Firm-specific assets and the link between exchange rates and foreign direct investment

被引:44
|
作者
Blonigen, BA
机构
来源
AMERICAN ECONOMIC REVIEW | 1997年 / 87卷 / 03期
关键词
D O I
暂无
中图分类号
F [经济];
学科分类号
02 ;
摘要
Foreign direct investment (FDI) theory and empirical studies have generated mixed support for a link between exchange rates and FDI. This paper argues that exchange rate movements may affect acquisition FDI because acquisitions involve firm-specific assets which can generate returns in currencies other than that used for purchase. Using data on Japanese acquisitions in the United States across 3-digit SIC industries from 1975-1992, maximum-likelihood estimates from discrete dependent variable models support the hypothesis that real dollar depreciations make Japanese acquisitions more likely in U.S. industries, particularly those which more likely have firm-specific assets. (JEL F21, F23, F31)
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页码:447 / 465
页数:19
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