Greenfield Foreign Direct Investment : Social Learning drives Persistence

Ng, Cho Yiu; Chan, Chao Hung; Tsang, Kwok Ping; Leung, Charles Ka Yui

Greenfield Foreign Direct Investment : Social Learning drives Persistence

Ng, Cho Yiu; Chan, Chao Hung; Tsang, Kwok Ping et al.

Institute of Social and Economic Research Discussion Papers, 2022, 1171, 1-50

アクセス数:90件（2025-05-20 14:50 集計）

固定URL: https://hdl.handle.net/11094/87629

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タイトル	Greenfield Foreign Direct Investment : Social Learning drives Persistence
著者	著者名 Ng, Cho Yiu
	著者名 Chan, Chao Hung
	著者名 Tsang, Kwok Ping
	著者名 Leung, Charles Ka Yui
キーワード等	Greenfield FDI
	persistence
	information
	social learning
抄録	This paper argues that the persistence of greenfield foreign direct investment (FDI) comes from information frictions. First, our simple social learning model shows that, through signaling effects, information frictions generate persistent greenfield FDI inflows. Second, we show empirically that the autoregressive coefficient of greenfield FDI increases in value with different proxies for information frictions, including six institutional and governance indicators and two common language measures. We also find that greenfield FDI persistence varies across industries. In particular, greenfield FDI by service firms is more persistent than that by manufacturing firms. Finally, our findings suggest that better governance, predictability, and transparency reduce information frictions and thereby avoiding drastic and persistent ups and downs in FDI.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1171
ページ	1-50
刊行年月	2022-03
言語	英語
ハンドルURL	https://hdl.handle.net/11094/87629
PISSN	0473453X
eISSN	24350982
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2022/DP1171.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2022, 1171, p. 1-50
DC.title	Greenfield Foreign Direct Investment : Social Learning drives Persistence
DC.creator	Ng, Cho Yiu
	Chan, Chao Hung
	Tsang, Kwok Ping
	Leung, Charles Ka Yui
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2022-03
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2022/DP1171.pdf
DC.subject	Greenfield FDI
	persistence
	information
	social learning
DCTERMS.abstract	This paper argues that the persistence of greenfield foreign direct investment (FDI) comes from information frictions. First, our simple social learning model shows that, through signaling effects, information frictions generate persistent greenfield FDI inflows. Second, we show empirically that the autoregressive coefficient of greenfield FDI increases in value with different proxies for information frictions, including six institutional and governance indicators and two common language measures. We also find that greenfield FDI persistence varies across industries. In particular, greenfield FDI by service firms is more persistent than that by manufacturing firms. Finally, our findings suggest that better governance, predictability, and transparency reduce information frictions and thereby avoiding drastic and persistent ups and downs in FDI.
DC.format	87629
citation_title	Greenfield Foreign Direct Investment : Social Learning drives Persistence
citation_author	Ng, Cho Yiu
	Chan, Chao Hung
	Tsang, Kwok Ping
	Leung, Charles Ka Yui
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2022-03
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1171
citation_firstpage	1
citation_lastpage	50
citation_public_url	https://hdl.handle.net/11094/87629
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2022/DP1171.pdf

Greenfield Foreign Direct Investment : Social Learning drives Persistence

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