Relative Access to Credit, Relative Wealth and FDI

• 영문명: Relative Access to Credit, Relative Wealth and FDI: Firm-Level Evidence from Japanese FDI into the United States
• 발행기관: 세종대학교 경제통합연구소
• 저자명: Joseph D. Alba Peiming Wang Woon-Yee Ho
• 간행물 정보: 『Journal of Economic Integration』제22권 제2호, 231~255쪽, 전체 25쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2007.06.30

영문 초록

We use data on 317 Japanese firms to examine the effect of relative access to credit and relative wealth on the Japanese firm`s rate of foreign direct investment (FDI) in the United States. Using the zero-inflated negative binomial model, we find that multiple rating downgrades of a firm`s main bank significantly affected the Japanese firm`s rate of FDI in the United States. This result holds for firms with the highest 20% of bonds-to-liabilities ratio indicating that banking problems in Japan affected even firms who could have financed their FDI with bonds. We also find that the firm`s rate of FDI is affected by the firm`s relative wealth.

목차

Ⅰ. Introduction

Ⅱ. Data on Japanese Firms and Model Specification

Ⅲ. Determinants of FDI

Ⅳ. Empirical Results

Ⅴ. Conclusions

키워드

Relative access to credit Relative wealth Exchange rate Zero-inflated Poisson ZIP Zero-inflated negative binomial ZINB