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Foreign direct investment flows from the south to the east of the EU: dissecting the different effects of psychic distance stimuli

机译:外国直接投资从欧盟的南部流向东部:剖析心理距离刺激的不同影响

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This paper examines the influence of psychic distance stimuli on foreign direct investment flows from countries located in the south of Europe towards the new members of the European Union from central and Eastern Europe. By applying panel data techniques, evidence of a negative relation is obtained for distance in democracy, whereas a positive one is obtained for per capita GDP and distance in education and industrial development, which demonstrates that these investment flows are characterised by an efficiency-seeking approach and low educational and technical requirements. This FDI motivation prompts firms to maximise cost advantages such as reduced salaries or input prices. Also interestingly, political risk does not seem an obstacle, in accordance with recent literature on political capabilities. The results highlight the fact that distance does not always constitute a barrier but an opportunity for the firm.
机译:本文研究了心理距离刺激对外国直接投资从欧洲南部国家到中欧和东欧向欧盟新成员的影响。通过运用面板数据技术,可以得出民主距离存在负相关的证据,而人均GDP和教育与产业发展中距离的存在正关系的证据表明,这些投资流具有寻求效率的特征。以及较低的教育和技术要求。这种外国直接投资的动机促使企业最大限度地发挥成本优势,例如降低工资或投入价格。同样有趣的是,根据有关政治能力的最新文献,政治风险似乎并不是障碍。结果突出了这样一个事实,即距离并不总是构成企业的障碍,而是机会。

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