| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25933 |
| 来源ID | Working Paper 25933 |
| Evidence for the Effect of Monitoring Costs on Foreign Direct Investment | |
| Bruce A. Blonigen; Anca D. Cristea; Donghyun Lee | |
| 发表日期 | 2019-06-10 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | A proposed reason for the significant inverse relationship between distance (both physical and cultural) and foreign direct investment is the increased costs for a parent firm to monitor an affiliate when there is greater distance between them. We provide the first direct test of this hypothesis using O*NET data on occupational skills to construct industry-level measures of the importance of monitoring-related skills. We then exploit this cross-industry variation to examine whether physical and cultural distances have a greater impact on cross-border M&A in industries where monitoring-related skills are more important. Using data on worldwide cross-border M&A activity from 1985 through 2014, we find significant evidence for the effect of monitoring costs on cross-border M&A activity. We also show that the relatively low importance of monitoring-related costs in manufacturing industries compared to those in other sectors is an important factor in explaining why cross-border M&A in manufacturing is so large despite its relatively small share of the modern economy. |
| 主题 | Microeconomics ; Households and Firms ; International Economics ; International Factor Mobility ; Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w25933 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583607 |
| 推荐引用方式 GB/T 7714 | Bruce A. Blonigen,Anca D. Cristea,Donghyun Lee. Evidence for the Effect of Monitoring Costs on Foreign Direct Investment. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25933.pdf（553KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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