Unraveling the relationship between innovation performance feedback and outward FDI: Moderating influence of inward FDI spillovers
研究了新兴市场企业创新绩效反馈（区分数量和质量）对对外直接投资的影响，并发现内向FDI溢出会调节这一关系，对创新数量和质量反馈的调节方向不同。
This study examines the impact of innovation performance feedback on the outward foreign direct investment (FDI) of emerging market firms by differentiating between innovation quantity and innovation quality. It also explores the moderating role of inward FDI spillovers in local industrial environments. Using a zero-inflated negative binomial model, the findings show that: (1) the further a firm is below or above its innovation performance aspirations, the less outward FDI it will take; (2) inward FDI spillovers will strengthen the relationship between positive innovation quantity feedback and outward FDI while weakening the relationship of negative innovation quantity feedback; and (3) inward FDI spillovers will weaken the relationship between innovation quality feedback (both negative and positive) and outward FDI.