Aid for Trade and Greenfield Investment
In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 84, S. 206-218
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In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 84, S. 206-218
In: Defence and peace economics, Band 34, Heft 6, S. 827-844
ISSN: 1476-8267
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In: Canadian journal of administrative sciences: Revue canadienne des sciences de l'administration, Band 29, Heft 4, S. 310-321
ISSN: 1936-4490
AbstractOur study examines the announcement effects of 343 international greenfield investments by 289 U.S. firms for their impact on shareholder wealth. This paper develops five hypotheses based on the positive‐multinational‐network hypothesis. The evidence indicates that market reactions to announcements by firms entering developing countries are more favorable than those entering developed countries. In addition, the results show that the wealth effect for firms entering a host country for the first time is greater than for those that are already operating within the country. As for the long run, greenfield firms have shown improvement in their operating performance and stock performance. Copyright © 2012 ASAC. Published by John Wiley & Sons, Ltd.
In: Review of International Economics, Band 19, Heft 5, S. 836-851
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In: WU International Taxation Research Paper Series No. 2024-01
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In: Journal of East-West business, Band 9, Heft 3-4, S. 53-72
ISSN: 1528-6959
In: Economics and Business Letter, Band 5, Heft 3
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In: Socioeconomica: the scientific journal for theory and practice of socio-economic development, Band 4, Heft 8, S. 361-370
ISSN: 2217-7558
In: Journal of economic studies, Band 27, Heft 3, S. 165-181
ISSN: 1758-7387
This paper formalises the choice a firm has to face when entering a foreign market via FDI as between setting up an entirely new plant (greenfield investment) or acquiring an existing indigenous firm. We assume the existence of an asymmetric duopoly in the host country, and these duopolists face the entry of a technologically advanced foreign firm in the market. The analysis shows how different constellations of entry costs and the post‐entry competition affect the foreign firm's entry mode choice. Simulation results show that the foreign entrant will in most cases be best off by acquiring an existing indigenous high‐technology firm, thus, forming a duopoly with an indigenous low‐technology firm. We also discuss briefly the strategic dimension to the model, where the foreign firm has the possibility of crowding out the indigenous incumbents through lowering the price.
In: Growth and change: a journal of urban and regional policy, Band 53, Heft 1, S. 313-341
ISSN: 1468-2257
AbstractWith the rapid increase of China's outward foreign direct investments (OFDIs) since the early‐2000s, a growing body of literature has developed that investigates investment processes and their underlying motivations and tendencies. Three important findings emerge from this literature. First, it has been noted that the generation of market and resource access have been key drivers of investment activity. Second, China's OFDIs have accordingly focused on mature manufacturing and natural resource sectors. Third, a large proportion of OFDIs is assumed to have been directed to neighboring countries in East Asia or other developing economies, for instance in Africa. However, a literature review reveals limitations in prior studies with respect to measurement biases, database incompatibilities, the neglect of a knowledge perspective, and a lack of sectoral differentiation. Descriptive analysis based on a comprehensive firm‐level data set of greenfield investments shows that previous findings are only partial. According to fDi Markets data from 2003 to 2016, OFDIs from China are more diversified and widespread than assumed. Many recent investments have a distinct knowledge motivation, are focused on high‐tech and business service sectors and non‐manufacturing functions, and are directed toward developed economies.
In: IMF Working Paper No. 2024/157
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In: Economic change & restructuring, Band 54, Heft 4, S. 1065-1089
ISSN: 1574-0277
AbstractThis paper investigates the dynamic linkages between different types of foreign direct investment (FDI), domestic investment and economic growth in Vietnam. We decompose the aggregated FDI level into its two major components: greenfield investments, and cross-border mergers and acquisitions (M&As). The empirical results reveal that greenfield investments and cross-border M&As exhibit different impacts on economic growth. While greenfield investments appear to complement domestic investment, which subsequently promotes long-run economic growth, cross-border M&As exert a significant crowd-out effect and subsequently impede growth in both the short- and the long-run. These results provide important implications for policies to attract FDI in order to stimulate sustainable growth.
In: The quarterly review of economics and finance, Band 46, Heft 3, S. 447-465
ISSN: 1062-9769
In: Regional studies, Band 31, Heft 4
ISSN: 0034-3404