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Determinants of outward FDI from emerging economies

100%

Cieślik A., Hien Tran G.

Equilibrium. Quarterly Journal of Economics and Economic Policy

2019

vol. 14

issue 2

209-231

Research background: The last four decades have witnessed an upsurge of multi-nationals from emerging markets alongside a narrowed gap in growth prospects between developed and emerging economies. UNCTAD statistics show that FDI flows from emerging economies have gone steady since 1980 and occupied more than one fifth of global FDI stock in 2015. Japan led the reverse FDI trend when it started to invest abroad in the 1960s and 1970s. Two decades later, in the 1980s-1990s, the reverse FDI trend was continued by so-called Asian tigers, then recently by those rapidly-industrializing economies in Southeast Asia as well as China and India in East and South Asia. Purpose of the article: The main goal of this paper is to contribute empirically to the study of the determinants of FDI outflows from emerging economies. Methods: In order to derive empirically testable hypotheses this paper refers to theoretical Knowledge-Capital model developed by Markusen (2002). The model is estimated using the Poisson-Pseudo Maximum Likelihood estimation technique. The specific research hypotheses derived from the theory are verified using a panel dataset of 38 home emerging countries and 134 host countries over the period 2001?2012. Findings & Value added: In this paper, we distinguish between horizontal and vertical reasons for FDI. Our estimation results support the hypothesis that main-stream theory of multinational enterprise can explain FDI flows from emerging economies, implying the significant roles of total market size, skilled-labor abundance, investment cost, trade cost as well as geographical distance between two countries.

Foreign Expansion of Polish Companies Listed on the WSE – in the Light of Empirical Research

63%

Ciesielska D.

Ekonomika i Organizacja Przedsiębiorstwa

2016

issue 11 (802)

66-73

Foreign expansion is a key stage in the development of enterprise. According to many research companies from emerging markets and post transitional economies have gone global differently than transnational corporations from the most developed markets. It is caused by many reasons. First of all these companies have limited resources and are entering the foreign market later. It means that internationalization is a big challenge for them and without the proper strategy they will not be able to compete with existing global companies. The aim of the article is a diagnosis of the process of internationalization of Polish companies listed on the Stock Exchange in Warsaw as well as the attempt to answer the question if this process differs from the development of traditional transnational corporations from the most developed countries. Article is based on a conclusions of empirical studies conducted in the form of 25 individual in-depth interviews (IDI) with representatives of selected Polish companies that have foreign direct investments. The research was carried out in 2015.

Ekspansja zagraniczna jest kluczowym etapem w rozwoju przedsiębiorstwa. Według wielu badaczy przedsiębiorstwa z rynków wschodzących i gospodarek po okresie transformacji przechodzą przez proces internacjonalizacji zagranicznej w odmienny sposób. Przede wszystkim te firmy mają ograniczone zasoby i wchodzimy na rynek zagraniczny później. Oznacza to, że umiędzynarodowienie jest dla nich dużym wyzwaniem dla nich i bez odpowiedniej strategii nie będą one w stanie konkurować z istniejącymi firmami globalnymi. Celem artykułu jest diagnoza procesu internacjonalizacji polskich spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie, a także próba odpowiedzi na pytanie, czy i w jakim stopniu proces ten różni się od rozwoju tradycyjnych korporacji transnarodowych z krajów najbardziej rozwiniętych. Artykuł jest oparta na wnioskach z badań empirycznych przeprowadzonych w postaci 25 wywiadów indywidualnych pogłębionych (IDI) z przedstawicielami wybranych polskich firm, które mają bezpośrednie inwestycje zagraniczne. Badania przeprowadzono w 2015 roku.

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1 Ekonomika i Organizacja Przedsiębiorstwa

1 Equilibrium. Quarterly Journal of Economics and Economic Policy

1 Ciesielska D.

1 Cieślik A.

1 Hien Tran G.

1 2019

1 2016

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Determinants of outward FDI from emerging economies

Foreign Expansion of Polish Companies Listed on the WSE – in the Light of Empirical Research