Journal
GLOBAL FINANCE JOURNAL
Volume 51, Issue -, Pages -Publisher
ELSEVIER
DOI: 10.1016/j.gfj.2021.100675
Keywords
Technology-seeking OFDI; Productivity; COVID-19; External shock; Investment heterogeneity
Categories
Funding
- National Natural Science Foundation of China [71303105]
- National Social Science Foundation [19FJYB039]
- Key Project of Jiangsu Provincial Social Science Foundation [18EYA004]
- Postgraduate Research & Practice Innovation Program of Jiangsu Province [KYCX21_1431]
- Nanjing University Innovation Program for PhD Candidates [CXYJ21-03]
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This paper empirically investigates the impact of technology-seeking outward foreign direct investment (OFDI) on firms' productivity under the influence of negative external shocks. The results show that technology-seeking OFDI improves productivity, but not under negative external shocks. The dampening effect of such shocks is more significant when the host country is a developed country and in firms with multiple branches. Technology-seeking OFDI particularly improves the productivity of research and development and processing firms, and most prominently affects total factor productivity.
This paper empirically investigates the impact of technology-seeking outward foreign direct investment (OFDI) on firms' productivity under the influence of negative external shocks, taking as a sample the investment data of Chinese firms before and during COVID-19. The results show that technology-seeking OFDI improves productivity, but not under negative external shocks. The dampening effect of such shocks is more significant when the host country is a developed country and in firms with multiple branches. Technology-seeking OFDI particularly improves the productivity of research and development and processing firms, and (among the productivity measures tested) most prominently affects total factor productivity.
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