• 유통과학연구
• /
• 제14권1호
• /
• pp.39-49
• /
• 2016

Purpose - Considering industrialization development stages, an economic effect of ASEAN free trade agreement (FTA) on foreign direct investment (FDI) flows into the ASEAN countries was analyzed. Research design, data, and methodology - utilizing macro-level panel data from 2001 to 2012, panel regression analysis was conducted with a model constructed based on the knowledge-capital model. Results - As for overall ASEAN countries, ASEAN FTA was positively effective to attract vertical FDI to this region, while horizontal FDI was dominant before ASEAN FTA. Meanwhile, for the diversified economy relevant to Singapore, ASEAN FTA was not effective to attract FDI. For the ongoing industrialization economy relevant to Thailand, Malaysia, and the Philippines, ASEAN FTA was negatively effective to attract FDI; ASEAN FTA became a strong incentive to replace foreign investments with trade transactions for the horizontal firms, but an influence of market potentials after ASEAN FTA, which induces to third-country effects such as export platform FDI, has increased. For the incipient industrialization economy relevant to Indonesia, Vietnam, and Cambodia, ASEAN FTA was positively effective to attract vertical FDI. Conclusions - The effectiveness of FTA on FDI inflows varied considerably by the industrialization development stages of host countries.

• East Asian Economic Review
• /
• 제17권4호
• /
• pp.417-444
• /
• 2013

This paper aims to empirically identify the effects of FTAs on outward and inward FDIs in Korea. Considering the income differences between Korea and its FTA partners, we hypothesize that FTAs have a positive effect on outward FDI to developing countries and inward FDI from developed countries. An underlying source of the hypothesis is the Knowledge-Capital model, addressing the positive (negative) relationship between trade costs and horizontal (vertical) FDI. We test for the hypothesis using data on Korea's FTAs and FDI over the period 2000-2010. We find that our empirical results support the hypothesis, and additionally, FTAs in general encourage FDI by creating an FDI-friendly environment.

• 아태비즈니스연구
• /
• 제13권1호
• /
• pp.37-52
• /
• 2022

Purpose - The objective of this study is to investigate what motivates global FDI inflows in the different economic development level and to clarify the FDI motivation type in the level of qualitative economic growth. Design/methodology/approach - Major macroscopic social·economic factors induced FDI inflows were analyzed using fixed-effect panel regression with 30-year panel data of 28 countries from 1985 to 2014. For analysis in the stage of economic growth, two category of developed and developing countries was used. And to analyze FDI motivation type in the level of qualitative economic growth, 4 shares of GDP; consumption·government·investment expenditure and export, was used as explanatory variable. Findings - In developed country, TFP(total factor productivity) and GDP have a great influence on FDI inflows, and consumption and labor compensation have a slight effect. This result indicates that the market seeking-driven, horizontal type investment is shown along with efficiency seeking investment. In developing country, human capital and TFP is shown to have greater impact on FDI inflows and labor compensation, exports, investment and government expenditures also have impacts. Thus it has confirmed that not only efficiency-seeking vertical investment for using low cost well educated laborer, but also government-driven economic growth and export policies could affect the FDI inflows. Research implications or Originality - The FDI investment decision making of multinational companies is decided by their own purpose. But, in the concept of as follows; 1) FDI is a long-term capital flowing for maximization of economic utility with limited global resource, 2) Thus FDI could be affected by macro socio·economic factors of host country. 3) Also such macro factors is different by each economic growth qualitative level. Therefore macro socio·economic factors of each country could be affected by the qualitative level of their own economic growth. To attract FDI inflows, it is desirable to implement differentiated incentive policies in the qualitative level of economic growth. Furthermore in developing countries it is recommended to implement government driven economic growth policies as follows; fostering well educated human resources, improving technology productivity in the relative lower cost labor market compared to developed countries and boosting international export volume.

• 무역학회지
• /
• 제43권2호
• /
• pp.47-67
• /
• 2018

본 연구는 13개 선진국과 15개 개발도상국을 대상으로 국가별 거시적 사회·경제 요인들이 해외직접투자의 유입에 미치는 영향을 파악하고, 국가 경제성장의 질적 수준 및 발전단계에 따른 차이를 살펴보았다. 해외직접투자는 국제 생산의 효율성을 최적화 시킬 수 있는 곳으로 이동하는 국제장기자본이라고 볼 수 있다. 따라서 해외직접투자의 유입에는 기업의 내부 결정 요소 외 외부 요건인 국가별 투자 환경도 영향을 줄 것이다. 지난 30년간 국가별 거시적 사회·경제변수를 활용하여 고정효과 패널 회귀분석을 실시한 결과, 선진국과 개발도상국에 유입되는 투자의 동기와 유형이 다르게 나타났다. 선진국의 경우 국내총생산, 소비지출과 재정지출이 가장 큰 영향을 주는 것으로 나타나 시장추구형 수평적 투자의 특성을 보였다. 반면, 개발도상국으로는 노동보상과 인적자본이 가장 큰 영향을 주는 것으로 나타나 효율성추구형 수직적 투자의 특성을 보였다.

• 국제지역연구
• /
• 제22권1호
• /
• pp.61-78
• /
• 2018

해외직접투자에서 자회사 운영방식은 크게 수평적 자회사와 수직적 자회사로 구분할 수 있다. 이와 같은 자회사의 운영방식은 진출국의 제도에 따라 차이를 보인다. 본 연구는 제도이론관점에서 국내 전기전자 및 자동차산업의 해외직접투자 기업을 대상으로 진출국 공식적, 비공식적 제도가 해외 자회사 운영 방식선택에 미치는 영향을 실증 분석하였다. 실증분석결과, 진출국 정치적 위험정도가 낮을수록, 문화적 차이가 클수록 수직적 자회사를 선택하는 것으로 나타났다. 반면에 진출국 부패지수가 낮을수록, 경제자유도가 높을수록 수평적 자회사를 선택하는 것으로 나타났다.

• Journal of Korea Trade
• /
• 제23권3호
• /
• pp.1-19
• /
• 2019

Purpose - This research examines the effect of a foreign subsidiary on the productivity growth of a Two-way trading manufacturing firm in Korea. We explore firms engaged in both trade and FDI simultaneously to verify whether participation in GVC as a broad concept is an efficient internationalization strategy to increase the productivity of a Korean manufacturing firm. Design/methodology - Based on the firm-level data by utilizing the Survey of Business Activities from Statistics Korea, we examine the impact of vertically integrated foreign subsidiaries on the productivity of a manufacturing firm that exports and imports simultaneously. Findings - The results show that if a Two-way trading firm establishes one or more overseas subsidiaries, the total factor productivity growth increases. Moreover, the FDI effect is statistically significant when the destination country has an economically close relationship with Korea. However, these effects are disparate depending on the industrial competitiveness or market situation where the subsidiary is located. Nonetheless, the synergy effect resulting from industrial combination is represented in China and the USA only. Originality/value - As the importance of GVC has become more emphasized around the world. In spite of the scarcity of related domestic studies, we explored the effect of multinational manufacturing firms participating in GVC using firm-level data.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권5호
• /
• pp.355-364
• /
• 2021

The main objective of this study is to examine the interactive effect of technology spillover channels on business efficiency within the case study of manufacturing industry of Vietnam during the period from 2012 to 2018. The research model was developed with business efficiency as dependent variable and the relevant factors affecting the technology spillover capacity as independent variables. With a sample of 2,776 cross-sectional enterprises, panel data analysis approach was adopted to estimate the impact of technology spillover issue. Different spillover channels were also included in the analysis to enhance the empirical result. The study reveals that technology spillovers positively influence manufacturing business efficiency, in which horizontal spillover channel produces negative impact and vertical spillover channel, creates positive impact. Several factors that negatively affect the technology spillover capacity of businesses could be mentioned such as limited skills and experiences of workers, methods of implementing R&D, and the existence of FDI enterprises. Meanwhile, the rise of other factors related to joint-venture activities can help to increase the technology spillover capacity of businesses. In addition, skill and experience transfer makes a partial impact since this variable only positively affect the vertical spillover channel and provide no evidence of impact regarding horizontal spillover channel model.

• 무역학회지
• /
• 제42권2호
• /
• pp.97-116
• /
• 2017

한국과 베트남은 1992년 국교를 정상화한 이후 통상관계가 괄목할만 성장을 하여 한국은 베트남에서 외국인투자 1위 국가가 되었다. 베트남은 WTO 가입 등을 통해 통상관련 제도 등을 선진화하면서 국제통상에서 가장 각광받는 나라중에 하나이다. 베트남은 한국의 대아세안 통상정책에서 중요한 통상파트너이다. 또한 베트남의 미국, 중국, 일본과의 통상관계는 한국의 통상정책에 지대한 영향을 미치고 있다. 본연구는 베트남의 통상정책을 경제적인 접근뿐만 아니라 정치적, 국제관계적인 접근을 통하여 분석하여 한국과 베트남의 통상증진의 방안을 미시적인 양국의 통상관계 뿐만 아니라 다자간 통상협의체의 관점과 미중일의 삼국간의 관점에서 거시적으로도 분석하고자 한다.