Farm Capital Investment and Deviations from the Optimal Path

We identify farms’ optimal investment path in capital assets and compare it with their actual investment to assess the direction and extent of deviation from the optimal investment. A probit model is further used to investigate the determinants of the probability that a farmer over‐ or under‐invests in capital assets. We use a panel dataset of Dutch dairy farms over the period 2003–2013, and find that most farms under‐invest in capital assets during the study period. Although the number of farms that had over‐invested in capital assets is relatively small, these farms account for the biggest share of total investment in capital assets. The probit results show that liquidity, agricultural support payments, age, land tenure and standard output size are important variables explaining the likelihood of over‐and under‐investment.     

In the Bear’s Shadow? Russia’s International Image and Its Influence on Investments of Russian Companies in Post-Socialist Europe

The paper examines Russia’s international image and its influence on investment by Russian companies in post-socialist Europe. Findings are based on the cases of Gazprom’s South Stream Pipeline project, and Sberbank’s acquisition of Volksbank’s Central and Eastern European assets in Hungary and Serbia. The paper demonstrates that international positions and economic interests of two countries determinate decisions regarding investments of Russian companies, while Russia’s image to some extent accelerates these decisions in Serbia. The paper is based on the results of interviews with representatives of business communities conducted in Hungary and Serbia in 2012–2017, professional reports, and official documents.     

Institutional distance and Turkey’s outward foreign direct investment

This study empirically examines the relation between institutional distance (ID) and Turkey’s outward foreign direct investment (TODI). The empirical results use panel data from 2002 to 2016 to show that TODI is attracted to countries with better institutional quality. We also find that host country political stability, government effectiveness, control of corruption, and rule of law attract TODI. We also document that TODI is positively related to cultural distance (CD) and ID is not moderated by CD.     

淮扬饮食文化的特点及发展路径探究

淮扬历史文化悠久,塑造了独特的饮食文化,其"精""雅""养"的饮食文化特质,成为中国饮食文化中的独特元素.在新的时代环境之下实现新的发展,这是淮扬饮食文化发展的内在需求.本文立足淮扬饮食文化特点,分析了其发展中面临的问题,并在此基础之上,从推动饮食文化创新、推动饮食产业发展、打造市场品牌影响力、实施"饮食+"措施等方面,阐述了淮扬饮食文化发展的路径.     

Economic freedom and bilateral direct investment

Economic freedom (freedom from the intervention of government) is essential for doing business, so economic freedom of both the home country and the host country are important for bilateral foreign direct investment. However, though some literature has investigated the role of host country's economic freedom in bilateral direct investment, no literature has studied the role of home country's economic freedom. This paper has studied this issue in a gravity model with a sample of 155 countries. This paper has also employed some effective estimation techniques of gravity model to incorporate the zero observations and adopted quantile regression method. The findings indicate that economic freedom of both the home country and the host country are positively correlated with bilateral direct investment, and the economic freedom of home country has even stronger explanatory power for foreign direct investment. Hence, promoting the economic freedom may encourage more outward foreign direct investment than inward direct investment.     

Assessing the effects of policies on China’s outward foreign direct investment

This paper discusses the determinants of China’s outward foreign direct investment (OFDI) with a special focus on the role of government policy. In particular, we investigate the types of policies that are most influential in promoting OFDI. Our main contribution is to analyse, for the first time, China’s OFDI policies by means of quantitative indicators. We refine policies definitions and distinguish between Regulation Policies, Service Policies, Promotion Policies and Supervision Policies, and we develop a methodology for collecting, screening and coding policies; then we create new indices to capture different types of policies. We find that Regulation Policies, Service Policies and the general attitude of the government have significant effects on China’s OFDI at the national level.     

新形势下加快推进河北省民营经济高质量发展的路径选择--基于俄罗斯中小企业发展的得失分析

当前,大众创业、万众创新已是时代最强音,论文通过对俄罗斯政府推进中小企业发展相关做法的得失进行评析,提出河北发展民营经济的路径和方法,力求为河北省民营企业高质量发展提供有益借鉴。     

A spatial approach to the FDI-growth nexus in Spain: Dealing with the headquarters effect

This paper examines the effects of inward FDI on economic growth across the Spanish regions over the period 1996–2013, paying particular attention to the ‘headquarters effect’, namely that FDI is not always registered where it is effectively made but in the region in which the firm’s headquarters is located. By estimating a panel Spatial Durbin Model to allow for the detection of spatial spillovers, two main findings are reported. First, FDI does foster economic growth. Second, only when the headquarters effect is properly addressed do spatial spillovers arise. Hence, this effect is masking the impact of regional FDI spillovers on growth, which affects the reliability of the results and, consequently, FDI policies choice. Importantly, the results are: a) robust to the way of computing the headquarters effect; b) independent of the spatial weight matrix specification; and c) confirmed when splitting FDI into different industrial and service branches.     

政企分开政策驱动下国有森工企业转型路径研究

回顾了国家的林业政策,梳理了黑龙江国有森工企业的转型要素,分析了国有森工企业转型发展路径的影响因素。基于政企分开的政策因素与企业的发展需要,结合国有森工企业转型存在的现实问题,分别从企业转型能力、企业转型意愿和企业转型方向3个方面阐述政企分开政策对国有森工企业转型的驱动作用。在此基础上,提出在政企分开政策驱动下国有森工企业转型发展的实现路径,并从重新定位政府与市场关系、注重培育国有森工企业内部组织平台化转型路径和构建品牌转型路径3个方面进行国有森工企业转型发展的路径研究。     

The impact of foreign direct investment on productivity: New evidence for developing countries

We provide new empirical evidence on the relationship between inward foreign direct investment (FDI) and total factor productivity (TFP) growth using cross-country data for 51 developing countries over the period 1984–2010. Our results suggest a weak direct effect of FDI on TFP growth but, after accounting for the roles of human capital and institutions as contingencies in the FDI-TFP growth relationship, we find a robust FDI-induced productivity growth response dependent on these ‘absorptive capacities’. However, the relevance of the human capital contingency effect diminishes when the effect of institutions is also considered, which suggests that improving institutions is relatively more important than human capital development for developing countries to realise productivity gains from FDI.