Journal of Korea Trade

한국무역학회 (Korea Trade Research Association)
권호 표지
DOI QR코드

DOI QR Code

Research on Factors Affecting South Korea's OFDI Based on a Spatial Measurement Model

  • Su, Shuai (Business School, Shandong University of Political Science and law) ;
  • Zhang, Fan (Business School, Shandong University of Political Science and law)
  • 투고 : 2021.12.11
  • 심사 : 2022.02.11
  • 발행 : 2022.02.28
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

Purpose - This paper empirically investigates via a spatial lag model from the perspective of space economy to find the influencing factors of South Korea's OFDI along with 60 countries. Design/methodology - In the study of regional economic phenomena, we must first test the corresponding spatial correlation, and on this basis, complete the construction of the spatial model. For the target research object, after testing the spatial correlation, if there is spatial correlation, a spatial measurement model is needed. This paper uses the global Moran's I index for calculation. Based on the characteristics and research needs of the research object, this paper selects the spatial lag model to verify the existence of the spatial effect and factors affecting OFDI. Findings - Our results show that export scale, infrastructure, technology level, political stability, resource endowment, market size, distance and labor cost have a certain impact on Korea's OFDI, but at present the distance and market size factors are the most important influencing factors for South Korea's OFDI, The technical level and political stability have little effect on South Korea's OFDI, and are not main factors determining South Korea's OFDI. Originality/value - Through spatial measurement verification, it was found that the spatial effect has a significant impact on OFDI, along with more than 60 countries. On this basis, relevant suggestions are put forward, which have strong practical significance for South Korea's OFDI to achieve healthy and sustainable development.

키워드

참고문헌

  1. Baltagi, B. H. A Monte Carlo (2007), "Study for Pure and Pretest Estimators of a Panel Data Model with Spatially Autocorrelated Disturbances", Center for Policy Research Working Papers, (87), 11-38.
  2. Blonigen, D. M., M. D. Carlson, B. M. Hicks, et al. (2010), "Stability and Change in Personality Traits From Late Adolescence to Early Adulthood: A Longitudinal Twin Study", Journal of Personality, 76(2), 229-266. https://doi.org/10.1111/j.1467-6494.2007.00485.x
  3. Buckley P. J., J. Clegg and C. Wang (2007), "Is the relationship between inward FDI and spillover effects linear? An empirical examination of the case of China", Journal of International Business Studies, 38(3),447- 459. https://doi.org/10.1057/palgrave.jibs.8400274
  4. Davies, R. B. and A. Guillin (2015), "How Far Away is an Intangible Services FDI and Distance", World Economy, 37(12), 1731-1750. https://doi.org/10.1111/twec.12142
  5. Egger, P. and M. Pfaffermayr (2004), "Trade and FDI: A Hausman-Taylor SUR Approach", Journal of Applied Econometrics, 19(2), 227-246. https://doi.org/10.1002/jae.721
  6. Elhorst, J. P. (2016), "Unconditional Maximum Likelihood Estimation of Dynamic Models for Spatial Panels", Research Report, 37(1), 85-106.
  7. Fan, Zhang and Shuai, Su (2021), "Research on Participation and Position Evaluation of Korean Manufacturing Global Value Chain: Based on the Comparative Analysis with China and the United States", Journal of Korea Trade, 25(2), 75-94.
  8. Garretsen, H. and J. Peeters (2009), "FDI and the Relevance of Spatial Linkages: Do Third-Country Effects Matter for Dutch FDI?", Review of World Economics, 145(2), 319-338. https://doi.org/10.1007/s10290-009-0018-1
  9. Grossman, G. M. and E. Helpman (2003), "Outsourcing Versus FDI in Industry Equilibrium", Journal of the European Economic Association, 1(2), 317-327. https://doi.org/10.1162/154247603322390955
  10. Helpman, E., M. J. Melitz, and S. R. Yeaple (2004), Export Versus FDI with Heterogenous Firms Mason, OH: Thomson South-Western.
  11. Hordijk, L. and J. Paelinck (1976), "Some Principles and Results in Spatial Econometrics", Recherches Economiques De Louvain, 42(3), 175-197. https://doi.org/10.1017/S0770451800009982
  12. Huang, Shengtao (1997),"Location Selection of South Korea's Foreign Direct Investment", World Geographical Research, (02), 15-20.
  13. Huiqun Liu, Chuanli Peng, and Lixin Chen (2021), "The Impact of OFDI on the Energy Effciency in Chinese Provinces: Based on PVAR Model", Energy Reports, (08), 84-96.
  14. Hyo, jin-Kwak, Young, Hoon-Lee, Jung-Hur (2022), "Empirical Analysis on Heterogeneous Productivity Spillover Effect of Multinational Firms using a Spatial Panel Model", Korean Journal of Industrial Organization, 29(4), 81-114.
  15. Jason Heavilina and Hilmi Songur (2021), "Institutional Distance and Turkey's Outward Foreign Direct Investment", Research in International Business and Finance, 45, 101-129.
  16. Jiang Guanhong and Jiang Dianchun (2012), "Location Selection of China's Foreign Investment: Panel Data Inspection Based on Investment Gravity Model", World Economy, (9), 21-40.
  17. Jin Mingyu, and Wang Dachao (2009), "Research on South Korea's Foreign Direct Investment and Industrial Structure Optimization", Northeast Asia Forum, 18(03), 73-79.
  18. KhelifaMazouz, GeoffreyWood, ShuxingYin, and MaoZhang (2021), "Comprehending the Outward FDI from Latin America and OCED: A Comparative Perspective", Journal of International Area Studies, 30(5), 132-153.
  19. Lee, Soon-Cheul (2013), "The Third Country's Spatial Effects on Korea's Outward FDI", Journal of International Area Studies, 17(1), 243-269.
  20. Lee, Soon-Cheul (2013), "The Impact of Korea's Outward FDI on Trade in a Spatial Frame work", Journal of International Area Studies, 18(1), 331-354.
  21. MuhammadArif, MaDegong, FaridUllah, and RazaUllah (2020), "An Empirical Nexus Between Exchange Rate and China's Outward Foreign Direct Investment: Implications for Pakistan under the China Pakistan Economic Corridor Project", The Quarterly Review of Economics and Finance, 78(1), 231-254.
  22. Nwaogu, U. G. and M. Ryan (2014), "Spatial Interdependence in US Outward FDI into Africa, Latin America and the Caribbean", World Economy, 37(9), 1267-1289. https://doi.org/10.1111/twec.12118
  23. Pravakar Sahoo and Ashwani Bishnoi (2021), "Impact of Outward Foreign Direct Investment: Evidence from Asia", Journal of Policy Modeling, 43(5), 1131-1148. https://doi.org/10.1016/j.jpolmod.2021.06.004
  24. Park, Sae-Woon, Shin, Bum-Suk and Lee, Sun Hae (2013), "A Study on Third Country Effects on Korean Outward FDI and Foreign Direct Investment Insurance", Journal of Trade Credit Insurance Studies, 17(2), 75-101.
  25. Shi, F., Xu, H. Hsu, W.-L. Lee, Y.-C. and Zhu, J. (2021), "Spatial Pattern and Influencing Factors of Outward Foreign Direct Investment Enterprises in the Yangtze River Economic Belt of China",Information, (12), 381-394 https://doi.org/10.3390/info10120381
  26. Shin, Beum-Seok (2017), An Empirical Analysis on Spatial Effects of Korea's OFDI (Doctoral Dissertation), Changwon: Changwon National University, 38-44.
  27. Xie, Jie and Liu, Renyu (2011), "Research on the Influencing Factors and Trade Effect of China's Foreign Direct Investment Based on Spatial Perspective", International Trade Problem, (6), 66-74.
  28. Yeaple, S. R. (2003), "The complex integration strategies of multinationals and cross country dependencies in the structure of foreign direct investment", Journal of International Economics, 60(2), 293-314. https://doi.org/10.1016/S0022-1996(02)00051-X
  29. Zang Xin, Cui Yan, and Dong Rongrong (2006), "Empirical comparison of Japan and South Korea's foreign direct investment and its relationship with industrial structure adjustment", World Economic Research, (9),77-82.
  30. Zhang, X. and K. Daly (2016), "The determinants of China's outward foreign direct investment", Emerging Markets Review, 12(4), 389-398. https://doi.org/10.1016/j.ememar.2011.06.001
  31. Zheng Zhousheng (2018), "Research on the Driving Factors of China's Foreign Direct Investment under the "Belt and Road" Strategy", Contemporary Finance Research, (1): 107-119.