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Determinants of Foreign Ownership in LDC Manufacturing: An Indonesian Case Study

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Author Info

  • H H Aswicahyono

    (Australian National University)

  • Hal Hill

    (Australian National University)

Abstract

This paper examines the determinants of foreign investment shares in the manufacturing sector of Indonesia, a large, rapidly industrializing developing country with a comparatively rich industrial database. Particular emphasis is given to the interplay between ‘industrial organization’ and ‘policy’ factors in determining these shares. Most of the industrial organization factors were found to be significantly correlated with ownership shares, although the two variables capturing intangible assets were not. Two of the three policy variables were found to be significant. Since the policy regime in developing countries is typically more interventionist than that in OECD economies, this suggests that studies of the former ignore the policy context at their peril. It is also demonstrated that the results of these types of studies are sensitive to the precise definition of ‘foreign ownership’.© 1995 JIBS. Journal of International Business Studies (1995) 26, 139–158

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Journal of International Business Studies.

Volume (Year): 26 (1995)
Issue (Month): 1 (March)
Pages: 139-158

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Handle: RePEc:pal:jintbs:v:26:y:1995:i:1:p:139-158

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Cited by:
  1. Dionisius Narjoko & Hal Hill, 2007. "Winners and Losers during a Deep Economic Crisis: Firm-level Evidence from Indonesian Manufacturing ," Asian Economic Journal, East Asian Economic Association, vol. 21(4), pages 343-368, December.
  2. Dionisius A. Narjoko & Raymond Atje, 2007. "The Effects of Agricultural Trade Liberalisation under the Doha Development Agenda with Special Reference to the Asia Pacific Region: A Brief Survey," Working Papers 3207, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada..
  3. Milner, Chris & Reed, Geoff & Talerngsri, Pawin, 2004. "Foreign direct investment and vertical integration of production by Japanese multinationals in Thailand," Journal of Comparative Economics, Elsevier, vol. 32(4), pages 805-821, December.
  4. Yasheng Huang, 1999. "The Institutional Foundation of Foreign-Invested Enterprises (FIEs) in China," William Davidson Institute Working Papers Series 264, William Davidson Institute at the University of Michigan.
  5. Wang, Chengqi & Hong, Junjie & Kafouros, Mario & Boateng, Agyenim, 2012. "What drives outward FDI of Chinese firms? Testing the explanatory power of three theoretical frameworks," International Business Review, Elsevier, vol. 21(3), pages 425-438.
  6. Shapiro, Daniel & Globerman, Steven, 2003. "Foreign investment policies and capital flows in Canada: a sectoral analysis," Journal of Business Research, Elsevier, vol. 56(10), pages 779-790, October.
  7. Indro, Daniel C. & Richards, Malika, 2007. "The determinants of foreign partner's equity ownership in Southeast Asian joint ventures," International Business Review, Elsevier, vol. 16(2), pages 177-206, April.

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