Platform investments and volatile exchange rates: Direct investment in the US by Japanese electronic companies

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This study examines the effects of previous entry on the subsequent decisions of Japanese electronics companies to invest in the United States. By gathering data at the firm level, the empirical analysis provides a fine-grain sorting out of firm and industry effects on foreign direct investment decisions. The findings show that investment behavior is highly heterogeneous across firms and reflects their individual technological capabilities and their history of previous investments in the United States. Real exchange rate levels are also important. The results suggest that initial investments serve as platforms for subsequent entry, with the timing of entry triggered by movements in real exchange rates.
Publisher
MIT PRESS
Issue Date
1996-05
Language
English
Article Type
Article
Keywords

FOREIGN DIRECT-INVESTMENT; UNITED-STATES; EQUILIBRIUM; EXPORTS; FIRMS

Citation

REVIEW OF ECONOMICS AND STATISTICS, v.78, no.2, pp.221 - 231

ISSN
0034-6535
DOI
10.2307/2109924
URI
http://hdl.handle.net/10203/256167
Appears in Collection
MT-Journal Papers(저널논문)
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