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• W615679985 abstract "This study examines the effect of the quality of host country institutions on reinvestment decisions by United States multinationals. Six indicators of quality of institutions developed by Kaufmann et al., (1999) were used as measures of the quality of host country institutions. The six indicators are Voice and Accountability, Political Stability and Lack of Violence, Government Effectiveness, Regulatory Quality, Rule of Law, and Control of Corruption. These indicators have been found, by Kaufmann (1999) be most important in assessing the overall quality of a country's institutions. Data for the indicators were obtained from the World Bank database for the 22 developing and emerging countries included in our sample. We used the Error Component regression analysis in assessing the effect of each of the six factors on a measure of overall reinvestment by US multinationals across the 22 countries. The statistical analysis reveals that the quality of host county institutions has a statistically significant effect on reinvestment decisions by US multinationals. Introduction Anecdotal evidence suggests a resurgence of interest in international business (IB) literature on the determinants of foreign direct investment (FDI) location decisions. This interest is inspired, in part, by the significant increase in the volume of FDI since the early 1990s coupled with its uneven spatial distribution worldwide. There is an apparent concordance in both theoretical and empirical literature on the effects of host country characteristics on FDI flows. The central tenet of the existing literature is that economic characteristics of a host country plus the quality of government regulations have statistically significant effects on the relative attractiveness of the nation as regards FDI inflows (Root and Ahmed, 1978; Nigh, 1985; Fatehi-Sedeh and Safizadeh, 1988; Wheeler and Mody, 1992; Wei, 2000; Stein and Daude, 2002; Globerman and Shapiro, 2003; Daude and Stein, 2007; Benassy-Quere et al, 2007). That notwithstanding, the extant literature on FDI has focused mainly, on questions about the explanatory power of an array of independent variables rather than on questions about the nature of FDI (Quijano, 1990; Desai et al., 2005). It is not surprising, therefore, that FDI has been operationalized as a monolithic variable in the literature rather than as a multidimensional one. It is crucial that the multi-dimensionality of the phenomenon is taken cognizance of if one is make meaningful contributions the development of a comprehensive theory in this area of research. Brewer (1993) asserts that disaggregation of FDI is vitally important since each component (new equity, reinvested earnings, and inter-company debt flows) may respond differently the same set of predictor variables. Similarly, Auerbach and Hassert (1993), in support of Brewer's (1993) assertion, postulate that FDI comprises a number of dissimilar components which may respond differently a given explanatory variable. Intriguingly, reinvested earnings (reinvestment) by United States multinational Corporations (MNCs) have increased steadily over the years thus becoming the most important component of FDI. Acritical examination of USFDI data (from various issues of US Survey of Current Business) indicates that reinvested earnings accounted for an average of 53 percent of FDI outflows annually between 1995 and 2006. According Ibarra and Koncz (2008), reinvestment by US firms accounted for 75 percent of total FDI outflows in 2007. In absolute terms, reinvested earnings by US multinationals stood at $201.3 billion in 2006 and $245.5 billion in 2007. Even though the proportion of reinvestment total US FDI outflows has increased steadily over the years, it has largely been neglected in IB literature . For example, after an extensive examination of available IB literature, Lundan (2006) asserts to date nothing has been written regarding the empirical importance of reinvested earnings, or what factors govern the decision of whether income earned at a foreign location is repatriated or reinvested at the foreign location. …" @default.
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• W615679985 date "2010-12-01" @default.
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• W615679985 title "Effect of the Quality of Host Country Institutions on Reinvestment by United States Multinationals: A Panel Data Analysis" @default.
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