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Foreign direct investment in the Spanish regions: What are the influencing factors?

Author

Listed:
  • Gutiérrez-Portilla, Paula

    (University of Cantabria)

  • Maza, Adolfo

    (University of Cantabria)

  • Villaverde, José

    (University of Cantabria. Kemmy Business School, University of Limerick, Limerick (Ireland))

  • Hierro, María

    (University of Cantabria)

Abstract

The purpose of this paper is to analyze foreign direct investment (FDI) flows in Spain at regional and sectoral levels over the period 1997-2013. After showing that they are very volatile and highly geographically concentrated, the paper examines their determinants by estimating an FDI equation by GMM and GLS. This is done not only for the whole period and total FDI but also for two sub-periods (pre-crisis and crisis) and main places of origin (Europe and America). The results show that FDI inflows in Spain are mainly determined by market size, the level of human capital in interaction with wages, and the own characteristics of Madrid.

Suggested Citation

  • Gutiérrez-Portilla, Paula & Maza, Adolfo & Villaverde, José & Hierro, María, 2016. "Foreign direct investment in the Spanish regions: What are the influencing factors?," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 35, pages 67-82.
    • Handle: RePEc:ris:invreg:0317
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    Citations

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    Cited by:

    1. Mariam Camarero & Laura Montolio & Cecilio Tamarit, 2020. "Determinants of FDI for Spanish regions: evidence using stock data," Empirical Economics, Springer, vol. 59(6), pages 2779-2820, December.
    2. Joey Pek U Sou & Thea Vinnicombe, 2023. "Does governance quality matter for FDI-led tourism development? A supply-side perspective," Tourism Economics, , vol. 29(2), pages 392-408, March.
    3. Economou, Fotini, 2019. "Economic freedom and asymmetric crisis effects on FDI inflows: The case of four South European economies," Research in International Business and Finance, Elsevier, vol. 49(C), pages 114-126.
    4. Castillo-Murciego, Ángela & López-Laborda, Julio, 2019. "The effect of double taxation treaties and territorial tax systems on foreign direct investment: Evidence for Spain," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 13, pages 1-33.
    5. Oludayo Elijah Adekunle, 2020. "The Short and Long Run Determinants of Foreign Direct Investment in Nigeria," Management & Economics Research Journal, Faculty of Economics, Commercial and Management Sciences, Ziane Achour University of Djelfa, vol. 2(4), pages 45-65, September.
    6. Gutiérrez-Portilla, Paula & Maza, Adolfo & Villaverde, José, 2019. "A spatial approach to the FDI-growth nexus in Spain: Dealing with the headquarters effect," International Business Review, Elsevier, vol. 28(6), pages 1-1.
    7. Mariana Sehleanu, 2019. "Analysis Of Foreign Participation In The Share Capital Of Companies From The Counties Of North-West Region Of Romania," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 4(1), pages 7-16, March.

    More about this item

    Keywords

    foreign direct investment; Spanish regions;

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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