This paper studies the role of business sentiment in the decisions of multinational enterprises (MNEs) to undertake foreign direct investment (FDI) across European Union (EU) member states. Based on the knowledge-capital model, the study employs the Pseudo Poisson Maximum Likelihood (PPML) estimator and panel data to examine empirically the determinants of FDI across EU member states during the period 2003–2017. The empirical evidence suggests that better economic sentiment in an EU Member State induces MNEs to undertake FDI in that country, while worse economic sentiment in an EU member state motivates an MNE in that country to invest abroad.

中文翻译：

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经济景气指标和外国直接投资：来自欧盟国家的经验证据

本文研究了商业情绪在跨国企业 (MNE) 进行跨欧盟 (EU) 成员国的外国直接投资 (FDI) 决策中的作用。该研究基于知识资本模型，采用伪泊松最大似然 (PPML​​) 估计量和面板数据实证检验了 2003-2017 年间欧盟成员国 FDI 的决定因素。经验证据表明，欧盟成员国较好的经济情绪会促使跨国公司在该国进行 FDI，而欧盟成员国较差的经济情绪会促使该国的跨国企业进行海外投资。