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政大典藏 > College of Commerce > Department of International Business > Periodical Articles > Item 140.119/70769

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Title:	Exchange Rate Volatility and the Timing of Foreign Direct Investment: Market-Seeking versus Export-Substituting
Authors:	陳坤銘;林家慶;饒秀華 Lin,Chia-Ching;Chen,Kun-Ming;Rau,Hsiu-Hua
Contributors:	國貿系
Date:	2010
Issue Date:	2014-10-24 17:17:17 (UTC+8)
Abstract:	This paper examines the impact of exchange rate uncertainty on the timing of foreign direct investment (FDI) with heterogeneous investing motives. We first extend Dixit-Pindyck`s real options model to show that while an increase in exchange rate volatility tends to delay FDI of a market-seeking firm, it might accelerate FDI of an export-substituting firm if the firm`s degree of risk aversion is high enough. The rationale behind this finding is that a market-seeking FDI might increase the exposure of the firm`s profits to exchange rate risk, while an export-substituting FDI might reduce it. Empirical evidence from a survival analysis based on firm-level data on the entry by Taiwanese firms into China over the period between 1987 and 2002 is consistent with the theory. These results reveal that the relationship between exchange rate uncertainty and FDI is crucially dependent on the motives of the investing firms. Copyright (C) 2010 Blackwell Publishing Ltd.
Relation:	Review of Development Economics,14(3),466-486
Data Type:	article
DOI link:	http://dx.doi.org/10.1111/j.1467-9361.2010.00565.x
DOI:	10.1111/j.1467-9361.2010.00565.x
Appears in Collections:	[Department of International Business] Periodical Articles

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