Japanese Firms and the Decision to Invest Abroad: Business Groups and Regional Core Networks
利用电子行业企业微观数据，分析日本企业在东南亚、欧洲和北美设立制造工厂的决定因素，发现研发和营销驱动的无形资产促进对欧美投资，而东南亚投资主要依赖人力资源和商业集团内部联系。
The determinants of the decision by Japanese firms to set up manufacturing plants in Southeast Asia, Europe and North America are analyzed using micro-data on the behavior of firms in the electronics industry. While firm-specific intangible assets based on R&D and marketing efforts are positively related to the decision to invest in Europe and North America, investment in Southeast Asia is mainly related to human resources and driven by inter-firm ties within horizontal and vertical business groups. The empirical results suggest that membership of horizontal keiretsu relaxes liquidity constraints, while the manufacturing networks of horizontal and vertical keiretsu in Southeast Asia facilitate the establishment of manufacturing plants by member firms.