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Impact of outward foreign direct investments on patent activity of Greenfield multinationals
Technological Forecasting and Social Change ( IF 12.9 ) Pub Date : 2021-09-09 , DOI: 10.1016/j.techfore.2021.121168
Giulia Valacchi 1 , Nadia Doytch 2, 3, 4 , Nishant Yonzan 3, 5
Affiliation  

We study the impact of outward greenfield foreign direct investment (OGFDI) expansion of multinational enterprises (MNEs) on their innovation activity, proxied by the internal generation of patents. By combining three databases: Orbis by Bureau van Dijk, FDIMarkets by Financial Times, and PATSTAT by The European Patent Office, we obtain a sample of more than 20,000 firms for the period 2008–2015. The MNE firms originate in 175 countries, which span the entire spectrum of economic development- from low to high-income countries. The industrial distribution of the firms covers 72 industries at the 2-digit ISIC level. We construct a model, which allows us to analyze the impact of OGFDI capital investment, as well as OGFDI-created employment, on the number of patents of the companies engaging in the GFDI. We control for various firm characteristics, such as performance measures and size of the corporate group. We also control for the country of origin of the firms, stratifying the sample into emerging market MNEs and developed countries MNEs. We use linear estimation techniques to analyze the relationship between the variables and test how the results change across industries with different patent intensities. We find that both capital investment and jobs created through OGFDI boost the innovation activity of MNEs, and these effects are bigger for industries with higher patent intensities, such as the production of chemicals, computers, and motor vehicles. For sectors that rely less on patents (oil and electricity sectors) the impact of GFDI on patenting activity is smaller and for the case of building constructions, we even find a negative impact of investments on innovation. We further find that the effects are larger for EMNEs than DMNEs and discuss appropriate policies.



中文翻译:

对外直接投资对绿地跨国公司专利活动的影响

我们研究了跨国企业 (MNE) 的对外绿地外国直接投资 (OGFDI) 扩张对其创新活动的影响,以内部专利的产生为代表。通过结合三个数据库:奥比斯由Bureau van Dijk的,FDIMarkets由金融时报和PATSTAT通过欧洲专利局,我们获得了 2008 年至 2015 年期间超过 20,000 家公司的样本。跨国公司公司起源于 175 个国家,跨越经济发展的整个范围——从低收入国家到高收入国家。企业的行业分布涵盖 72 个行业,处于 2 位数的 ISIC 水平。我们构建了一个模型,使我们能够分析 OGFDI 资本投资以及 OGFDI 创造的就业对参与 GFDI 的公司的专利数量的影响。我们控制各种公司特征,例如绩效指标和企业集团的规模。我们还控制了公司的来源国,将样本分为新兴市场跨国公司和发达国家跨国公司。我们使用线性估计技术来分析变量之间的关系,并测试结果在不同专利强度的行业之间如何变化。我们发现资本投资和通过 OGFDI 创造的就业机会促进了跨国公司的创新活动,并且这些影响对于专利强度较高的行业来说更大,例如化学品、计算机和汽车的生产。对于较少依赖专利的行业(石油和电力行业),GFDI 对专利活动的影响较小,对于建筑施工,我们甚至发现投资对创新的负面影响。我们进一步发现 EMNE 的影响比 DMNE 大,并讨论了适当的政策。我们发现资本投资和通过 OGFDI 创造的就业机会促进了跨国公司的创新活动,并且这些影响对于专利强度较高的行业来说更大,例如化学品、计算机和汽车的生产。对于较少依赖专利的行业(石油和电力行业),GFDI 对专利活动的影响较小,对于建筑施工,我们甚至发现投资对创新的负面影响。我们进一步发现 EMNE 的影响比 DMNE 大,并讨论了适当的政策。我们发现资本投资和通过 OGFDI 创造的就业机会促进了跨国公司的创新活动,并且这些影响对于专利强度较高的行业来说更大,例如化学品、计算机和汽车的生产。对于较少依赖专利的行业(石油和电力行业),GFDI 对专利活动的影响较小,对于建筑施工,我们甚至发现投资对创新的负面影响。我们进一步发现 EMNE 的影响比 DMNE 大,并讨论了适当的政策。对于较少依赖专利的行业(石油和电力行业),GFDI 对专利活动的影响较小,对于建筑施工,我们甚至发现投资对创新的负面影响。我们进一步发现 EMNE 的影响比 DMNE 大,并讨论了适当的政策。对于较少依赖专利的行业(石油和电力行业),GFDI 对专利活动的影响较小,对于建筑施工,我们甚至发现投资对创新的负面影响。我们进一步发现 EMNE 的影响比 DMNE 大,并讨论了适当的政策。

更新日期:2021-09-10
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