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The characteristics of intellectual property rights regimes: How formal and informal institutions affect outward FDI location |
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| Affiliation: | 1. University of Liverpool & Uppsala University, University of Liverpool Management School, Chatham Building, Univeristy of Liverpool, Liverpool, L69 7ZH, United Kingdom;2. University of Leeds, CIBUL, Leeds University Business School, University of Leeds, Leeds, LS2 9JT, United Kingdom;3. University of Bradford, University of Bradford School of Management, Emm Lane, Bradford, BD9 4JL, United Kingdom;4. University of Sussex Business School, University of Sussex, Falmer, Brighton, BN1 9RH, United Kingdom;1. Vienna University of Economics and Business, Welthandelsplatz 1, Building D1, 1020 Vienna, Austria;2. University of Sussex Business School, University of Sussex, Falmer, Brighton, BN1 9RH, United Kingdom;3. University of Liverpool, Management School, Chatham Street, Liverpool L697ZH, United Kingdom;1. School of Economic Sciences and Administration, Frederick University, 7, Y. Frederickou Street, Pallouriotisa, Nicosia, 1036, Cyprus;2. Department of Economics, University of Piraeus, Karaoli & Dimitriou 80, 18534 Piraeus, Greece |
| Abstract: | This study examines the institutional arrangements that define the characteristics of national legal systems that are used to protect intellectual property (IP) assets embedded in outward FDI. The focus of the study is on how the institutional underpinnings of IPR regimes affect the costs and risk of using legal arenas to enable effective use of IP assets. Following a property rights approach it is postulated that formal and informal institutional arrangements influence how IP regimes affect the transaction costs and risk associated with converting ownership rights over IP into economic rights. Informal institutions are considered to affect the behaviour of agents involved in enforcing legal rights. This behaviour influences how IP law is implemented in legal arenas and thereby impacts on the efficacy of IPR regimes to help secure economic rights from the use of IP assets. Using data on outward FDI from the USA to 42 host countries the results find that the strength of informal institutions connected to the enforcement of IP in a country directly affects outcomes and positively moderates the effect of formal legal aspects of IP law on FDI flows. The results highlight the importance of informal institutional aspects connected to the behaviour of enforcement agents when using national legal systems to protect IP rights in cross-frontier transactions. |
| Keywords: | Economic rights Intellectual property Formal & informal institutions Legal arrangements FDI |
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