US Environmental Regulation and FDI: Evidence from a Panel of US-Based Multinational Firms
利用1966-1999年美国跨国企业面板数据，研究发现《清洁空气法修正案》导致受监管企业海外资产增加5.3%、海外产出增加9%，但重监管企业并未更多投资于发展中国家。
This paper measures the response of US-based multinationals to the Clean Air Act Amendments (CAAA). Using a panel of firm-level data over the period 1966–1999, I estimate the effect of regulation on a multinational's foreign production decisions. The CAAA induced substantial variation in the degree of regulation faced by firms, allowing for the estimation of econometric models that control for firm-specific characteristics and industrial trends. I find that the CAAA caused regulated multinational firms to increase their foreign assets by 5.3 percent and their foreign output by 9 percent. Heavily regulated firms did not disproportionately increase foreign investment in developing countries.