location choice negatively affects the return of assets; (ii) investments in regions with an abundant population positively affect the performance of Taiwanese traditional manufacturing enterprises; and (iii) a higher percentage of insider holdings in Taiwanese enterprises results in better FDI performance. We conclude that the performance of FDI originating from Taiwanese enterprises varies depending on industrial and governance characteristics. We suggest that the location choice for Taiwan FDI in Chinese mainland should be determined by the characteristics of the industry. Chinese mainland should attract multinational enterprises from emerging markets according to the characteristics of regions.
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| 2 |
ID:
096627
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| Publication |
2010.
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| Summary/Abstract |
Geographic diversification of wind farms can smooth out the fluctuations in wind power generation and reduce the associated system balancing and reliability costs. The paper uses historical wind production data from five European countries (Austria, Denmark, France, Germany, and Spain) and applies the Mean-Variance Portfolio theory to identify cross-country portfolios that minimise the total variance of wind production for a given level of production. Theoretical unconstrained portfolios show that countries (Spain and Denmark) with the best wind resource or whose size contributes to smoothing out the country output variability dominate optimal portfolios. The methodology is then elaborated to derive optimal constrained portfolios taking into account national wind resource potential and transmission constraints and compare them with the projected portfolios for 2020. Such constraints limit the theoretical potential efficiency gains from geographical diversification, but there is still considerable room to improve performance from actual or projected portfolios. These results highlight the need for more cross-border interconnection capacity, for greater coordination of European renewable support policies, and for renewable support mechanisms and electricity market designs providing locational incentives. Under these conditions, a mechanism for renewables credits trading could help aligning wind power portfolios with the theoretically efficient geographic dispersion.
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| 3 |
ID:
097466
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| Publication |
2010.
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| Summary/Abstract |
Geographic diversification of wind farms can smooth out the fluctuations in wind power generation and reduce the associated system balancing and reliability costs. The paper uses historical wind production data from five European countries (Austria, Denmark, France, Germany, and Spain) and applies the Mean-Variance Portfolio theory to identify cross-country portfolios that minimise the total variance of wind production for a given level of production. Theoretical unconstrained portfolios show that countries (Spain and Denmark) with the best wind resource or whose size contributes to smoothing out the country output variability dominate optimal portfolios. The methodology is then elaborated to derive optimal constrained portfolios taking into account national wind resource potential and transmission constraints and compare them with the projected portfolios for 2020. Such constraints limit the theoretical potential efficiency gains from geographical diversification, but there is still considerable room to improve performance from actual or projected portfolios. These results highlight the need for more cross-border interconnection capacity, for greater coordination of European renewable support policies, and for renewable support mechanisms and electricity market designs providing locational incentives. Under these conditions, a mechanism for renewables credits trading could help aligning wind power portfolios with the theoretically efficient geographic dispersion.
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