Improving the developmental impact of multinational enterprises: policy and research challenges

Economia e Politica Industriale - Tập 46 Số 1 - Trang 1-24 - 2019
Rajneesh Narula1, André Pineli1
1Henley Business School, University of Reading, Reading, UK

Tóm tắt

Từ khóa


Tài liệu tham khảo

Abraham, F., Konings, J., & Slootmaekers, V.  (2010). FDI spillovers in the Chinese manufacturing sector: Evidence of firm heterogeneity. Economics of Transition, 18(1), 143–182.

Abramovitz, M. (1986). Catching up, forging ahead, and falling behind. The Journal of Economic History, 46(2), 385–406.

Agosin, M., & Machado, R. (2005). Foreign investment in developing countries: Does it crowd in domestic investment? Oxford Development Studies, 33(2), 149–162.

Agosin, M. & Mayer, R. (2000). Foreign investment in developing countries: Does it crowd in domestic investment? UNCTAD Discussion Paper no. 146.

Alfaro, L., & Charlton, A. (2013). Growth and the quality of foreign direct investment. In J. Stiglitz & J. Lin (Eds.), The industrial policy revolution I. London: Palgrave Macmillan.

Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: The role of local financial markets. Journal of International Economics, 64, 89–112.

Al-Sadig, A. (2013). The effects of foreign direct investment on private domestic investment: Evidence from developing countries. Empirical Economics, 44(4), 1267–1275.

Anwar, S., & Nguyen, L. (2011). Foreign direct investment and export spillovers: Evidence from Vietnam. International Business Review, 20, 177–193.

Arnold, J., & Javorcik, B. (2009). Gifted kids or pushy parents? Foreign acquisitions and plant performance in Indonesia. Journal of International Economics, 79, 42–53.

Auty, R. (1994). Industrial policy reform in six large newly industrializing countries: The resource curse thesis. World Development, 22(1), 11–26.

Ayyagari, M., & Kosova, R. (2010). Does FDI facilitate domestic entry? Evidence from the Czech Republic. Review of International Economics, 18(1), 14–29.

Balasubramanyam, V., Salisu, M., & Sapsford, D.  (1996). Foreign direct investment and growth in EP and IS countries. The Economic Journal, 106(1), 92–105.

Bellak, C. (2004). How domestic and foreign affiliates differ and why does it matter? Journal of Economic Surveys, 18(2), 1–32.

Beugelsdijk, S., Smeets, R., & Zwinkels, R. (2008). The impact of horizontal and vertical FDI on host’s country economic growth. International Business Review, 17, 452–472.

Blalock, G., & Simon, D. (2009). Do all firms benefit equally from downstream FDI? The moderating effect of local suppliers’ capabilities on productivity gains. Journal of International Business Studies, 40, 1095–1112.

Blomstrom, M., & Sjoholm, F. (1999). Technology transfer and spillovers: Does local participation with multinationals matter? European Economic Review, 43, 915–923.

Borensztein, E., De Gregorio, J., & Lee, J.  (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45, 115–135.

Buckley, P. (2009). The impact of the global factory on economic development. Journal of World Business, 44(2), 131–143.

Cantwell, J., & Mudambi, R. (2005). MNE competence-creating subsidiary mandates. Strategic Management Journal, 26, 1109–1128.

Carkovic, M., & Levine, R. (2005). Does foreign direct investment accelerate economic growth? In T. Moran, et al. (Eds.), Does foreign direct investment promote development?. Washington, DC: Institute for International Economics.

Castellani, D. (2012). In praise of pecuniary externalities. The European Journal of Development Research, 24(1), 15–19.

Castillo, L., Salem, D., & Moreno, J. (2014). Foreign direct investment and productivity spillovers: Firm-level evidence from Chilean industrial sector. Latin American Business Review, 15(2), 93–122.

Caves, R. (1974). Multinational firms, competition, and productivity in host-country markets. Economica, 41(162), 176–193.

Chen, C., Cheng, Y., & Findlay, C.  (2013). Export spillovers of FDI on China’s domestic firms. Review of International Economics, 21(5), 841–856.

Choe, J. (2003). Do foreign direct investment and gross domestic investment promote economic growth? Review of Development Economics, 7(1), 44–57.

Chudnovsky, D., Lopez, A., & Rossi, G.  (2008). Foreign direct investment spillovers and the absorptive capabilities of domestic firms in the Argentine manufacturing sector (1992–2001). Journal of Development Studies, 44(5), 645–677.

Cieslik, A., & Hagemejer, J. (2014). Multinational enterprises, absorptive capacity and export spillovers: evidence from Polish firm-level data. Review of Development Economics, 18(4), 709–726.

Cohen, W., & Levinthal, D. (1989). Innovation and learning: The two faces of R&D. The Economic Journal, 99, 569–596.

Criscuolo, P., & Narula, R. (2008). A novel approach to national technological accumulation and absorptive capacity: Aggregating Cohen and Levinthal. The European Journal of Development Research, 20(1), 56–73.

Cuervo-Cazurra, A., Narula, R., & Un, C. (2015). Internationalization motives: Sell more, buy better, upgrade and escape. Multinational Business Review, 23(1), 25–35.

Driffield, N., & Love, J. (2007). Linking FDI motivation and host economy productivity effects: Conceptual and empirical analysis. Journal of International Business Studies, 38, 460–473.

Dunning, J. (1988). The eclectic paradigm of international production: a restatement and some possible extensions. Journal of International Business Studies, 18, 1–31.

Dunning, J., & Narula, R. (1996). Foreign direct investment and governments: Catalysts for economic restructuring. Basingstoke: Edward Elgar.

Duran, I., & Ryan, M. (2014). Spillover effects from inward FDI and the exporting decisions of Chilean manufacturing plants. Journal of Industry, Competition and Trade, 14, 393–414.

Durham, J. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European Economic Review, 48, 285–306.

Eapen, A. (2013). FDI spillover effects in incomplete datasets. Journal of International Business Studies, 44(7), 719–744.

Ethier, W. (1986). The multinational firm. Quarterly Journal of Economics, 80, 805–833.

Farla, K., de Crombrugghe, D., & Verspagen, B. (2016). Institutions, foreign direct investment, and domestic investment: crowding out or crowding in? World Development, 88, 1–9.

Ferragina, A. (2014). Foreign ownership, survival and growth dynamics in Turkish manufacturing. In A. Ferragina, et al. (Eds.), Innovation, globalization and firm dynamics. Abingdon: Routledge.

Fortanier, F. (2007). Foreign direct investment and host country economic growth: Does the investor’s country of origin play a role? Transnational Corporations, 16(2), 41–76.

Girma, S., Gong, Y., Gorg, H., & Lancheros, S. (2015). Estimating direct and indirect effects of foreign direct investment on firm productivity in the presence of interactions between firms. Journal of International Economics, 95, 157–169.

Gorg, H., & Greenaway, D. (2004). Much ado about nothing? Do domestic firms really benefit from foreign direct investment? The World Bank Research Observer, 19(2), 171–197.

Ha, Y., & Giroud, A. (2015). Competence-creating subsidiaries and FDI technology spillovers. International Business Review, 24, 605–614.

Havranek, T., & Irsova, Z. (2011). Estimating vertical spillovers from FDI: Why results vary and what the true effect is. Journal of International Economics, 85(2), 234–244.

Helpman, E. (1984). A simple theory of international trade with multinational corporations. Journal of Political Economy, 92(3), 451–471.

Helpman, E. (1985). Multinational corporations and trade structure. Review of Economic Studies, 52(3), 443–457.

Herzer, D. (2012). How does foreign direct investment really affect developing countries’ growth? Review of International Economics, 20(2), 396–414.

Hu, A., & Jefferson, G. (2009). A great wall of patents: What is behind China’s recent patent explosion? Journal of Development Economics, 90, 57–68.

Irsova, Z., & Havranek, T. (2013). Determinants of horizontal spillovers from FDI: Evidence from a large meta-analysis. World Development, 42, 1–15.

Ito, B., Yashiro, N., Xu, Z., Chen, X., & Wakasugi, R. (2012). How Chinese industries benefit from FDI spillovers? China Economic Review, 23, 342–356.

Javorcik, B., & Spatareanu, M. (2008). To share or not to share: Does local participation matter for spillovers from foreign direct investment? Journal of Development Economics, 85, 194–217.

Javorcik, B., & Spatareanu, M. (2011). Does it matter where you come from? Vertical spillovers from foreign direct investment and the origin of investors. Journal of Development Economics, 96(1), 126–138.

Jindra, B., Giroud, A., & Scott-Kennel, J. (2009). Subsidiary roles, vertical linkages and economic development: Lessons from transition economies. Journal of World Business, 44, 167–179.

Kokko, A., & Thang, T. (2014). Foreign direct investment and the survival of domestic private firms in Viet Nam. Asian Development Review, 31(1), 53–91.

Kolk, A., Rivera-Santos, M., & Rufin, C. (2018). Multinationals, international business and poverty: A cross-disciplinary research overview and conceptual framework. Journal of International Business Policy, 1(1), 92–115.

Kosova, R. (2010). Do foreign firms crowd out domestic firms? Evidence from the Czech Republic. The Review of Economics and Statistics, 92(4), 861–881.

Kottaridi, C., & Stengos, T. (2010). Foreign direct investment, human capital and non-linearities in economic growth. Journal of Macroeconomics, 32, 858–871.

Lall, S. (1996). Learning from the Asian Tigers: Studies in technology and industrial policy. Basingstoke: Macmillan.

Lall, S., & Streeten, P. (1977). Foreign investment, transnationals and developing countries. London: Macmillan.

Lenaerts, K. & Merlevede, B. (2014). FDI spillovers and multinational firm heterogeneity. Universiteit Gent Faculteit Economie en Bedrijfskunde Working Paper no. 879.

Liu, X., & Buck, T. (2007). Innovation performance and channels for international technology spillovers: Evidence from Chinese high-tech industries. Research Policy, 36, 355–366.

Liu, Q., Lu, R., & Qiu, L. (2017). Foreign acquisitions and target firms’ performance in China. The World Economy, 40(1), 2–20.

Lu, Y., Tao, Z., & Zhu, L. (2017). Identifying FDI spillovers. Journal of International Economics, 107, 75–90.

Makiela, K. & Ouattara, B. (2018). Foreign direct investment and economic growth: Exploring the transmission channels. Economic Modelling, 72, 296–305.

Marin, A., & Bell, M. (2006). Technology spillovers from foreign direct investment (FDI): The active role of MNC subsidiaries in Argentina in the 1990s. Journal of Development Studies, 42(4), 678–697.

Marin, A., & Sasidharan, S. (2010). Heterogeneous MNC subsidiaries and technological spillovers: Explaining positive and negative effects in India. Research Policy, 39, 1227–1241.

Markusen, J. (1984). Multinationals, multi-plant economies, and the gains from trade. Journal of International Economics, 16, 205–226.

Mayneris, F. & Poncet, S. (2011). Entry on difficult export markets by Chinese domestic firms: The role of foreign export spillovers. CEPII Working Paper no. 32.

Mayneris, F., & Poncet, S. (2015). Chinese firms’ entry to export markets: The role of foreign export spillovers. The World Bank Economic Review, 29(1), 150–179.

Merlevede, B. & Schoors, K. (2009). Openness, competition, technology and FDI spillovers: Evidence from Romania (Unpublished).

Meyer, K., & Sinani, E. (2009). When and where does foreign direct investment generate positive spillovers? A meta-analysis. Journal of International Business Studies, 40, 1075–1094.

Moran, T. (2011). Foreign direct investment and development: Launching a second generation of policy research: Avoiding the mistakes of the first, reevaluating policies for developed and developing countries. Washington, DC: Peterson Institute for International Economics.

Morrissey, O. (2012). FDI in sub-Saharan Africa: Few linkages, fewer spillovers. European Journal of Development Research, 24(1), 26–31.

Morrissey, O., & Udomkerdmongkol, M. (2012). Governance, private investment and foreign direct investment in developing countries. World Development, 40(3), 437–445.

Mutenyo, J., Asmah, E., & Kalio, A. (2010). Does foreign direct investment crowd-out domestic private investment in Sub-Saharan Africa? African Finance Journal, 12(1), 27–52.

Narula, R. (1996). Multinational investment and economic structure: Globalisation and competitiveness. London: Routledge.

Narula, R. (2014a). Exploring the paradox of competence-creating subsidiaries: Balancing bandwidth and dispersion in MNEs. Long Range Planning, 47(1–2), 4–15.

Narula, R. (2014b). Foreign direct investment as a driver of industrial development: Why is there so little evidence? In R. Van Tulder, A. Verbeke, & R. Strange (Eds.), International business and sustainable development (Progress in International Business Research, Volume 8). Emerald: Bingley.

Narula, R. (2018a). Multinational firms and the extractive sectors in the 21st century: Can they drive development? Journal of World Business, 53(1), 85–91.

Narula, R. (2018b). An extended dual economy model: Implications for emerging economies and their multinational firms. International Journal of Emerging Markets, 13(3), 586–602.

Narula, R. (2018c). CSR initiatives in global value chains and unintended consequences for development. Reading: Mimeo, University of Reading.

Narula, R., & Driffield, N. (2012). Does FDI cause development? The ambiguity of the evidence and why it matters. The European Journal of Development Research, 24(1), 1–7.

Narula, R., & Dunning, J. (2000). Industrial development, globalization and multinational enterprises: New realities for developing countries. Oxford Development Studies, 28(2), 141–167.

Narula, R., & Dunning, J. (2010). Multinational enterprises, development and globalization: Some clarifications and a research agenda. Oxford Development Studies, 38(3), 263–287.

Narula, R. & Marin, A. (2003) Foreign direct investment spillovers, absorptive capacities and human capital development: Evidence from Argentina. Geneva: International Labour Office Working Paper no. 96.

Narula, R., & Pineli, A. (2017). Multinational enterprises and economic development in host countries: What we know and what we don’t know. In G. Giorgioni (Ed.), Development finance: Challenges and opportunities. London: Palgrave.

Ni, B., Spatareanu, M., Manole, V., Otsuki, T., & Yamada, H. (2015). How will the origin of FDI affect domestic firms’ TFP? Evidence from Vietnam. FREIT Working Paper no. 74.

Ni, B. (2016). Productivity gap and vertical spillover: Evidence from Vietnam. Osaka: Graduate School of Economics and Osaka School of International Public Policy Discussion Paper no. 4.

Reddaway, W., Potter, S. & Taylor, C. (1968). Effects of U.K. direct investment overseas: Final report. Cambridge: Cambridge University (Department of Applied Economics Occasional Paper no. 15).

Reuber, G. (1973). Private foreign investment in development. Oxford: Clarendon Press.

Sagafi-Nejad, T. (2008). The UN and transnational corporations: From code of conduct to global compact. Bloomington: Indiana University Press.

Smeets, R., & de Vaal, A. (2016). Intellectual property rights and the productivity effects of MNE affiliates on host-country firms. International Business Review, 25, 419–434.

Swenson, D., & Chen, H. (2014). Multinational exposure and the quality of new Chinese exports. Oxford Bulletin of Economics and Statistics, 76(1), 41–66.

Taymaz, E., & Ozler, S. (2007). Foreign ownership, competition, and survival dynamics. Review of Industrial Organization, 31, 23–42.

Todo, Y., & Miyamoto, K. (2006). Knowledge spillovers from foreign direct investment and the role of local R&D activities: Evidence from Indonesia. Economic Development and Cultural Change, 55(1), 173–200.

Tybout, J. (2000). Manufacturing firms in developing countries: How well do they do, and why? Journal of Economic Literature, 38, 11–44.

UNCTAD—United Nations Conference on Trade and Development. (2013). World Investment Report 2013: Global value chains: Investment and trade for development. New York and Geneva: United Nations.

UNCTAD—United Nations Conference on Trade and Development. (2018). World Investment Report 2018: Investment and new industrial policies. New York and Geneva: United Nations.

UNDESA—United Nations Department of Economic and Social Affairs. (1973). Multinational corporations in world development. New York: United Nations.

Venables, A. (2016). Using natural resources for development: Why has it proven so difficult. Journal of Economic Perspectives, 30(1), 161–184.

Wooster, R., & Diebel, D. (2010). Productivity spillovers from foreign direct investment in developing countries: A meta-regression analysis. Review of Development Economics, 14(3), 640–655.

World Bank, World Development Indicators. (2017). Research and development expenditure (% of GDP). https://data.worldbank.org/indicator/GB.XPD.RSDV.GD.ZS . Accessed 8 Jun 2018.