제도적 거리와 극빈 피투자국에서의 개도국 다국적기업의 우위

다국어 초록 (Multilingual Abstract)

When firms decide to invest abroad, it is critical for them to understand the influence of cultural, psychological and institutional distance between home and host countries. This study empirically explores the advantage of developing country MNEs in the least developed host countries focusing on the institutional distance. For this study, foreign direct investment data of 928 large affiliates of 197 foreign MNEs which invested in 52 least developed countries from 1999 to 2010 are utilized. A dependent variable is the dominance share of developing country MNEs among the large affiliates of MNEs in the least developed host countries. Independent variables include institutional distance between home and host countries. The distance is calculated by the difference between the indices of home and host countries for each six sub-dimension, respectively, considering World Governance Indicators(WGI) of World Bank, they are : (1) voice and accountability (2) political stability and absence of violence (3) government effectiveness (4) regulatory quality (5) rule of law and (6) control of corruption. The signs of estimated five coefficients except for that of the voice and accountability turned out to be negative. This suggests that, as the institutional difference between home and host countries for developing country MNEs becomes smaller - which means that the institutional environment becomes more similar-the share of developing country MNEs among largest affiliates of MNEs in least developed countries becomes bigger. Academic importance of this study is based on the facts that, firstly, few researches have explored on the inward foreign direct investment in the least developed countries of MNEs from developing countries and secondly, in the least developed countries, developing country MNEs were proved to conduct a more advantageous strategy based on the institutional similarity between home and host countries than developed country MNEs. In this context, the contribution of this study is originated from the dominance of developing country MNHs in the least developed host countries, especially effectively leveraged by the institutional distance, getting empirical evidence to prove our claim.

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