IDEAS home Printed from https://ideas.repec.org/a/eee/mulfin/v69y2023ics1042444x23000282.html

Do financial and governmental institutions play a mediating role in the spillover effects of FDI?

Author

Listed:
  • Nam, Hyun-Jung
  • Bang, Jeongseok
  • Ryu, Doojin

Abstract

We investigate the effects of foreign direct investment (FDI) on technological change in the Association of South East Asian Nations member countries. Our analysis underscores the pivotal roles that financial and governmental institutions play as mediators in the relationship between FDI and technological change. Our empirical results based on the 25 years panel dataset from 1996 to 2020 reveal that the rule of law, one of the sub-indicators of the Worldwide Governance Indicators, has a significant mediating effect in this relationship. Though financial institutions play a mediating role, FDI negatively affects financial institutions and positively affects technological change, meaning the suppression effect. To maximize FDI’s spillover effects, governments should facilitate the effective functioning of the rule of law and develop strategies to alleviate financing restrictions, which might hamper FDI.

Suggested Citation

  • Nam, Hyun-Jung & Bang, Jeongseok & Ryu, Doojin, 2023. "Do financial and governmental institutions play a mediating role in the spillover effects of FDI?," Journal of Multinational Financial Management, Elsevier, vol. 69(C).
    • Handle: RePEc:eee:mulfin:v:69:y:2023:i:c:s1042444x23000282
    DOI: 10.1016/j.mulfin.2023.100809
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1042444X23000282
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.mulfin.2023.100809?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Islam, Mollah Aminul & Liu, Haiyun & Khan, Muhammad Asif & Islam, Md Tariqul & Sultanuzzaman, Md Reza, 2021. "Does foreign direct investment deepen the financial system in Southeast Asian economies?," Journal of Multinational Financial Management, Elsevier, vol. 61(C).
    2. Markusen, James R. & Venables, Anthony J., 1999. "Foreign direct investment as a catalyst for industrial development," European Economic Review, Elsevier, vol. 43(2), pages 335-356, February.
    3. Iftekhar Hasan & Nada Kobeissi & Liuling Liu & Haizhi Wang, 2018. "Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity," Journal of Business Ethics, Springer, vol. 149(3), pages 671-688, May.
    4. Balasubramanyam, V N & Salisu, M & Sapsford, David, 1996. "Foreign Direct Investment and Growth in EP and IS Countries," Economic Journal, Royal Economic Society, vol. 106(434), pages 92-105, January.
    5. Mowery, David C & Oxley, Joanne E, 1995. "Inward Technology Transfer and Competitiveness: The Role of National Innovation Systems," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 19(1), pages 67-93, February.
    6. Xiaowen Tian, 2007. "Accounting for sources of FDI technology spillovers: evidence from China," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(1), pages 147-159, January.
    7. Crespo, Nuno & Fontoura, Maria Paula, 2007. "Determinant Factors of FDI Spillovers - What Do We Really Know?," World Development, Elsevier, vol. 35(3), pages 410-425, March.
    8. Xu, Gang & Yano, Go, 2017. "How does anti-corruption affect corporate innovation? Evidence from recent anti-corruption efforts in China," Journal of Comparative Economics, Elsevier, vol. 45(3), pages 498-519.
    9. Egger, Peter & Winner, Hannes, 2005. "Evidence on corruption as an incentive for foreign direct investment," European Journal of Political Economy, Elsevier, vol. 21(4), pages 932-952, December.
    10. Katsiaryna Svirydzenka, 2016. "Introducing a New Broad-based Index of Financial Development," IMF Working Papers 2016/005, International Monetary Fund.
    11. Oded Shenkar, 2001. "Cultural Distance Revisited: Towards a More Rigorous Conceptualization and Measurement of Cultural Differences," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 32(3), pages 519-535, September.
    12. Susan E Feinberg & Sumit K Majumdar, 2001. "Technology Spillovers from Foreign Direct Investment in the Indian Pharmaceutical Industry," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 32(3), pages 421-437, September.
    13. Zvi Griliches, 1998. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 17-45, National Bureau of Economic Research, Inc.
    14. Bilir, L. Kamran & Chor, Davin & Manova, Kalina, 2019. "Host-country financial development and multinational activity," European Economic Review, Elsevier, vol. 115(C), pages 192-220.
    15. Oluwatosin Adeniyi & Festus O. Egwaikhide & Abimbola Oyinlola & Olusegun Omisakin, 2012. "Foreign Direct Investment, Economic Growth and Financial Sector Development in Small Open Developing Economies," Economic Analysis and Policy, Elsevier, vol. 42(1), pages 105-127, March.
    16. Hahn, Jinyong & Hausman, Jerry, 2002. "Notes on bias in estimators for simultaneous equation models," Economics Letters, Elsevier, vol. 75(2), pages 237-241, April.
    17. Alfaro, Laura & Chanda, Areendam & Kalemli-Ozcan, Sebnem & Sayek, Selin, 2004. "FDI and economic growth: the role of local financial markets," Journal of International Economics, Elsevier, vol. 64(1), pages 89-112, October.
    18. Ann E. Harrison & Margaret S. McMillan, 2022. "Does direct foreign investment affect domestic credit constraints?," World Scientific Book Chapters, in: Globalization, Firms, and Workers, chapter 7, pages 153-180, World Scientific Publishing Co. Pte. Ltd..
    19. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, vol. 99(397), pages 569-596, September.
    20. Buckley, Peter J. & Chen, Liang & Clegg, L. Jeremy & Voss, Hinrich, 2016. "Experience and FDI Risk-taking: A Microfoundational Reconceptualization," Journal of International Management, Elsevier, vol. 22(2), pages 131-146.
    21. Robert E. Lipsey, 2004. "Home- and Host-Country Effects of Foreign Direct Investment," NBER Chapters, in: Challenges to Globalization: Analyzing the Economics, pages 333-379, National Bureau of Economic Research, Inc.
    22. Brian J. Aitken & Ann E. Harrison, 2022. "Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela," World Scientific Book Chapters, in: Globalization, Firms, and Workers, chapter 6, pages 139-152, World Scientific Publishing Co. Pte. Ltd..
    23. Huay Lee & Hui Tan, 2006. "Technology Transfer, FDI and Economic Growth in the ASEAN Region," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 11(4), pages 394-410.
    24. Ann E. Harrison & Inessa Love & Margaret S. McMillan, 2022. "Global capital flows and financing constraints," World Scientific Book Chapters, in: Globalization, Firms, and Workers, chapter 8, pages 181-213, World Scientific Publishing Co. Pte. Ltd..
    25. Peter J. Lane & Michael Lubatkin, 1998. "Relative absorptive capacity and interorganizational learning," Post-Print hal-02311860, HAL.
    26. Magnus Blomström & Ari Kokko & Mario Zejan, 2000. "Local Technological Capability and Productivity Spillovers from FDI in the Uruguayan Manufacturing Sector," Palgrave Macmillan Books, in: Foreign Direct Investment, chapter 11, pages 177-186, Palgrave Macmillan.
    27. Tongurai, Jittima & Vithessonthi, Chaiporn, 2023. "Financial openness and financial market development," Journal of Multinational Financial Management, Elsevier, vol. 67(C).
    28. Helpman, Elhanan, 1984. "A Simple Theory of International Trade with Multinational Corporations," Journal of Political Economy, University of Chicago Press, vol. 92(3), pages 451-471, June.
    29. Imad Moosa, 2009. "The determinants of foreign direct investment in MENA countries: an extreme bounds analysis," Applied Economics Letters, Taylor & Francis Journals, vol. 16(15), pages 1559-1563.
    30. Vito Tanzi, 1998. "Corruption Around the World: Causes, Consequences, Scope, and Cures," IMF Staff Papers, Palgrave Macmillan, vol. 45(4), pages 559-594, December.
    31. Durham, J.B.J. Benson, 2004. "Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth," European Economic Review, Elsevier, vol. 48(2), pages 285-306, April.
    32. Lipsey, Robert E & Weiss, Merle Yahr, 1984. "Foreign Production and Exports of Individual Firms," The Review of Economics and Statistics, MIT Press, vol. 66(2), pages 304-308, May.
    33. Busse, Matthias & Hefeker, Carsten, 2007. "Political risk, institutions and foreign direct investment," European Journal of Political Economy, Elsevier, vol. 23(2), pages 397-415, June.
    34. Barassi, Marco R. & Zhou, Ying, 2012. "The effect of corruption on FDI: A parametric and non-parametric analysis," European Journal of Political Economy, Elsevier, vol. 28(3), pages 302-312.
    35. Sorin Krammer, 2010. "International R&D spillovers in emerging markets: The impact of trade and foreign direct investment," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 19(4), pages 591-623.
    36. Sourafel Girma, 2005. "Absorptive Capacity and Productivity Spillovers from FDI: A Threshold Regression Analysis," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 67(3), pages 281-306, June.
    37. Cheung Kui-yin & Lin, Ping, 2004. "Spillover effects of FDI on innovation in China: Evidence from the provincial data," China Economic Review, Elsevier, vol. 15(1), pages 25-44.
    38. Henk W. Volberda & Nicolai J. Foss & Marjorie A. Lyles, 2010. "PERSPECTIVE---Absorbing the Concept of Absorptive Capacity: How to Realize Its Potential in the Organization Field," Organization Science, INFORMS, vol. 21(4), pages 931-951, August.
    39. Coe, David T. & Helpman, Elhanan, 1995. "International R&D spillovers," European Economic Review, Elsevier, vol. 39(5), pages 859-887, May.
    40. Mohsin Habib & Leon Zurawicki, 2002. "Corruption and Foreign Direct Investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 33(2), pages 291-307, June.
    41. Nguyen, Canh Phuc & Lee, Gabriel S., 2021. "Uncertainty, financial development, and FDI inflows: Global evidence," Economic Modelling, Elsevier, vol. 99(C).
    42. Kinoshita, Yuko, 2001. "R&D and Technology Spillovers through FDI: Innovation and Absorptive Capacity," CEPR Discussion Papers 2775, Centre for Economic Policy Research.
    43. Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2007. "Firm innovation in emerging markets : the roles of governance and finance," Policy Research Working Paper Series 4157, The World Bank.
    44. repec:bla:econom:v:41:y:1974:i:162:p:176-93 is not listed on IDEAS
    45. Peter J Buckley & Jeremy Clegg & Chengqi Wang, 2002. "The Impact of Inward FDI on the Performance of Chinese Manufacturing Firms," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 33(4), pages 637-655, December.
    46. Muhammad Asif & Abdul Majid, 2018. "Institutional quality, natural resources and FDI: empirical evidence from Pakistan," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(4), pages 391-407, December.
    47. Wolfgang Keller, 2004. "International Technology Diffusion," Journal of Economic Literature, American Economic Association, vol. 42(3), pages 752-782, September.
    48. Yan Zhang & Haiyang Li & Yu Li & Li‐An Zhou, 2010. "FDI spillovers in an emerging market: the role of foreign firms' country origin diversity and domestic firms' absorptive capacity," Strategic Management Journal, Wiley Blackwell, vol. 31(9), pages 969-989, September.
    49. Nuno Crespo & Maria Paula Fontoura & Isabel Proença, 2009. "FDI spillovers at regional level: Evidence from Portugal," Papers in Regional Science, Wiley Blackwell, vol. 88(3), pages 591-607, August.
    50. Greenaway, David & Sousa, Nuno & Wakelin, Katharine, 2004. "Do domestic firms learn to export from multinationals?," European Journal of Political Economy, Elsevier, vol. 20(4), pages 1027-1043, November.
    51. Wang, Cassandra C. & Wu, Aiqi, 2016. "Geographical FDI knowledge spillover and innovation of indigenous firms in China," International Business Review, Elsevier, vol. 25(4), pages 895-906.
    52. Magnus Blomström & Ari Kokko & Mario Zejan, 2000. "Host Country Competition, Labour Skills, and Technology Transfer by Multinationals," Palgrave Macmillan Books, in: Foreign Direct Investment, chapter 14, pages 221-231, Palgrave Macmillan.
    53. Blomstrom, Magnus & Persson, Hakan, 1983. "Foreign investment and spillover efficiency in an underdeveloped economy: Evidence from the Mexican manufacturing industry," World Development, Elsevier, vol. 11(6), pages 493-501, June.
    54. Steven Globerman & Daniel Shapiro, 2003. "Governance infrastructure and US foreign direct investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 34(1), pages 19-39, January.
    55. Beck, Paul J. & Maher, Michael W., 1986. "A comparison of bribery and bidding in thin markets," Economics Letters, Elsevier, vol. 20(1), pages 1-5.
    56. Mr. Vito Tanzi, 1998. "Corruption Around the World: Causes, Consequences, Scope, and Cures," IMF Working Papers 1998/063, International Monetary Fund.
    57. Shang-Jin Wei, 2000. "How Taxing is Corruption on International Investors?," The Review of Economics and Statistics, MIT Press, vol. 82(1), pages 1-11, February.
    58. Nam, Hyun-Jung & Ryu, Doojin, 2023. "FDI and human development: The role of governance, ODA, and national competitiveness," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    59. Chandan Sharma & Sudharshan Reddy Paramati, 2021. "Does financial development reduce the level of corruption? Evidence from a global sample of 140 countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5093-5109, October.
    60. Abdur Chowdhury & George Mavrotas, 2006. "FDI and Growth: What Causes What?," The World Economy, Wiley Blackwell, vol. 29(1), pages 9-19, January.
    61. Y Wei & X Liu, 2006. "Productivity spillovers from R&D, exports and FDI in China's manufacturing sector," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 37(4), pages 544-557, July.
    62. Beata Smarzynska Javorcik, 2004. "Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers Through Backward Linkages," American Economic Review, American Economic Association, vol. 94(3), pages 605-627, June.
    63. Rudolf Sivak & Anetta Caplanova & John Hudson, 2011. "The impact of governance and infrastructure on innovation," Post-Communist Economies, Taylor & Francis Journals, vol. 23(2), pages 203-217.
    64. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472, Elsevier.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nam, Hyun-Jung & Bang, Jeongseok & Ryu, Doojin, 2023. "Paradox of trade openness: The moderated mediating role of governance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    2. Khadijah Iddrisu & Simplice A. Asongu & Eric Kofi. Boadi, 2025. "Mediation role of economic freedom in the nexus between financial integration and inclusive growth in Africa," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-16, December.
    3. Nam, Hyun-Jung & Ryu, Doojin & Szilagyi, Peter G., 2025. "Technological progress and carbon emissions: Evidence from the European Union," Global Finance Journal, Elsevier, vol. 67(C).
    4. Gu, Ning & Wang, Ye & Liu, Yu & Fu, Chengbo, 2025. "Does digital finance foster corporate innovation? Evidence from China," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 1502-1524.
    5. Ye, Muqing & Zeng, Wei, 2024. "Government innovation preferences, institutional fragility, and digital economic development," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 541-555.
    6. Nam, Hyun-Jung & Frijns, Bart & Ryu, Doojin, 2024. "Trade openness and income inequality: The moderating role of institutional quality," Global Finance Journal, Elsevier, vol. 60(C).
    7. André Arnaud ENGUENE & Romaric Armel WEPAGUIEWE & Ouedraogo IDRISSA, 2025. "The dual effect of (Extractive) foreign direct investment on institutional quality in sub-Saharan Africa," SN Business & Economics, Springer, vol. 5(11), pages 1-29, November.
    8. Raihan, Asif & Ibrahim, Said & Ridwan, Mohammad & Rahman, Md. Shoaibur & Bari, A.B.M. Mainul & Guneysu Atasoy, Filiz, 2025. "Role of renewable energy and foreign direct investment toward economic growth in Egypt," Innovation and Green Development, Elsevier, vol. 4(1).
    9. Nam, Hyun-Jung & Ryu, Doojin, 2024. "Does trade openness promote economic growth in developing countries?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 93(C).
    10. Ryu, Doojin & Nam, Hyun-Jung, 2024. "Impacts of gender inequality on international trade and innovation," Finance Research Letters, Elsevier, vol. 63(C).
    11. Nam, Hyun-Jung & Bang, Jeongseok & Ryu, Doojin, 2024. "Nonlinear effects of financial openness on financial development in ASEAN," Journal of Multinational Financial Management, Elsevier, vol. 73(C).
    12. Nam, Hyun-Jung & Ryu, Doojin, 2025. "Does international trade moderate economic development’s impact on income inequality in the EU?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 99(C).
    13. Nam, Hyun-Jung & Batten, Jonathan A. & Ryu, Doojin, 2025. "Do institutional quality and trade openness enhance the role of financial openness in Eastern European financial development?," Global Finance Journal, Elsevier, vol. 64(C).
    14. Hyun-Jung Nam & Mehmet Huseyin Bilgin & Doojin Ryu, 2024. "Firm value, ownership structure, and strategic approaches to ESG activities," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 14(1), pages 187-226, March.
    15. Cheng, Rui & Frijns, Bart & Kim, Hyeongjun & Ryu, Doojin, 2024. "Effects of option incentive compensation on corporate innovation: The case of China," Economic Systems, Elsevier, vol. 48(1).
    16. Sumon Bhaumik & Nigel Driffield & Katiuscia Lavoratori & Meng Song & Priit Vahter, 2025. "Multinational strategy, institutions and spillovers: the role of institutions in knowledge spillovers in emerging markets," The Journal of Technology Transfer, Springer, vol. 50(5), pages 2476-2508, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Neil Foster-McGregor, 2012. "Innovation and Technology Transfer across Countries," wiiw Research Reports 380, The Vienna Institute for International Economic Studies, wiiw.
    2. Klaus E Meyer & Evis Sinani, 2009. "When and where does foreign direct investment generate positive spillovers? A meta-analysis," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 40(7), pages 1075-1094, September.
    3. Long, Cheryl & Yang, Jin & Zhang, Jing, 2015. "Institutional Impact of Foreign Direct Investment in China," World Development, Elsevier, vol. 66(C), pages 31-48.
    4. Harrison, Ann & Rodríguez-Clare, Andrés, 2010. "Trade, Foreign Investment, and Industrial Policy for Developing Countries," Handbook of Development Economics, in: Dani Rodrik & Mark Rosenzweig (ed.), Handbook of Development Economics, edition 1, volume 5, chapter 0, pages 4039-4214, Elsevier.
    5. Yi Zhang, 2019. "Institutions, Firm Characteristics, and FDI Spillovers," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(5), pages 1109-1136, April.
    6. Can Li & Danxue Gao & Weiguo Zhong, 2020. "A Political Cycle of Regional FDI Spillovers in an Emerging Market: Evidence from China," Management International Review, Springer, vol. 60(2), pages 151-176, April.
    7. Nam, Hyun-Jung & Ryu, Doojin, 2023. "FDI and human development: The role of governance, ODA, and national competitiveness," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    8. Crespo, Nuno & Fontoura, Maria Paula, 2007. "Determinant Factors of FDI Spillovers - What Do We Really Know?," World Development, Elsevier, vol. 35(3), pages 410-425, March.
    9. Krammer, Sorin M.S., 2014. "Assessing the relative importance of multiple channels for embodied and disembodied technological spillovers," Technological Forecasting and Social Change, Elsevier, vol. 81(C), pages 272-286.
    10. Naijela Janaina Costa Silveira & Diogo Ferraz & Eduardo Polloni‐Silva & Diego Scarpa de Mello & Fernanda Pereira Sartori Falguera & Herick Fernando Moralles, 2022. "Modeling the building blocks of country‐level absorptive capacity: Comparing developed and emergent economies," Bulletin of Economic Research, Wiley Blackwell, vol. 74(3), pages 783-824, July.
    11. Beugelsdijk, Sjoerd & Smeets, Roger & Zwinkels, Remco, 2008. "The impact of horizontal and vertical FDI on host's country economic growth," International Business Review, Elsevier, vol. 17(4), pages 452-472, August.
    12. Haiwei Jiang & Yousha Liang & Shiyuan Pan, 2022. "Foreign direct investment and regional innovation: Evidence from China," The World Economy, Wiley Blackwell, vol. 45(6), pages 1876-1909, June.
    13. Fu, Xiaolan & Pietrobelli, Carlo & Soete, Luc, 2011. "The Role of Foreign Technology and Indigenous Innovation in the Emerging Economies: Technological Change and Catching-up," World Development, Elsevier, vol. 39(7), pages 1204-1212, July.
    14. Ben Hamida, Lamia & Gugler, Philippe, 2009. "Are there demonstration-related spillovers from FDI?: Evidence from Switzerland," International Business Review, Elsevier, vol. 18(5), pages 494-508, October.
    15. Nam, Hyun-Jung & Bang, Jeongseok & Ryu, Doojin, 2023. "Paradox of trade openness: The moderated mediating role of governance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    16. Krifa-Schneider, Hadjila & Matei, Iuliana & Sattar, Abdul, 2022. "FDI, corruption and financial development around the world: A panel non-linear approach," Economic Modelling, Elsevier, vol. 110(C).
    17. Lai, Mingyong & Wang, Hua & Zhu, Shujin, 2009. "Double-edged effects of the technology gap and technology spillovers: Evidence from the Chinese industrial sector," China Economic Review, Elsevier, vol. 20(3), pages 414-424, September.
    18. Santos, Eleonora & Khan, Shahed, 2018. "Determinant Factors of Pecuniary Externalities," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 6(8), pages 180-198.
    19. Liu, Xiaohui & Zou, Huan, 2008. "The impact of greenfield FDI and mergers and acquisitions on innovation in Chinese high-tech industries," Journal of World Business, Elsevier, vol. 43(3), pages 352-364, July.
    20. Sinani, Evis & Meyer, Klaus E., 2004. "Spillovers of technology transfer from FDI: the case of Estonia," Journal of Comparative Economics, Elsevier, vol. 32(3), pages 445-466, September.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • G2 - Financial Economics - - Financial Institutions and Services
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:mulfin:v:69:y:2023:i:c:s1042444x23000282. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/mulfin .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.