文章基本信息

标题：What Drives Cross-Border Mergers and Acquisitions and Greenfield Foreign Direct Investment Capital Flows? Reconsideration in the Case of the Selected Former Yugoslav Countries
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作者：Ksenija Denčić-Mihajlov ; Vinko Lepojević ; Jovana Stojanović 等
期刊名称：ECONOMICS AND MANAGEMENT
印刷版ISSN：1822-6515
出版年度：2021
卷号：32
期号：3
页码：234-246
DOI：10.5755/j01.ee.32.3.27440
语种：English
出版社：Kaunas University of Technology
摘要：Bearing in mind the different nature and the impact of various types of foreign direct investments (FDI) on the one hand, and the specific macroeconomic environment in the post-socialist countries on the other hand, in this paper we reexamine the selected macroeconomic factors that affect the two types of FDI inflows (cross-border mergers and acquisitions and greenfield FDI) in four countries of the former Socialist Federal Republic of Yugoslavia. The study employs the balanced panel data framework and covers twelve-year period (2006-2017). Having performed the Hausman test, we use the random effect model and provide evidence that: (1) the key FDI macroeconomic determinants in stable business conditions, examined in numerous research studies, can have a different impact on FDI in times characterized by unstability and financial crisis, (2) some determinants of FDI inflows have different importance and direction in the case of cross-border M&A and greenfield FDI. Our findings are relevant for policymakers who should reconsider the key factors that fuel the FDI inflows towards their developing economies.
关键词：Foreign Direct Investments;Cross-Border Mergers and Acquisitions;Greenfield Foreign Direct Investments;Macroeconomic Determinants;Panel Data Method;Random-Effects Model