Although the internationalization of economies is driven by specific industry conditions or business-specific differences, the institutions that exist as background conditions directly determine firms’ strategies and interactions in the international environment. This paper contributes to the discussion on the relationship between institutional quality and outward FDI (OFDI). We used 30 indicators in 48 emerging economies in the period 2007–2017; we collected the indicators from alternative secondary sources. After we applied Factor Analysis, six factors were retained. We named the components as follows: “Transparency of government” (F1), “Research, development and innovation, R&D+I” (F2), “Inequality” (F3), “Rules on inward FDI (IFDI)” (F4), “Education and training” (F5), and “Financial market” (F6). The panel data model outcomes suggest that Factor 2, Research, development and innovation, has a significant and positive effect on OFDI. Factor 6, the Financial market, has a significant and negative effect on OFDI. When we include lagged values of OFDI stocks the results also show that the government measures transparency positively and significantly affects OFDI stocks. These findings imply that the institutional environment creates two streams of OFDI: leverage and escapism.

中文翻译：

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母国机构和对外直接投资：新兴经济体的探索性分析

尽管经济的国际化是由特定的行业条件或特定企业的差异驱动的，但作为背景条件存在的制度直接决定了企业在国际环境中的战略和互动。本文有助于讨论制度质量与对外直接投资 (OFDI) 之间的关系。我们在 2007-2017 年期间使用了 48 个新兴经济体的 30 个指标；我们从替代的二手来源收集了指标。在我们应用因子分析后，保留了六个因子。我们将组件命名如下：“政府透明度”（F1）、“研究、开发和创新、R&D+I”（F2）、“不平等”（F3）、“外商直接投资规则（IFDI）”（F4） 、“教育和培训”（F5）和“金融市场”（F6）。面板数据模型结果表明因素 2，研究、开发和创新，对对外直接投资具有显着的积极影响。因素 6，金融市场，对 OFDI 有显着的负面影响。当我们包括 OFDI 股票的滞后价值时，结果还表明政府对透明度的衡量是积极的，并且显着影响了 OFDI 股票。这些发现意味着制度环境创造了两种对外直接投资流：杠杆作用和逃避现实。