Strategic complementarities, geographical agglomeration, and firm investment
研究了企业地理集聚带来的战略互补性如何影响企业投资，发现集聚行业中企业投资对行业投资反应显著，而分散行业中则无此效应，对区域和产业政策有启示。
We estimate the effect of strategic complementarities (measured by the geographical agglomeration of firms) on firm investment. Individual firm investment responds significantly to industry investment in agglomerated industries, whereas the response is null in dispersed industries. Industry-region sales do not explain the differential effect between these two types of industries. These results have been overlooked in the literature, provide a justification for regional and industry policies, and challenge the stable unit treatment value assumption (SUTVA) required in potential outcome analysis.