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Industrial groupings and foreign direct investment

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Author Info
Bruce A. Blonigen () (Department of Economics, University of Oregon and NBER)
Christopher J. Ellis () (Department of Economics, University of Oregon)
Dietrich Fausten () (Department of Economics, Monash University)
Abstract

We explore worldwide foreign direct investment location decisions by Japanese manufacturing firms from 1985 through 1991. Our conditional logit estimates provide evidence that firms’ location decisions are affected by membership in either vertical or horizontal keiretsu. Consistent with previous studies that stress agglomeration effects on firms’ location decisions, we find that the stock of investment in a region by a firm’s vertical keiretsu partners increases the probability of location. Further, we find that the recent flow of investment into a region by a firm’s horizontal keiretsu partners increases the probability of investment to the region, providing evidence of networking effects.

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Paper provided by University of Oregon Economics Department in its series University of Oregon Economics Department Working Papers with number 2003-19.

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Length: 25
Date of creation: 01 Mar 2003
Date of revision: 01 Mar 2003
Handle: RePEc:ore:uoecwp:2003-19

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F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
G3 - Financial Economics - - Corporate Finance and Governance

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  1. Belderbos, Rene & Sleuwaegen, Leo, 1996. "Japanese Firms and the Decision to Invest Abroad: Business Groups and Regional Core Networks," The Review of Economics and Statistics, MIT Press, vol. 78(2), pages 214-20, May. [Downloadable!] (restricted)
  2. Rauch, James E., 1999. "Networks versus markets in international trade," Journal of International Economics, Elsevier, vol. 48(1), pages 7-35, June. [Downloadable!] (restricted)
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  3. Head, Keith & Ries, John & Swenson, Deborah, 1995. "Agglomeration benefits and location choice: Evidence from Japanese manufacturing investments in the United States," Journal of International Economics, Elsevier, vol. 38(3-4), pages 223-247, May. [Downloadable!] (restricted)
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  4. Head, Keith & Ries, John, 2002. "Offshore production and skill upgrading by Japanese manufacturing firms," Journal of International Economics, Elsevier, vol. 58(1), pages 81-105, October. [Downloadable!] (restricted)
  5. Yoshiro Miwa & J. Mark Ramseyer, 2002. "The Fable of the Keiretsu," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 11(2), pages 169-224, 06. [Downloadable!] (restricted)
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  6. Greif, Avner, 1993. "Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition," American Economic Review, American Economic Association, vol. 83(3), pages 525-48, June. [Downloadable!] (restricted)
  7. Christopher J. Ellis & Dietrich Fausten, 2002. "Strategic FDI and industrial ownership structure," Canadian Journal of Economics, Canadian Economics Association, vol. 35(3), pages 476-494, August. [Downloadable!] (restricted)
  8. Kimura, Yui & Pugel, Thomas A., 1995. "Keiretsu and Japanese direct investment in US manufacturing," Japan and the World Economy, Elsevier, vol. 7(4), pages 481-503, November. [Downloadable!] (restricted)
  9. Blonigen, Bruce A., 2002. "Tariff-jumping antidumping duties," Journal of International Economics, Elsevier, vol. 57(1), pages 31-49, June. [Downloadable!] (restricted)
  10. James E. Rauch, 2001. "Business and Social Networks in International Trade," Journal of Economic Literature, American Economic Association, vol. 39(4), pages 1177-1203, December. [Downloadable!] (restricted)
  11. James E. Rauch & Vitor Trindade, 2002. "Ethnic Chinese Networks In International Trade," The Review of Economics and Statistics, MIT Press, vol. 84(1), pages 116-130, February. [Downloadable!] (restricted)
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