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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Wladimir Andreff
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DOI:10.17265/1537-1506/2017.02.001
Affiliation(s)
University Paris 1 Panthéon Sorbonne, Lédignan, France
ABSTRACT
Focusing
on the fast growth of BRICS’ outward foreign direct investment (OFDI) and
multinational companies during the crisis has left unheeded that some other
emerging economies also grow much faster than average in the global economy and
has become significant and fast-growing direct investors
abroad. A sample of such (thirteen) new-wave emerging countries (NWECs) is
gathered on the criterion of being ranked among the most significant foreign
direct investors in the global economy. The literature review exhibits only
very few articles existing on such a topic so far. Descriptive statistics
enable tracing OFDI by NWECs-based multinational companies back to the 1970s,
checking its geographical orientation and industrial structure, and assessing
the relative importance of cross-border mergers and acquisitions. Econometric
estimation exhibits that direct investment moving off the NWECs is explained by
so-called push factors such as the home country’s GDP, GDP per capita, GDP rate
of growth, the share of high-technology exported products in overall export,
the number of technological patents registered, and how much inward foreign
direct investment stock has previously been hosted. These results are discussed
in the light of Dunning’s investment development path model and Matthews’
linkage-leverage learning hypothesis.
KEYWORDS
emerging countries, multinational companies, outward foreign direct investment, geographical distribution, industrial structure, cross-border mergers and acquisitions, push factors
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