Varieties of institutional systems,the belt-road initiative,and the patterned investment flows |
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| Institution: | 1. School of Management, RMIT University, Melbourne 3001, Victoria, Australia;2. School of Economics and Management, Tongji University, Shanghai, China;3. Institute for International Business, WU Vienna University of Economics & Business, Welthandelspl. 1, 1020 Vienna, Austria;4. School of Economics and Management, Tongji University, Shanghai, China;1. University of Essex Business School, University of Essex, Southend on Sea, SS1 1LW Essex, United Kingdom;2. Vienna University of Economics and Business, Welthandelsplatz 1, Building D1, 1020 Vienna, Austria;1. Texas A&M University, Corpus Christi, USA;2. G. Brint Ryan College of Business, University of North Texas, USA;3. Fogelman College of Business and Economics, University of Memphis, USA;4. John Ed Barnes Endowed Eminent Scholar in Data Analytics, Louisiana Tech University, USA;1. New Jersey City University, 200 Hudson, St. Jersey City, NJ 07302, United States;2. University of Arkansas Fort Smith, 5210 Grand Ave, Fort Smith, AR 72908, United States;3. Washington State University, 377 Todd Hall Addition, Pullman, WA 99164, United States;4. Rutgers University, 100 Rockafeller Road, Piscataway, NJ 08854, United States;1. Graduate School of Future Strategy, KAIST, Daejeon 34141, Republic of Korea;2. Ministry of SMEs & Start-ups, Sejong 30121, Republic of Korea |
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| Abstract: | Although the Belt-Road initiative (BRI), as a ‘model’ government initiative, has attracted great attention from both academia and industry, one central question related to the location choice of Chinese investment remains under-researched. Our study is motivated to reveal how institutional configurations of BRI participant countries that lead to a high volume of Chinese outward investment vary with the BRI. Utilizing the varieties of institutional systems (VIS) framework, we compare two Waves (2008–2013 and 2014–2019) of Chinese outward investment flows into 120 BRI participant countries. Using institutional elements—the roles of the state, financial markets, human capital, social trust, and corporate governance—as a holistic lens, some intriguing findings of patterned Chinese outward investment are observed. Instead of a single best form of institutional environment, various combinations of institutional arrangements are equally effective, but they differ subtly before and after the BRI in attracting Chinese outward investment. Four prototypes of institutional configurations of BRI participant countries are identified, including configurations with compatible institutional settings, institutional voids, ‘idealistic’ VIS conditions, and emerging institutional elements. Corresponding propositions are proposed for future theoretical advancement. |
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| Keywords: | Comparative institutionalism Varieties of institutional systems (VIS) Belt-road initiative (BRI) Foreign direct investment (FDI) China |
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