DETERMINANTS OF FOREIGN DIRECT INVESTMENT – A TALE OF NINE THEORETICAL MODELS

Abstract.  This paper presents a review of nine theoretical models of foreign direct investment (FDI). Discussed are early studies of determinants of FDI (1) as well as determinants of FDI based on the neoclassical trade theory (2), ownership advantages (3), aggregate variables (4), the ownership, location and internalization advantage framework (5), horizontal and vertical FDI models (6), the knowledge-capital model (7), diversified FDI and risk diversification models (8) and policy variables (9). From each of the nine theories, the relevant determinants of FDI are derived. Empirical studies indicate the importance of these determinants in the real world. The paper shows that there is not one single theory of FDI, but a variety of theoretical models attempting to explain FDI and the location decision of multinational firms. Therefore, any analysis of determinants of FDI should not be based on a single theoretical model. Instead, FDI should be explained more broadly by a combination of factors from a variety of theoretical models such as ownership advantages or agglomeration economics, market size and characteristics, cost factors, transport costs, protection, risk factors and policy variables.     

A Sample Selection Approach to Censored Demand Systems

The multivariate sample selection model is extended to a nonlinear equation system with partial selection and applied to household meat consumption in China. Elasticity estimates differ from those obtained from conventional maximum likelihood and Tobit estimates. Chinese meat products are gross complements while net substitution also exists in some cases.     

Statistical Analysis of Choice Experiments and Surveys

Measures of households' past behavior, their expectations with respect to future events and contingencies, and their intentions with respect to future behavior are frequently collected using household surveys. These questions are conceptually difficult. Answering them requires elaborate cognitive and social processes, and often respondents report only their “best” guesses and/or estimates, using more or less sophisticated heuristics. A large body of literature in psychology and survey research shows that as a result, responses to such questions may be severely biased. In this paper, (1) we describe some of the problems that are typically encountered, (2) provide some empirical illustrations of these biases, and (3) develop a framework for conceptualizing survey response behavior and for integrating structural models of response behavior into the statistical analysis of the underlying economic behavior.     

Simultaneous one-sided prediction intervals for a two-parameter exponential distribution using complete or type II censored data

Summary Simultaneous prediction intervals for observations inl future samples from a two-parameter exponential distribution are considered. The prediction limits depend upon a previously available complete or type II censored sample from the same distribution. An equation is derived from which the prediction factor is determined and exact prediction limits are illustrated with a numerical example.     

Corporate Dividend Policy: The Views of British Financial Managers

Abstract:   Using a survey approach, this paper examines the importance and relevance of the various theories of dividend policy for UK companies. Further, it evaluates the extent to which corporate characteristics such as size and industry influence managerial responses to the survey. In general, the results support dividend hypotheses relating to signalling and ownership structure, in preference to those about capital structure and investment decisions and agency issues. At a more detailed level, the cross sectional analysis reveals important differences between managers' responses, based on company size, industry sector, growth opportunities, ownership structure and information asymmetry.     

Exploring the Structure of the Illegal Market for Cannabis

Summary This paper explores the middle and retail levels of the illegal market for cannabis in New Zealand using national household drug survey data. Those who reported purchasing half or full ounces of cannabis were defined as middle level market participants, while those who purchased smaller weights or merely used cannabis were defined as retail level participants. Those who had purchased cannabis were then further categorised as either cannabis ‘buyers’ (i.e. those who only purchased sufficient cannabis for their own consumption needs) or cannabis ‘dealers’ based on whether the surplus of cannabis they had, after their own personal consumption was deducted, exceeded the legal definition of cannabis dealing (i.e. possession of 28 g of cannabis or more). Nine per cent of those who had purchased cannabis in the previous year were categorised as middle level participants with 69% of these defined as middle level dealers and 31% as middle level buyers. Middle level cannabis dealers were projected to earn, on average, $2927 (NZD) net annual profit from selling surplus (rate of return of 34%). There was a wide variation in the projected net earnings of the middle level cannabis dealers with the majority earning only modest incomes (bottom 50% – $260 per year, top 10% – $25000 per year). Participants at all levels of the market commonly reported receiving cannabis for ‘free’ and this is likely to reflect the social sharing of cannabis during group consumption and non-cash payments for cannabis. This barter and gift giving tradition may provide cannabis users with a degree of insulation from any price increases for cannabis brought about by law enforcement activity. Cannabis selling creates a convenient source of income for heavy cannabis users to finance their own personal cannabis consumption, which may also dampen the impact of any rise in price brought about by law enforcement success.The 2003 HBS-Drug Use was funded by the New Zealand Ministry of Health and carried out as part of the Public Health Intelligence (PHI) Health Behaviours Survey Monitor. The statistical design for the 2003 survey was completed by Dr. Megan Pledger at SHORE, and by James L. Reilly from Statistical-Insights. The questionnaire was adapted and extended from the National Drug Survey questionnaire for the Health Behaviours programme by Dr. Chris Wilkins. Data collection was managed by Dr. Chris Wilkins, Rachael Lane, Joe Morley and Mary Blade. The statistical analysis of 2003 HBS-Drug Use was completed by Paul Sweetsur. The analysis in this paper was partly funded by the New Zealand Police.     

Rethinking Rouse and Daellenbach's rethinking: isolating vs. testing for sources of sustainable competitive advantage

In a recent paper, Rouse and Daellenbach (1999) provide a five‐step methodological approach which they feel will cure alleged inadequacies in empirical resource‐based research. We suggest, however, that their methodology can provide only a useful aid for expanding our understanding of potential sustainable competitive advantages but will not allow researchers to effectively verify those hypothesized advantages. Specifically, we argue that Rouse and Daellenbach's methodology is plagued by three major shortcomings: (1) it confuses the important distinction between knowing‐how and knowing‐what; (2) it fails to recognize the importance of observable variables in verifying the sources of sustainable competitive advantage; and (3) it calls for sampling on the dependent variable. Copyright © 2002 John Wiley & Sons, Ltd.     

论地质调查项目合同管理

合同制度是市场经济下实现商品等价交换的法定形式。从法律规范化的角度，对地质调查项目合同与可比性有名合同作了类似性分析，在此基础上，论证了地质调查项目合同的法律定位及其管理目标模式的建立。     

浅析“部门预算编制”与“专项调查”

部门预算编制和专项调查是国家财政部根据预算管理与改革的需要,为规范资金管理,提高资金使用率,而采取的科学管理方法.针对该方法实施以来存在的问题,在进一步探讨该方法的概念及相互关系的同时,分析问题成因,提出解决问题的途径和方法.     

地勘统计管理工作改革的思考

文章就地勘单位统计工作的现状及存在的问题进行了分析 ,在此基础上提出企业化后地勘单位应从完善地勘统计指标体系 ,发挥地勘统计整体功能、建立灵活高效的统计调查方法、建立统计质量保障机制、加强统计网络建设等四个方面来改革和加强统计工作。