Firm capabilities and technology ladders: sequential foreign direct investments of Japanese electronics firms in East Asia
研究了企业能力如何为海外子公司在技术阶梯上的升级或降级提供平台，以应对宏观经济变化。基于1988-1994年日本电子企业在东亚的面板数据，发现东道国、母公司和子公司层面的能力在连续投资决策中起重要作用，且子公司能力能抵消影响区位选择的宏观经济因素。
Abstract This paper investigates how investments in capabilities offer platforms for the upgrading or downgrading of overseas subsidiaries' activities along a ‘technology ladder’ in response to macroeconomic changes. By analyzing panel data on Japanese electronic firms in East Asia from 1988 to 1994, the empirical results confirm the importance of capabilities at host country, parent company, and local subsidiary levels in sequential foreign investment decisions. The results show that subsidiary capabilities offset macroeconomic factors influencing location decisions of multinational corporations. Copyright © 2002 John Wiley & Sons, Ltd.