Domestic Effects of the Foreign Activities of US Multinationals
研究美国制造业企业1982-2004年数据，发现海外投资每增加10%，国内投资增加2.6%；海外员工薪酬每增加10%，国内员工薪酬增加3.7%，表明海外扩张并未减少国内活动。
Do firms investing abroad simultaneously reduce their domestic activity? This paper analyzes the relationship between the domestic and foreign operations of US manufacturing firms between 1982 and 2004 by instrumenting for changes in foreign operations with GDP growth rates of the foreign countries in which they invest. Estimates produced using this instrument indicate that 10 percent greater foreign investment is associated with 2.6 percent greater domestic investment, and 10 percent greater foreign employee compensation is associated with 3.7 percent greater domestic employee compensation. These results do not support the popular notion that expansions abroad reduce a firm's domestic activity, instead suggesting the opposite.