學術產出-Theses
Article View/Open
Publication Export
-
題名 環境污染、租稅與外商直接投資
Three Essays on Pollution, Taxation and Foreign Direct Investment作者 許賀舜
Hsu, He-Shun貢獻者 黃智聰
Huang, Jr-Tsung
許賀舜
Hsu, He-Shun關鍵詞 空氣污染
企業稅
外商直接投資
動態追蹤資料空間計量模型
PM2.5
Air pollution
Corporate tax
Foreign direct investment
Dynamic panel spatial econometric model
PM2.5 concentration日期 2022 上傳時間 2-Sep-2022 15:28:30 (UTC+8) 摘要 本文主要探討以PM2.5濃度為指標的污染、企業稅與外商直接投資（FDI）之間的關係，特別針對FDI流入額、FDI流出額、以及來自美國與中國大陸的投資母國FDI流出額，並使用動態追蹤資料空間計量模型進行分析。本文主要由三篇文章所組成。第一篇文章主要研究空氣污染對於流入中國大陸的FDI之影響。本文使用2011至2019年，中國大陸288個地級市的追蹤資料，在考慮潛在內生性問題之下，利用一般化動差法所估計的空間計量模型進行分析。根據動態追蹤資料空間自迴歸（SAR）模型發現，空氣污染對流入中國大陸地級市的FDI有負向影響。然而，企業稅率對FDI的流入雖有負向影響，但不具穩健性。此外，流入中國大陸的FDI具有正向的空間相依性與動態過程。第二篇文章研究空氣污染對於FDI流出的影響。本文使用2011至2020年，102個國家或地區的追蹤資料，在考慮潛在內生性問題之下，透過數種檢定估計出動態追蹤資料SAR模型來進行分析。研究結果顯示，空氣污染對投資母國的FDI具有正向影響，並且發現相較於企業稅的影響，空氣污染為更重要與穩健的因素。此外，FDI流出在各國家或地區之間呈現出正向的空間相依性與動態過程。最後一篇文章透過數個動態追蹤資料空間計量模型的檢定，探討空氣污染對於美國與中國大陸的雙邊FDI流出至其他國家或地區之各別影響。本研究將空氣污染與企業稅等因素引入知識－資本模型中，同時考慮FDI具有空間相依性與動態過程。研究結果顯示，空氣污染與企業稅率對於美國與中國大陸的雙邊FDI流出至其他國家或地區具有正向影響。此外，中國大陸的跨國企業對於空氣污染與企業稅率的敏感度高於美國。再者，美國與中國大陸的雙邊FDI流出在國家或地區之間呈現出正向的空間相依性與動態過程。
The main purpose of this dissertation is to explore the relationship among pollution represented by PM2.5 concentration as an index, corporate tax, and foreign direct investment (FDI), specifically with respect to inward FDI (IFDI, hereafter), outward FDI (OFDI, hereafter), and host-country FDI from U.S. and China, using the dynamic panel spatial econometric model. This dissertation consists of three essays (chapters).In the first essay, the purpose is to examine the role of air pollution in IFDI into China. Using a panel data of 288 prefectures and prefecture-level or above cities in China from 2011 to 2019, several specifications of spatial models with the generalized method of moments (GMM) estimators due to considering the potential endogeneity problem are estimated. According to dynamic panel spatial autoregressive (SAR) model, the finding is that air pollution has a negative impact on IFDI into China’s prefectures and prefecture-level or above cities. However, corporate tax rate has a negative impact on IFDI but is not robust. Moreover, IFDI shows a positive spatial dependence and a positive dynamic process.The second essay investigates the impact of air pollution on OFDI. Using a panel data of 102 economies from 2011 to 2020, several specifications of a dynamic panel SAR model justified by several diagnostic tests and that considers the potential endogeneity problem have been estimated. The finding is that air pollution has a positive impact on a home country’s OFDI, and it is found that air pollution is a more important and robust factor affecting outward investment than corporate tax. In addition, OFDI exhibits a positive spatial dependence among countries and regions and a positive dynamic process.Several specifications of a dynamic panel spatial econometric model in the last essay to explore and compare the effect of air pollution on bilateral FDI outflows from U.S. and that from China. This study add air pollution and corporate tax into the knowledge-capital model with considering the spatial dependence of host-country FDI and a dynamic process to support the significance of agglomeration economies. The finding is that air pollution and corporate tax rate have a positive impact on bilateral FDI outflows from U.S. and China. In addition, MNEs from China are more sensitive to air pollution and corporate tax rate than MNEs from U.S. Moreover, bilateral FDI outflows from U.S. and China exhibits a positive spatial dependence among countries and regions and a positive dynamic process.參考文獻 Abdioğlu, N., M. Biniş, and M. Arslan (2016). The Effect of Corporate Tax Rate on Foreign Direct Investment: A Panel Study for OECD Countries. Ege Academic Review, 16(4), 599–610.Abed, G., and H. Davoodi (2000). Corruption, Structural Reforms and Economic Performance in the Transition Economies. IMF Working Paper No. 132, International Monetary Fund, Washington.Agostini, C.A. (2007). The Impact of State Corporate Taxes on FDI Location. Public Finance Review, 35(3), 335–360.Akaike, H. (1973). Information Theory and the Maximum Likelihood Principle, in: Petrov, B.N., Csäki, F. (Eds.), Second International Symposium on Information Theory. Akademiai Kiàdo, Budapest, pp. 267–281.Alamá-Sabater, L., B. Heid, E. Jiménez-Fernández, and L. Márquez-Ramos (2017). FDI in Space Revisited: The Role of Spillovers on Foreign Direct Investment within The European Union. Growth and Change, 48(3), 390–408.AmCham China, and Deloitte (2019). 2019 China Business Climate Survey Report. https://www.amchamchina.org/climate-survey/2019-business-climate-survey-3/ (accessed on 30 September, 2021).Anderson, J.E. (1979). A Theoretical Foundation for the Gravity Equation. American Economic Review, 69(1), 106–116.Anderson, T.W. and C. Hsiao (1981). Estimation of Dynamic Models with Error Components. Journal of the American Statistical Association, 76(375), 598–606.Anderson, J. E., and E. Van Wincoop (2003). Gravity with Gravitas: A Solution to the Border Puzzle. American Economic Review, 93 (1), 170–192.Ang, J.B. (2008). Determinants of Foreign Direct Investment in Malaysia. Journal of Policy Modeling, 30, 185–189.Anselin, L. (1988). Spatial Econometrics: Methods and Models. Kluwer Academic Publishers, Dordrecht.Arellano, M., and S. Bond (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment. Review of Economic Studies, 58, 277–297.Arellano, M., and O. Bover (1995). Another Look at the Instrumental Variable Estimation of Error-Components Models. Journal of Econometrics, 68, 29–51.Baccini, L., Q. Li, and I. Mirkina (2014). Corporate Tax Cuts and Foreign Direct Investment. Journal of Policy Analysis and Management, 33(4), 977–1006.Bachri, A.A., and E. Normelani (2020). FDI, Income, and Environmental Pollution in Indonesia. International Journal of Energy Economics and Policy, 10(6), 383－389.Baltagi, B.H. (2005). Econometric Analysis of Panel Data, third ed. John Wiley and Sons Ltd., New York.Baltagi, B.H., B. Fingletion, and A. Pirotte (2014). Estimating and Forecasting with a Dynamic Spatial Panel Data Model. Oxford Bulletin of Economics and Statistics, 76(1), 112－138.Belkhodja, O., M. Mohiuddin, and E.Karuanga (2016). The Determinants of FDI Location Choice in China: A Discrete-Choice Analysis. Applied Economic, 49(13), 1241–1254.Belotti, F., G. Hughes, and A.P. Mortari (2017). Spatial Panel-Data Models Using Stata. The Stata Journal, 17(1), 139–180.Bergstrand, J.H., and P. Egger (2007). A Knowledge-And-Physical-Capital Model of International Trade Flows, Foreign Direct Investment, and Multinational Enterprises. Journal of International Economics, 73(2), 278–308.Betha, R., and R. Balasubramanian (2018). Corrigendum to “PM2.5 Emissions from Hand-Held Sparklers: Chemical Characterization and Health Risk Assessment” [Aerosol and Air Quality Research. 14, 1477−1486].” Aerosol and Air Quality Research, 18 (2), 560–563.Billington, N. (1999). The Location of Foreign Direct Investment: An Empirical Analysis. Applied Economics, 31, 65–76.Blomström, M., and R.E. Lipsey (1991). Firm Size and Foreign Operations of Multinationals. The Scandinavian Journal of Economics, 93(1), 101–107.Blonigen, B.A., and J. Piger (2011). Determinants of Foreign Direct Investment. NBER Working Paper No. 16704. Cambridge, MA: National Bureau of Economic Research.Blundell, R., and S. Bond (1998). Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87, 115–143.Bojnec, Š., and I. Fertő (2014). Outward Foreign Direct Investments and Merchandise Exports: The European OECD Countries. Romanian Journal of Economic Forecasting, 17(2), 87–99.Bojnec, Š., and I. Fertő (2017). Effects of Globalization and Corruption on the Outward FDIs in OECD Countries. Ekonomický Časopis, 65(3), 201–219.Bojnec, Š., and I. Fertő (2018). Globalization and Outward Foreign Direct Investment. Emerging Markets Finance and Trade, 54, 88–99.Boubacar, I. (2016). Spatial Determinants of U.S. FDI and Exports in OECD Countries. Economic Systems, 40, 135–144.Brada, J.C., A. Kutan, and T. Yigit (2006). The Effects of Transition and Political Instability on Foreign Direct Investment: Central Europe and the Balkans. Economics of Transition, 14(4), 649–680.Brada, J.C., and V. Tomšik (2009). The Foreign Direct Investment Financial Life Cycle: Evidence of Macroeconomic Effects from Transition Economies. Emerging Markets Finance and Trade, 45(3), 19–34.Brada, J.C., Z. Drabek, and M.F. Perez (2012). The Effect of Home-Country and Host-Country Corruption on Foreign Direct Investment. Review of Development Economics, 16(4), 640–663.Brouthers, L.E., Y. Gao, and J.A. Mcnicol (2008). Corruption and Market Attractiveness Influences on Different Types of FDI. Strategic Management Journal, 29(6), 673–680.Buckley, P.J. and M.C. Casson (1976). The Future of the Multinational Enterprise. Homes and Meier, London.Buckley P.J., L.J. Clegg, A.R. Cross, X. Liu, H. Voss, and P. Zheng (2007). The Determinants of Chinese Outward Foreign Direct Investment. Journal of International Business Studies, 38(4), 499–518.Carr, D.L., J.R. Markusen, and K.E. Maskus (2001). Estimating the Knowledge-Capital Model of the Multinational Enterprise. American Economic Review, 91(3), 693–708.Cassou, S.P. (1997). The Link between Tax Rates and Foreign Direct Investment. Applied Economics, 29(10), 1295–1301.Caves, R.E. (1996). Multinational Enterprise and Economic Analysis, Second ed. Cambridge University Press, Cambridge.Chen, C. (2018). The Liberalisation of FDI Policies and the Impacts of FDI on China’s Economic Development, in: Garnaut, R., Song, L., Cai, F. (Eds.), China’s 40 Years of Reform and Development: 1978–2018, The Australian National University Press, Canberra, Australia, pp. 595–617.Chen, W.H., K.H. Lee, J.K. Mutuku, and C.J. Hwang (2018). Flow Dynamics and PM2.5 Deposition in Healthy and Asthmatic Airways at Different Inhalation Statuses. Aerosol and Air Quality Research, 18 (4), 866–883.Cheng, L.K., and Y.K. Kwan (2000). What Are The Determinants of the Location of Foreign Direct Investment? The Chinese Experience. Journal of International Economics, 51(2), 379–400.Chowdhury, A., and G. Mavrotas (2006). FDI and Growth: What Causes What? The World Economy, 29(1), 9–19.Chung, S. (2014). Environmental Regulation and Foreign Direct Investment: Evidence from South Korea. Journal of Development Economics, 108, 222–236.Coughlin, C.C., and E. Segev (2000). Foreign Direct Investment in China: A Spatial Econometric Study. The World Economy, 23(1), 1–23.Cuervo-Cazurra, A. (2008). Better the Devil You Don’t Know: Types of Corruption and FDI in Transition Economies. Journal of International Management, 14(1), 12–27.Das, K.C. (2013). Home Country Determinants of Outward FDI from Developing Countries. Margin—The Journal of Applied Economic Research, 7(1), pp. 93–116.Deng, X., and H. Gao (2013). Nonmonetary Benefits, Quality of Life, and Executive Compensation. Journal of Financial and Quantitative Analysis, 48(1), 197–218.Denisia, V. (2010). Foreign Direct Investment Theories: An Overview of the Main FDI Theories. European Journal of Interdisciplinary Studies, 2(2), 104–110.Desai, P. (1997). Going Global. Cambridge, MA: MIT Press.Djokoto, J.G. (2021). The Investment Development Path Theory and Small States. Research in Globalization, 3, 100048.Drabek, Z., and P. Warren (2002). The Impact of Transparency on Foreign Direct Investments. Journal of Economic Integration, 17(4), 377–395.Dunning, J. H. (1980). Toward an Eclectic Theory of International Production: Some Empirical Tests. Journal of International Business Studies, 11(1), 9–31.Dunning, J.H. (1981). Explaining Outward Direct Investment of Developing Countries: in Support of Eclectic Theory of International Production. In: Kumar, K., McLeod, M.G. (eds), Multinationals from developing countries, Lexington: Lexington Books. pp. 1–22.Dunning, J.H. (1982). Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Developmental Approach. In: Black, J., Dunning, J.H. (eds), International Capital Movements. International Economics Study Group. Palgrave Macmillan, London.Dunning, J. H. (1988). The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions. Journal of International Business Studies, 19(1), 1–31.Dunning, J.H. (1993). Multinational Enterprises and the Global Economy. Wokingham Addison-Wesley, UK.Dunning, J.H. (1998). Location and The Multinational Enterprise: A Neglected Factor? Journal of International Business Studies, 29(1), 45–66.Dunning, J.H. (2001). The Eclectic (OLI) Paradigm of International Production: Past, Present and Future. International Journal of Economics and Business, 8(2), 173–90.Dunning, J.H., and S.M. Lundan (2008). Multinational Enterprises and The Global Economy. Edward Elgar Publishing.Economou, F., C. Hassapis, N. Philippas, and M. Tsionas (2017). Foreign Direct Investment Determinants in OECD and Developing Countries. Review of Development Economics, 21(3), 527–542.Egger, P., and H. Winner (2006). How Corruption Influences Foreign Direct Investment: A Panel Data Study. Economic Development and Cultural Change, 54(2), 459–486.Eicher, T.S., L. Helfman, and A. Lenkoski (2012). Robust FDI Determinants: Bayesian Model Averaging in the Presence of Selection Bias. Journal of Macroeconomics, 34(3), 637–651.Elhorst, J.P. (2005). Unconditional Maximum Likelihood Estimation of Linear and Log-Linear Dynamic Models for Spatial Models. Geographical Analysis, 37, 85–106.Elhorst, J.P. (2012). Dynamic Spatial Panels: Models, Methods, and Inferences. Journal of Geographical Systems, 14, 5–28.Elhorst, J.P. (2014). Spatial Panel Data Models. In: Spatial Econometrics. Springer Briefs in Regional Science. Springer, Berlin, Heidelberg.Enderwick, P. (2005). Attracting “Desirable” FDI: Theory and Evidence. Transnational Corporations, 14(5), 93–119.Esiyok, B., and M. Ugur (2017). A Spatial Regression Approach to FDI in Vietnam: Province-Level Evidence. The Singapore Economic Review, 62(2), 459–481.Fan, H., Y. Liu, S. Tian, and X. Wang (2019). Domestic Tax and Outward Foreign Direct Investment: Evidence from Corporate Tax Unification in China (March 30, 2019). Available at SSRN: https://ssrn.com/abstract=3259051 or http://dx.doi.org/10.2139/ssrn.3259051Fisher, S., D.C. Bellinger, M.L. Cropper, P. Kumar, A. Binagwaho, J.B. Koudenoukpo, Y. Park, G. Taghian, and P.J. Landrigan (2021). Air Pollution and Development in Africa: Impacts on Health, the Economy, and Human Capital. The Lancet Planet Health, 5, 81–88.Goh, S.K., and K.N. Wong (2011). Malaysia’s Outward FDI: The Effects of Market. Journal of Policy Modeling, 33, 497–510.Grossman, G.M. and A.B. Krueger (1994). Environment Impacts of a North American Free Trade Agreement. In: Garber, P.M. (Eds.), the Mexican-US Free Trade Agreement. MIT Press, Cambridge, pp. 1–10.Gupta, S., and K. Newberry (1997). Determinants of The Variability in Corporate Effective Tax Rates: Evidence from Longitudinal Data. Journal of Accounting and Public Policy, 16(1), 1–34.Haberly, D., and D. Wójcik (2015). Tax Havens and the Production of Offshore FDI: An Empirical Analysis. Journal of Economic Geography, 15, 75–101.Hajkova, D., G. Nicoletti, L. Vartia, and K.Y. Yoo (2006). Taxation and Business Environment as Drivers of Foreign Direct Investment in OECD Countries. OECD Economic Studies, 1(1), 7–38.Hansen, L.P. (1982). Large Sample Properties of Generalized Method of Moments Estimators. Econometrica, 50(4), 1029–1054.Hassaballa, H. (2014). Testing for Granger Causality between Energy Use and Foreign Direct Investment Inflows in Developing Countries. Renewable and Sustainable Energy Reviews. 31, 417–426.Hausman, J.A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251–1271.Head, K, J. Ries, and D. Swenson (1995). Agglomeration Benefits and Location Choice: Evidence from Japanese Manufacturing Investments in the United States. Journal of International Economics, 38(3–4), 223–247.Head, K., and T. Mayer (2004). Market Potential and the Location of Japanese Investment in The European Union. Review of Economics and Statistics. 86(4), 959–972.Heckscher, E.F., B. Ohlin, H. Flam, and M.J. Flanders (1991). Heckscher-Ohlin Trade Theory. Mass: MIT Press, Cambridge.Heinemann, F., M. Olbert, O. Pfeiffer, T. Schwab, C. Spengel, and K. Stutzenberger (2018). Implications of the US Tax Reform for Transatlantic FDI. Intereconomics, 53, 87–93.Hejazi, W., and P. Pauly (2003). Motivations for FDI and Domestic Capital. Journal of International Business Studies, 34, 282–289.Hellman, J., and D. Kaufmann (2004). The Inequality of Influence. In: J. Kornai, and S. Rose-Ackerman (Eds.), Trust in Transition. New York: Palgrave-Macmillan.Helpman, E. (1984). A Simple Theory of International Trade with Multinational Corporations. Journal of Political Economy, 92(3), 451–471.Hirschman, A.O. (1958). The Strategy of Economic Development. Yale University Press, New Haven.Hoffmann, R., C.G. Lee, B. Ramasamy, and M. Yeung (2005). FDI and Pollution: A Granger Causality Test Using Panel Data. Journal of International Development, 17(3), 417–426.Hsu, A., D.C. Esty, M. Levy, and A. Sherbinin (2016). The 2016 Environmental Performance Index. Yale Center for Environmental Law and Policy, New Haven.Huang, J.T., and S.T. Li (2007). The Influence of Value-Added Tax Rates of Foreign-Fund Enterprises on Regional Foreign Direct Investment in China. Prospect Quarterly, 8(2), 1–39.Huang, J.T. (2018). Sulfur Dioxide (SO2) Emissions and Government Spending on Environmental Protection in China-Evidence from Spatial Econometric Analysis. Journal of Cleaner Production, 175, 431–441.Huang, J.T., and M.L. Chang (2018). Fiscal Transparency and Foreign Direct Investment in China. The Singapore Economic Review, 63(4), 839-859.Huang, J.T. (2021). The Influence of Government’s Expenditure in The Environmental Protection on Air Pollution in Taiwan. The Singapore Economic Review, forthcoming. DOI: https://doi.org/10.1142/S0217590821500570.Huang, J.T., and H.S. Hsu (2022), Air Pollution and Outward Foreign Direct Investment－A Cross-Country Empirical Study. The Singapore Economic Review, on-line publication.Hymer, S.H. (1976). The International Operations of Nation Firms: A Study of Foreign Direct Investment. MLT Press, Cambridge.Janicki, H.P., and P.V. Wunnava (2004). Determinants of Foreign Direct Investment: Empirical Evidence from EU Accession Candidates. Applied Economics, 36(5), 505–509.Kapoor, M., H.H. Kelejian, and I.R. Prucha (2007). Panel Data Models with Spatially Correlated Error Components. Journal of Econometrics, 140, 97–130.Kemsley, D. (1998). The Effect of Taxes on Production Location. Journal of Accounting Research. 36, 321–341.Kleinert, J., and F. Toubal (2010). Gravity for FDI. Review of International Economics, 18(1), 1–13.Kong, Q., R. Guo, Y. Wang, X. Sui, and S. Zhou (2020). Home-Country Environment and Firms’ Outward Foreign Direct Investment Decision: Evidence from Chinese Firms. Economic Modelling, 85, 390–399.Krifa-Schneider, H., and I. Matei (2010). Business Climate, Political Risk and FDI in Developing Countries: Evidence from Panel Data. International Journal of Economics and Finance, 2(5), 54–65.Kyrkilis, D., and P. Pantelidis (2003). Macroeconomic Determinants of Outward Foreign Direct Investment. International Journal of Social Economics, 30(7), 827–836.LeSage, J.P., and R.K. Pace (2009). Introduction to Spatial Econometrics, first ed. CRC Press Taylor and Francis Group, London.Levin, A., C.F. Lin, and C.S.J. Chu (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Economics, 108, 1–14.Li, G.D., C.L. Fang, S.J. Wang, S. Sun (2016). The Effect of Economic Growth, Urbanization, and Industrialization on Fine Particulate Matter (PM2.5) Concentrations in China. Environmental Science and Technology. 50(21), 11452–11459.Li, W.B., and K.X. Zhang (2019). Does Air Pollution Crowd Out Foreign Direct Investment Inflows? Evidence from A Quasi-Natural Experiment in China. Environmental and Resource Economics, 73, 1387–1414.Li, Y. (2003). The Impact of FDI on Trade: Evidence from China’s Bilateral Trade. Journal of the Academy of Business and Economics, 2(2), 1–11.Liu, M.H., and X.W. Qian (2021). Provincial Interdependence and China’s “Irrational” Outward Foreign Direct Investment. Open Economies Review, 32, 153–181.Liu, X., C. Wang, and Y. Wei (2001). Causal Links between FDI and Trade I n China. China Economic Review. 12(2–3), 190–202.Liu, Z.Y. (2019). Characteristics and Determinants of FDI in China after 40 Years of Reform and Opening Up. 2019 5th International Conference on Economics and Management, Chengdu, China, June 22–23.Long, X.L., and X. Ji (2019). Economic Growth Quality, Environmental Sustainability, and Social Welfare in China--Provincial Assessment Based on Genuine Progress Indicator (GPI). Ecological Economics, 159, 157–176.Luo, Y., Q. Xue, and B. Han (2010). How Emerging Market Governments Promote Outward FDI: Experience from China. Journal of World Business, 45, 68–79.Luo, Y., and R. Tung (2007). International Expansion of Emerging Market Enterprises: A Springboard Perspective. Journal of International Business Studies, 38(4), 481–498.Markusen, J.R. (1984). Multinationals, Multi-Plant Economies, and the Gains from Trade. Journal of International Economics, 16(3–4), 205–226.Masron, T., and H. Abdullah (2010). Institutional Quality as a Determinant for FDI Inflows: Evidence from ASEAN. World Journal of Management. 2(3), 115–128.Mathews, J. (2002). Competitive Advantages of the Latecomer firm: A Resource-Based Account of Industrial Catch-Up Strategies. Asia Pacific Journal of Management, 19(4), 467–488.Mathews, J. (2006). Dragon Multinationals: New Players in 21st-Century Globalization. Asia Pacific Journal of Management, 23(1), 5–27.Mihci, H., S. Çağatay, and O.A. Koska (2011). The Determinants of Foreign Direct Investment Outflows from the European Union Countries. Economics Bulletin, 31(3), 2653–2666.Mutl, J. (2006). Dynamic Panel Data Models with Spatially Correlated Disturbances, PhD thesis, University of Maryland.Na, L., and W.S. Lightfoot (2006). Determinants of Foreign Direct Investment at the Regional Level in China. Journal of Technology Management in China, 1(3), 262–278.Navaretti, G.B., and A.J. Venables (2004). Multinational Firms in the World Economy. Princeton, NJ: Princeton University Press.Nayyar, R., and J. Mukherjee (2019). Home Country Impact on Outward FDI from India. Journal of Policy Modeling, 42, 385–400.Neumayer, N., and L. Spess (2005). Do Bilateral Investment Treaties Increase Foreign Direct Investment to Developing Countries? World Development, 33(10), 1567–1585.Nickell, S. (1981). Biases in Dynamic Models with Fixed Effects. Econometrica: Journal of the econometric society, 1417-1426.Ojewumi, J.S., and S.M.A. Posu (2016). The Causal Relationship among Foreign Direct Investment, Pollution, and Economic Growth in Sub Saharan Africa Countries: A Panel Data Approach. West African Journal of Monetary and Economic Integration. 16(2), 23－44.Ok, S.T. (2004). What Drives Foreign Direct Investment into Emerging Markets? Emerging Markets Finance and Trade, 40(4), 101–114.Othman, N., N. Yusop, G. Andaman, and M.M. Ismail (2018). Impact of Government Spending on FDI Inflows: The Case of Asean-5, China and India. International Journal of Business and Society, 19(2), 401–414.Özkan-Günay, E.N. (2011). Determinants of FDI Inflows and Policy Implications: A Comparative Study for the Enlarged EU and Candidate Countries. Emerging Markets Finance and Trade, 47(S4), 71–86.Panayotou, T. (1993). Empirical Tests and Policy Analysis of Environmental Degradation at Different Stages of Economic Development. ILO Working Paper 992927783402676, International Labour Organization.Pantelidis, P., and D. Kyrkilis (2005). A Cross Country Analysis of Outward Foreign Direct Investment Patterns. International Journal of Social Economics, 32(6), 510–519.Pavel, J., and S. Rističová (2015). Analysis of Relationship between Indicators of the Public Procurement Market and the Level of Perceived Corruption in EU Member States. Ekonomický Časopis, 63 (4):372 – 94.Perez, M.F., J.C. Brada, and Z. Drabek (2012). Illicit Money Flows as Motives for FDI. Journal of Comparative Economics, 40(1),108–126.Phuong, N.D., and L.T.M. Tuyen (2018). The Relationship between Foreign Direct Investment, Economic Growth and Environmental Pollution in Vietnam: An Autoregressive Distributed Lags Approach. International Journal of Energy Economics and Policy, 8(5), 138－145.Qian, X., and J. Sandoval-Hernandez (2016). Corruption Distance and Foreign Direct Investment. Emerging Markets Finance and Trade, 52(2), 400–419.Roodman, D. (2009). How to Do xtabond2: An Introduction to Difference and System GMM in Stata. The Stata Journal, 9(1), 86–136.Saleem, H., J.D. Wen, M.B. Khan, and B.A. Khilji (2018). Reexamining the Determinants of Foreign Direct Investment in China. Transnational Corporations Review, 10(1), 53–68.Sargan, J.D. (1958). The Estimation of Economic Relationships Using Instrumental Variables. Econometrica, 26(3), 393–415.Sargan, J.D. (1988). Testing for Misspecification after Estimating Using Instrumental Variables. Contributions to Econometrics, Cambridge University Press, New York.Sharma, S., M. Wang, and M.C.S. Wong (2014). FDI Location and the Relevance of Spatial Linkages: Evidence from Provincial and Industry FDI in China. Review of International Economics, 22(1), 86–104.Silajdzic, S., and E. Mehic (2016). Absorptive Capabilities, FDI, and Economic Growth in Transition Economies. Emerging Markets Finance and Trade, 52(4), 904–922.Stoian, C. (2013). Extending Dunning’s Investment Development Path: The Role of Home and Country Institutional Determinants in Explaining Outward Foreign Direct Investment. International Business Review, 22(3), 615–637.Sun, Q., W. Tong, and Q. Yu (2002). Determinants of Foreign Direct Investment across China. Journal of International Money and Finance, 21(1), 79–113.Tang, C.F., and B.W. Tan (2015). The Impact of Energy Consumption, Income and Foreign Direct Investment on Carbon Dioxide Emissions in Vietnam. Energy, 79(1), 447–454.Thomas, D.E., and R. Grosse (2001). Country-of-origin Determinants of Foreign Direct Investment in an Emerging Market: The Case of Mexico. Journal of International Management, 7(1), 59–79.UNCTAD (2001). Bilateral Investment Treaties 1959–99. New York and Geneva: United Nations.UNCTAD (2021). World Investment Report 2021. https://unctad.org/webflyer/world-investment-report-2021 (accessed on 30 September, 2021).Vernon, R. (1966). International Investment and International Trade in the Product Cycle. Quarterly Journal of Economics, 80, 190–207.Walter, I., and J.L. Ugelow (1979). Environmental Policies in Developing Countries. Ambio, 8, 102–109.Wijeweera, A., B. Dollery, and D. Clark (2007). Corporate Tax Rates and Foreign Direct Investment in the United States. Applied Economics, 39(1), 109–117.Xian, G.M., and C.Z. Yang (2009). Location Determinants of FDI in China: An Analysis of Spatial Econometrics Based on Provincial Data. World Economy Study, 2009(1), 60–64.Yu, S., X. Qian, and T. Liu (2019). The Belt and Road Initiative and Chinese Firms’ Outward Foreign Direct Investment. Emerging Markets Review, 41, 1–20.Zarsky, L. (1999). Havens, Halos and Spaghetti: Untangling the Evidence about Foreign Direct Investment and the Environment. OECD Conference on Foreign Direct Investment and the Environment, January 28–29. https://nautilus.org/napsnet/napsnet-special-reports/havens-halos-and-spaghetti-untangling-the-evidence-about-the-relationship-between-foreign-investment-and-the-environment/.Zeng, S.H., and Y. Zhou (2021). Foreign Direct Investment’s Impact on China’s Economic Growth, Technological Innovation and Pollution. International Journal of Environmental Research and Public Health, 18(6), 2839.Zhao, X.G., Y.F. Zhang, and Y.B. Li (2019). The Spillovers of Foreign Direct Investment and the Convergence of Energy Intensity. Journal of Cleaner Production, 206(1), 611–621.Zheng, S., J. Wang, C. Sun, X. Zhang, and M.E. Kahn (2019). Air Pollution Lowers Chinese Urbanites’ Expressed Happiness on Social Media. Nature Human Behaviour, 3, 237–243. 描述 博士
國立政治大學
財政學系
107255502資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107255502 資料類型 thesis dc.contributor.advisor 黃智聰 zh_TW dc.contributor.advisor Huang, Jr-Tsung en_US dc.contributor.author (Authors) 許賀舜 zh_TW dc.contributor.author (Authors) Hsu, He-Shun en_US dc.creator (作者) 許賀舜 zh_TW dc.creator (作者) Hsu, He-Shun en_US dc.date (日期) 2022 en_US dc.date.accessioned 2-Sep-2022 15:28:30 (UTC+8) - dc.date.available 2-Sep-2022 15:28:30 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2022 15:28:30 (UTC+8) - dc.identifier (Other Identifiers) G0107255502 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141751 - dc.description (描述) 博士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政學系 zh_TW dc.description (描述) 107255502 zh_TW dc.description.abstract (摘要) 本文主要探討以PM2.5濃度為指標的污染、企業稅與外商直接投資（FDI）之間的關係，特別針對FDI流入額、FDI流出額、以及來自美國與中國大陸的投資母國FDI流出額，並使用動態追蹤資料空間計量模型進行分析。本文主要由三篇文章所組成。第一篇文章主要研究空氣污染對於流入中國大陸的FDI之影響。本文使用2011至2019年，中國大陸288個地級市的追蹤資料，在考慮潛在內生性問題之下，利用一般化動差法所估計的空間計量模型進行分析。根據動態追蹤資料空間自迴歸（SAR）模型發現，空氣污染對流入中國大陸地級市的FDI有負向影響。然而，企業稅率對FDI的流入雖有負向影響，但不具穩健性。此外，流入中國大陸的FDI具有正向的空間相依性與動態過程。第二篇文章研究空氣污染對於FDI流出的影響。本文使用2011至2020年，102個國家或地區的追蹤資料，在考慮潛在內生性問題之下，透過數種檢定估計出動態追蹤資料SAR模型來進行分析。研究結果顯示，空氣污染對投資母國的FDI具有正向影響，並且發現相較於企業稅的影響，空氣污染為更重要與穩健的因素。此外，FDI流出在各國家或地區之間呈現出正向的空間相依性與動態過程。最後一篇文章透過數個動態追蹤資料空間計量模型的檢定，探討空氣污染對於美國與中國大陸的雙邊FDI流出至其他國家或地區之各別影響。本研究將空氣污染與企業稅等因素引入知識－資本模型中，同時考慮FDI具有空間相依性與動態過程。研究結果顯示，空氣污染與企業稅率對於美國與中國大陸的雙邊FDI流出至其他國家或地區具有正向影響。此外，中國大陸的跨國企業對於空氣污染與企業稅率的敏感度高於美國。再者，美國與中國大陸的雙邊FDI流出在國家或地區之間呈現出正向的空間相依性與動態過程。 zh_TW dc.description.abstract (摘要) The main purpose of this dissertation is to explore the relationship among pollution represented by PM2.5 concentration as an index, corporate tax, and foreign direct investment (FDI), specifically with respect to inward FDI (IFDI, hereafter), outward FDI (OFDI, hereafter), and host-country FDI from U.S. and China, using the dynamic panel spatial econometric model. This dissertation consists of three essays (chapters).In the first essay, the purpose is to examine the role of air pollution in IFDI into China. Using a panel data of 288 prefectures and prefecture-level or above cities in China from 2011 to 2019, several specifications of spatial models with the generalized method of moments (GMM) estimators due to considering the potential endogeneity problem are estimated. According to dynamic panel spatial autoregressive (SAR) model, the finding is that air pollution has a negative impact on IFDI into China’s prefectures and prefecture-level or above cities. However, corporate tax rate has a negative impact on IFDI but is not robust. Moreover, IFDI shows a positive spatial dependence and a positive dynamic process.The second essay investigates the impact of air pollution on OFDI. Using a panel data of 102 economies from 2011 to 2020, several specifications of a dynamic panel SAR model justified by several diagnostic tests and that considers the potential endogeneity problem have been estimated. The finding is that air pollution has a positive impact on a home country’s OFDI, and it is found that air pollution is a more important and robust factor affecting outward investment than corporate tax. In addition, OFDI exhibits a positive spatial dependence among countries and regions and a positive dynamic process.Several specifications of a dynamic panel spatial econometric model in the last essay to explore and compare the effect of air pollution on bilateral FDI outflows from U.S. and that from China. This study add air pollution and corporate tax into the knowledge-capital model with considering the spatial dependence of host-country FDI and a dynamic process to support the significance of agglomeration economies. The finding is that air pollution and corporate tax rate have a positive impact on bilateral FDI outflows from U.S. and China. In addition, MNEs from China are more sensitive to air pollution and corporate tax rate than MNEs from U.S. Moreover, bilateral FDI outflows from U.S. and China exhibits a positive spatial dependence among countries and regions and a positive dynamic process. en_US dc.description.tableofcontents Chapter 1: Introduction 11.1 Research Background 11.2 Research Motivation 21.3 Research Objectives 51.4 Research Framework 6Chapter 2: The Effect of Air Pollution on Inward Foreign Direct Investment of China’s Prefectures－Evidence from Dynamic Panel Spatial Model 82.1 Introduction 82.2 Literature Review 152.3 Methodology and Data 212.4 Empirical Results 292.5 Concluding Remarks 33Chapter 3: Air Pollution and Outward Foreign Direct Investment－A Cross-Country Empirical Study 353.1 Introduction 353.2 Literature Review 403.3 Methodology and Data 443.4 Empirical Results 523.5 Concluding Remarks 60Chapter 4: Does PM2.5 Matter to Attract Foreign Direct Investment from U.S. and China－A Comparison 624.1 Introduction 624.2 Literature Review 654.3 Methodology and Data 674.4 Empirical Results 754.5 Concluding Remarks 81Chapter 5: Final Conclusion 825.1 Main Findings 825.2 Policy Implications 845.3 Contributions 85References 86Appendix A. List of Selected Economies in the Sample 100Appendix B. Estimation Results of Dynamic Fixed-Effect SAR 101 zh_TW dc.format.extent 3479375 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107255502 en_US dc.subject (關鍵詞) 空氣污染 zh_TW dc.subject (關鍵詞) 企業稅 zh_TW dc.subject (關鍵詞) 外商直接投資 zh_TW dc.subject (關鍵詞) 動態追蹤資料空間計量模型 zh_TW dc.subject (關鍵詞) PM2.5 zh_TW dc.subject (關鍵詞) Air pollution en_US dc.subject (關鍵詞) Corporate tax en_US dc.subject (關鍵詞) Foreign direct investment en_US dc.subject (關鍵詞) Dynamic panel spatial econometric model en_US dc.subject (關鍵詞) PM2.5 concentration en_US dc.title (題名) 環境污染、租稅與外商直接投資 zh_TW dc.title (題名) Three Essays on Pollution, Taxation and Foreign Direct Investment en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Abdioğlu, N., M. Biniş, and M. Arslan (2016). The Effect of Corporate Tax Rate on Foreign Direct Investment: A Panel Study for OECD Countries. Ege Academic Review, 16(4), 599–610.Abed, G., and H. Davoodi (2000). Corruption, Structural Reforms and Economic Performance in the Transition Economies. IMF Working Paper No. 132, International Monetary Fund, Washington.Agostini, C.A. (2007). The Impact of State Corporate Taxes on FDI Location. Public Finance Review, 35(3), 335–360.Akaike, H. (1973). Information Theory and the Maximum Likelihood Principle, in: Petrov, B.N., Csäki, F. (Eds.), Second International Symposium on Information Theory. Akademiai Kiàdo, Budapest, pp. 267–281.Alamá-Sabater, L., B. Heid, E. Jiménez-Fernández, and L. Márquez-Ramos (2017). FDI in Space Revisited: The Role of Spillovers on Foreign Direct Investment within The European Union. Growth and Change, 48(3), 390–408.AmCham China, and Deloitte (2019). 2019 China Business Climate Survey Report. https://www.amchamchina.org/climate-survey/2019-business-climate-survey-3/ (accessed on 30 September, 2021).Anderson, J.E. (1979). A Theoretical Foundation for the Gravity Equation. American Economic Review, 69(1), 106–116.Anderson, T.W. and C. Hsiao (1981). Estimation of Dynamic Models with Error Components. Journal of the American Statistical Association, 76(375), 598–606.Anderson, J. E., and E. Van Wincoop (2003). Gravity with Gravitas: A Solution to the Border Puzzle. American Economic Review, 93 (1), 170–192.Ang, J.B. (2008). Determinants of Foreign Direct Investment in Malaysia. Journal of Policy Modeling, 30, 185–189.Anselin, L. (1988). Spatial Econometrics: Methods and Models. Kluwer Academic Publishers, Dordrecht.Arellano, M., and S. Bond (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment. Review of Economic Studies, 58, 277–297.Arellano, M., and O. Bover (1995). Another Look at the Instrumental Variable Estimation of Error-Components Models. Journal of Econometrics, 68, 29–51.Baccini, L., Q. Li, and I. Mirkina (2014). Corporate Tax Cuts and Foreign Direct Investment. Journal of Policy Analysis and Management, 33(4), 977–1006.Bachri, A.A., and E. Normelani (2020). FDI, Income, and Environmental Pollution in Indonesia. International Journal of Energy Economics and Policy, 10(6), 383－389.Baltagi, B.H. (2005). Econometric Analysis of Panel Data, third ed. John Wiley and Sons Ltd., New York.Baltagi, B.H., B. Fingletion, and A. Pirotte (2014). Estimating and Forecasting with a Dynamic Spatial Panel Data Model. Oxford Bulletin of Economics and Statistics, 76(1), 112－138.Belkhodja, O., M. Mohiuddin, and E.Karuanga (2016). The Determinants of FDI Location Choice in China: A Discrete-Choice Analysis. Applied Economic, 49(13), 1241–1254.Belotti, F., G. Hughes, and A.P. Mortari (2017). Spatial Panel-Data Models Using Stata. The Stata Journal, 17(1), 139–180.Bergstrand, J.H., and P. Egger (2007). A Knowledge-And-Physical-Capital Model of International Trade Flows, Foreign Direct Investment, and Multinational Enterprises. Journal of International Economics, 73(2), 278–308.Betha, R., and R. Balasubramanian (2018). Corrigendum to “PM2.5 Emissions from Hand-Held Sparklers: Chemical Characterization and Health Risk Assessment” [Aerosol and Air Quality Research. 14, 1477−1486].” Aerosol and Air Quality Research, 18 (2), 560–563.Billington, N. (1999). The Location of Foreign Direct Investment: An Empirical Analysis. Applied Economics, 31, 65–76.Blomström, M., and R.E. Lipsey (1991). Firm Size and Foreign Operations of Multinationals. The Scandinavian Journal of Economics, 93(1), 101–107.Blonigen, B.A., and J. Piger (2011). Determinants of Foreign Direct Investment. NBER Working Paper No. 16704. Cambridge, MA: National Bureau of Economic Research.Blundell, R., and S. Bond (1998). Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87, 115–143.Bojnec, Š., and I. Fertő (2014). Outward Foreign Direct Investments and Merchandise Exports: The European OECD Countries. Romanian Journal of Economic Forecasting, 17(2), 87–99.Bojnec, Š., and I. Fertő (2017). Effects of Globalization and Corruption on the Outward FDIs in OECD Countries. Ekonomický Časopis, 65(3), 201–219.Bojnec, Š., and I. Fertő (2018). Globalization and Outward Foreign Direct Investment. Emerging Markets Finance and Trade, 54, 88–99.Boubacar, I. (2016). Spatial Determinants of U.S. FDI and Exports in OECD Countries. Economic Systems, 40, 135–144.Brada, J.C., A. Kutan, and T. Yigit (2006). The Effects of Transition and Political Instability on Foreign Direct Investment: Central Europe and the Balkans. Economics of Transition, 14(4), 649–680.Brada, J.C., and V. Tomšik (2009). The Foreign Direct Investment Financial Life Cycle: Evidence of Macroeconomic Effects from Transition Economies. Emerging Markets Finance and Trade, 45(3), 19–34.Brada, J.C., Z. Drabek, and M.F. Perez (2012). The Effect of Home-Country and Host-Country Corruption on Foreign Direct Investment. Review of Development Economics, 16(4), 640–663.Brouthers, L.E., Y. Gao, and J.A. Mcnicol (2008). Corruption and Market Attractiveness Influences on Different Types of FDI. Strategic Management Journal, 29(6), 673–680.Buckley, P.J. and M.C. Casson (1976). The Future of the Multinational Enterprise. Homes and Meier, London.Buckley P.J., L.J. Clegg, A.R. Cross, X. Liu, H. Voss, and P. Zheng (2007). The Determinants of Chinese Outward Foreign Direct Investment. Journal of International Business Studies, 38(4), 499–518.Carr, D.L., J.R. Markusen, and K.E. Maskus (2001). Estimating the Knowledge-Capital Model of the Multinational Enterprise. American Economic Review, 91(3), 693–708.Cassou, S.P. (1997). The Link between Tax Rates and Foreign Direct Investment. Applied Economics, 29(10), 1295–1301.Caves, R.E. (1996). Multinational Enterprise and Economic Analysis, Second ed. Cambridge University Press, Cambridge.Chen, C. (2018). The Liberalisation of FDI Policies and the Impacts of FDI on China’s Economic Development, in: Garnaut, R., Song, L., Cai, F. (Eds.), China’s 40 Years of Reform and Development: 1978–2018, The Australian National University Press, Canberra, Australia, pp. 595–617.Chen, W.H., K.H. Lee, J.K. Mutuku, and C.J. Hwang (2018). Flow Dynamics and PM2.5 Deposition in Healthy and Asthmatic Airways at Different Inhalation Statuses. Aerosol and Air Quality Research, 18 (4), 866–883.Cheng, L.K., and Y.K. Kwan (2000). What Are The Determinants of the Location of Foreign Direct Investment? The Chinese Experience. Journal of International Economics, 51(2), 379–400.Chowdhury, A., and G. Mavrotas (2006). FDI and Growth: What Causes What? The World Economy, 29(1), 9–19.Chung, S. (2014). Environmental Regulation and Foreign Direct Investment: Evidence from South Korea. Journal of Development Economics, 108, 222–236.Coughlin, C.C., and E. Segev (2000). Foreign Direct Investment in China: A Spatial Econometric Study. The World Economy, 23(1), 1–23.Cuervo-Cazurra, A. (2008). Better the Devil You Don’t Know: Types of Corruption and FDI in Transition Economies. Journal of International Management, 14(1), 12–27.Das, K.C. (2013). Home Country Determinants of Outward FDI from Developing Countries. Margin—The Journal of Applied Economic Research, 7(1), pp. 93–116.Deng, X., and H. Gao (2013). Nonmonetary Benefits, Quality of Life, and Executive Compensation. Journal of Financial and Quantitative Analysis, 48(1), 197–218.Denisia, V. (2010). Foreign Direct Investment Theories: An Overview of the Main FDI Theories. European Journal of Interdisciplinary Studies, 2(2), 104–110.Desai, P. (1997). Going Global. Cambridge, MA: MIT Press.Djokoto, J.G. (2021). The Investment Development Path Theory and Small States. Research in Globalization, 3, 100048.Drabek, Z., and P. Warren (2002). The Impact of Transparency on Foreign Direct Investments. Journal of Economic Integration, 17(4), 377–395.Dunning, J. H. (1980). Toward an Eclectic Theory of International Production: Some Empirical Tests. Journal of International Business Studies, 11(1), 9–31.Dunning, J.H. (1981). Explaining Outward Direct Investment of Developing Countries: in Support of Eclectic Theory of International Production. In: Kumar, K., McLeod, M.G. (eds), Multinationals from developing countries, Lexington: Lexington Books. pp. 1–22.Dunning, J.H. (1982). Explaining the International Direct Investment Position of Countries: Towards a Dynamic or Developmental Approach. In: Black, J., Dunning, J.H. (eds), International Capital Movements. International Economics Study Group. Palgrave Macmillan, London.Dunning, J. H. (1988). The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions. Journal of International Business Studies, 19(1), 1–31.Dunning, J.H. (1993). Multinational Enterprises and the Global Economy. Wokingham Addison-Wesley, UK.Dunning, J.H. (1998). Location and The Multinational Enterprise: A Neglected Factor? Journal of International Business Studies, 29(1), 45–66.Dunning, J.H. (2001). The Eclectic (OLI) Paradigm of International Production: Past, Present and Future. International Journal of Economics and Business, 8(2), 173–90.Dunning, J.H., and S.M. Lundan (2008). Multinational Enterprises and The Global Economy. Edward Elgar Publishing.Economou, F., C. Hassapis, N. Philippas, and M. Tsionas (2017). Foreign Direct Investment Determinants in OECD and Developing Countries. Review of Development Economics, 21(3), 527–542.Egger, P., and H. Winner (2006). How Corruption Influences Foreign Direct Investment: A Panel Data Study. Economic Development and Cultural Change, 54(2), 459–486.Eicher, T.S., L. Helfman, and A. Lenkoski (2012). Robust FDI Determinants: Bayesian Model Averaging in the Presence of Selection Bias. Journal of Macroeconomics, 34(3), 637–651.Elhorst, J.P. (2005). Unconditional Maximum Likelihood Estimation of Linear and Log-Linear Dynamic Models for Spatial Models. Geographical Analysis, 37, 85–106.Elhorst, J.P. (2012). Dynamic Spatial Panels: Models, Methods, and Inferences. Journal of Geographical Systems, 14, 5–28.Elhorst, J.P. (2014). Spatial Panel Data Models. In: Spatial Econometrics. Springer Briefs in Regional Science. Springer, Berlin, Heidelberg.Enderwick, P. (2005). Attracting “Desirable” FDI: Theory and Evidence. Transnational Corporations, 14(5), 93–119.Esiyok, B., and M. Ugur (2017). A Spatial Regression Approach to FDI in Vietnam: Province-Level Evidence. The Singapore Economic Review, 62(2), 459–481.Fan, H., Y. Liu, S. Tian, and X. Wang (2019). Domestic Tax and Outward Foreign Direct Investment: Evidence from Corporate Tax Unification in China (March 30, 2019). Available at SSRN: https://ssrn.com/abstract=3259051 or http://dx.doi.org/10.2139/ssrn.3259051Fisher, S., D.C. Bellinger, M.L. Cropper, P. Kumar, A. Binagwaho, J.B. Koudenoukpo, Y. Park, G. Taghian, and P.J. Landrigan (2021). Air Pollution and Development in Africa: Impacts on Health, the Economy, and Human Capital. The Lancet Planet Health, 5, 81–88.Goh, S.K., and K.N. Wong (2011). Malaysia’s Outward FDI: The Effects of Market. Journal of Policy Modeling, 33, 497–510.Grossman, G.M. and A.B. Krueger (1994). Environment Impacts of a North American Free Trade Agreement. In: Garber, P.M. (Eds.), the Mexican-US Free Trade Agreement. MIT Press, Cambridge, pp. 1–10.Gupta, S., and K. Newberry (1997). Determinants of The Variability in Corporate Effective Tax Rates: Evidence from Longitudinal Data. Journal of Accounting and Public Policy, 16(1), 1–34.Haberly, D., and D. Wójcik (2015). Tax Havens and the Production of Offshore FDI: An Empirical Analysis. Journal of Economic Geography, 15, 75–101.Hajkova, D., G. Nicoletti, L. Vartia, and K.Y. Yoo (2006). Taxation and Business Environment as Drivers of Foreign Direct Investment in OECD Countries. OECD Economic Studies, 1(1), 7–38.Hansen, L.P. (1982). Large Sample Properties of Generalized Method of Moments Estimators. Econometrica, 50(4), 1029–1054.Hassaballa, H. (2014). Testing for Granger Causality between Energy Use and Foreign Direct Investment Inflows in Developing Countries. Renewable and Sustainable Energy Reviews. 31, 417–426.Hausman, J.A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251–1271.Head, K, J. Ries, and D. Swenson (1995). Agglomeration Benefits and Location Choice: Evidence from Japanese Manufacturing Investments in the United States. Journal of International Economics, 38(3–4), 223–247.Head, K., and T. Mayer (2004). Market Potential and the Location of Japanese Investment in The European Union. Review of Economics and Statistics. 86(4), 959–972.Heckscher, E.F., B. Ohlin, H. Flam, and M.J. Flanders (1991). Heckscher-Ohlin Trade Theory. Mass: MIT Press, Cambridge.Heinemann, F., M. Olbert, O. Pfeiffer, T. Schwab, C. Spengel, and K. Stutzenberger (2018). Implications of the US Tax Reform for Transatlantic FDI. Intereconomics, 53, 87–93.Hejazi, W., and P. Pauly (2003). Motivations for FDI and Domestic Capital. Journal of International Business Studies, 34, 282–289.Hellman, J., and D. Kaufmann (2004). The Inequality of Influence. In: J. Kornai, and S. Rose-Ackerman (Eds.), Trust in Transition. New York: Palgrave-Macmillan.Helpman, E. (1984). A Simple Theory of International Trade with Multinational Corporations. Journal of Political Economy, 92(3), 451–471.Hirschman, A.O. (1958). The Strategy of Economic Development. Yale University Press, New Haven.Hoffmann, R., C.G. Lee, B. Ramasamy, and M. Yeung (2005). FDI and Pollution: A Granger Causality Test Using Panel Data. Journal of International Development, 17(3), 417–426.Hsu, A., D.C. Esty, M. Levy, and A. Sherbinin (2016). The 2016 Environmental Performance Index. Yale Center for Environmental Law and Policy, New Haven.Huang, J.T., and S.T. Li (2007). The Influence of Value-Added Tax Rates of Foreign-Fund Enterprises on Regional Foreign Direct Investment in China. Prospect Quarterly, 8(2), 1–39.Huang, J.T. (2018). Sulfur Dioxide (SO2) Emissions and Government Spending on Environmental Protection in China-Evidence from Spatial Econometric Analysis. Journal of Cleaner Production, 175, 431–441.Huang, J.T., and M.L. Chang (2018). Fiscal Transparency and Foreign Direct Investment in China. The Singapore Economic Review, 63(4), 839-859.Huang, J.T. (2021). The Influence of Government’s Expenditure in The Environmental Protection on Air Pollution in Taiwan. The Singapore Economic Review, forthcoming. DOI: https://doi.org/10.1142/S0217590821500570.Huang, J.T., and H.S. Hsu (2022), Air Pollution and Outward Foreign Direct Investment－A Cross-Country Empirical Study. The Singapore Economic Review, on-line publication.Hymer, S.H. (1976). The International Operations of Nation Firms: A Study of Foreign Direct Investment. MLT Press, Cambridge.Janicki, H.P., and P.V. Wunnava (2004). Determinants of Foreign Direct Investment: Empirical Evidence from EU Accession Candidates. Applied Economics, 36(5), 505–509.Kapoor, M., H.H. Kelejian, and I.R. Prucha (2007). Panel Data Models with Spatially Correlated Error Components. Journal of Econometrics, 140, 97–130.Kemsley, D. (1998). The Effect of Taxes on Production Location. Journal of Accounting Research. 36, 321–341.Kleinert, J., and F. Toubal (2010). Gravity for FDI. Review of International Economics, 18(1), 1–13.Kong, Q., R. Guo, Y. Wang, X. Sui, and S. Zhou (2020). Home-Country Environment and Firms’ Outward Foreign Direct Investment Decision: Evidence from Chinese Firms. Economic Modelling, 85, 390–399.Krifa-Schneider, H., and I. Matei (2010). Business Climate, Political Risk and FDI in Developing Countries: Evidence from Panel Data. International Journal of Economics and Finance, 2(5), 54–65.Kyrkilis, D., and P. Pantelidis (2003). Macroeconomic Determinants of Outward Foreign Direct Investment. International Journal of Social Economics, 30(7), 827–836.LeSage, J.P., and R.K. Pace (2009). Introduction to Spatial Econometrics, first ed. CRC Press Taylor and Francis Group, London.Levin, A., C.F. Lin, and C.S.J. Chu (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Economics, 108, 1–14.Li, G.D., C.L. Fang, S.J. Wang, S. Sun (2016). The Effect of Economic Growth, Urbanization, and Industrialization on Fine Particulate Matter (PM2.5) Concentrations in China. Environmental Science and Technology. 50(21), 11452–11459.Li, W.B., and K.X. Zhang (2019). Does Air Pollution Crowd Out Foreign Direct Investment Inflows? Evidence from A Quasi-Natural Experiment in China. Environmental and Resource Economics, 73, 1387–1414.Li, Y. (2003). The Impact of FDI on Trade: Evidence from China’s Bilateral Trade. Journal of the Academy of Business and Economics, 2(2), 1–11.Liu, M.H., and X.W. Qian (2021). Provincial Interdependence and China’s “Irrational” Outward Foreign Direct Investment. Open Economies Review, 32, 153–181.Liu, X., C. Wang, and Y. Wei (2001). Causal Links between FDI and Trade I n China. China Economic Review. 12(2–3), 190–202.Liu, Z.Y. (2019). Characteristics and Determinants of FDI in China after 40 Years of Reform and Opening Up. 2019 5th International Conference on Economics and Management, Chengdu, China, June 22–23.Long, X.L., and X. Ji (2019). Economic Growth Quality, Environmental Sustainability, and Social Welfare in China--Provincial Assessment Based on Genuine Progress Indicator (GPI). Ecological Economics, 159, 157–176.Luo, Y., Q. Xue, and B. Han (2010). How Emerging Market Governments Promote Outward FDI: Experience from China. Journal of World Business, 45, 68–79.Luo, Y., and R. Tung (2007). International Expansion of Emerging Market Enterprises: A Springboard Perspective. Journal of International Business Studies, 38(4), 481–498.Markusen, J.R. (1984). Multinationals, Multi-Plant Economies, and the Gains from Trade. Journal of International Economics, 16(3–4), 205–226.Masron, T., and H. Abdullah (2010). Institutional Quality as a Determinant for FDI Inflows: Evidence from ASEAN. World Journal of Management. 2(3), 115–128.Mathews, J. (2002). Competitive Advantages of the Latecomer firm: A Resource-Based Account of Industrial Catch-Up Strategies. Asia Pacific Journal of Management, 19(4), 467–488.Mathews, J. (2006). Dragon Multinationals: New Players in 21st-Century Globalization. Asia Pacific Journal of Management, 23(1), 5–27.Mihci, H., S. Çağatay, and O.A. Koska (2011). The Determinants of Foreign Direct Investment Outflows from the European Union Countries. Economics Bulletin, 31(3), 2653–2666.Mutl, J. (2006). Dynamic Panel Data Models with Spatially Correlated Disturbances, PhD thesis, University of Maryland.Na, L., and W.S. Lightfoot (2006). Determinants of Foreign Direct Investment at the Regional Level in China. Journal of Technology Management in China, 1(3), 262–278.Navaretti, G.B., and A.J. Venables (2004). Multinational Firms in the World Economy. Princeton, NJ: Princeton University Press.Nayyar, R., and J. Mukherjee (2019). Home Country Impact on Outward FDI from India. Journal of Policy Modeling, 42, 385–400.Neumayer, N., and L. Spess (2005). Do Bilateral Investment Treaties Increase Foreign Direct Investment to Developing Countries? World Development, 33(10), 1567–1585.Nickell, S. (1981). Biases in Dynamic Models with Fixed Effects. Econometrica: Journal of the econometric society, 1417-1426.Ojewumi, J.S., and S.M.A. Posu (2016). The Causal Relationship among Foreign Direct Investment, Pollution, and Economic Growth in Sub Saharan Africa Countries: A Panel Data Approach. West African Journal of Monetary and Economic Integration. 16(2), 23－44.Ok, S.T. (2004). What Drives Foreign Direct Investment into Emerging Markets? Emerging Markets Finance and Trade, 40(4), 101–114.Othman, N., N. Yusop, G. Andaman, and M.M. Ismail (2018). Impact of Government Spending on FDI Inflows: The Case of Asean-5, China and India. International Journal of Business and Society, 19(2), 401–414.Özkan-Günay, E.N. (2011). Determinants of FDI Inflows and Policy Implications: A Comparative Study for the Enlarged EU and Candidate Countries. Emerging Markets Finance and Trade, 47(S4), 71–86.Panayotou, T. (1993). Empirical Tests and Policy Analysis of Environmental Degradation at Different Stages of Economic Development. ILO Working Paper 992927783402676, International Labour Organization.Pantelidis, P., and D. Kyrkilis (2005). A Cross Country Analysis of Outward Foreign Direct Investment Patterns. International Journal of Social Economics, 32(6), 510–519.Pavel, J., and S. Rističová (2015). Analysis of Relationship between Indicators of the Public Procurement Market and the Level of Perceived Corruption in EU Member States. Ekonomický Časopis, 63 (4):372 – 94.Perez, M.F., J.C. Brada, and Z. Drabek (2012). Illicit Money Flows as Motives for FDI. Journal of Comparative Economics, 40(1),108–126.Phuong, N.D., and L.T.M. Tuyen (2018). The Relationship between Foreign Direct Investment, Economic Growth and Environmental Pollution in Vietnam: An Autoregressive Distributed Lags Approach. International Journal of Energy Economics and Policy, 8(5), 138－145.Qian, X., and J. Sandoval-Hernandez (2016). Corruption Distance and Foreign Direct Investment. Emerging Markets Finance and Trade, 52(2), 400–419.Roodman, D. (2009). How to Do xtabond2: An Introduction to Difference and System GMM in Stata. The Stata Journal, 9(1), 86–136.Saleem, H., J.D. Wen, M.B. Khan, and B.A. Khilji (2018). Reexamining the Determinants of Foreign Direct Investment in China. Transnational Corporations Review, 10(1), 53–68.Sargan, J.D. (1958). The Estimation of Economic Relationships Using Instrumental Variables. Econometrica, 26(3), 393–415.Sargan, J.D. (1988). Testing for Misspecification after Estimating Using Instrumental Variables. Contributions to Econometrics, Cambridge University Press, New York.Sharma, S., M. Wang, and M.C.S. Wong (2014). FDI Location and the Relevance of Spatial Linkages: Evidence from Provincial and Industry FDI in China. Review of International Economics, 22(1), 86–104.Silajdzic, S., and E. Mehic (2016). Absorptive Capabilities, FDI, and Economic Growth in Transition Economies. Emerging Markets Finance and Trade, 52(4), 904–922.Stoian, C. (2013). Extending Dunning’s Investment Development Path: The Role of Home and Country Institutional Determinants in Explaining Outward Foreign Direct Investment. International Business Review, 22(3), 615–637.Sun, Q., W. Tong, and Q. Yu (2002). Determinants of Foreign Direct Investment across China. Journal of International Money and Finance, 21(1), 79–113.Tang, C.F., and B.W. Tan (2015). The Impact of Energy Consumption, Income and Foreign Direct Investment on Carbon Dioxide Emissions in Vietnam. Energy, 79(1), 447–454.Thomas, D.E., and R. Grosse (2001). Country-of-origin Determinants of Foreign Direct Investment in an Emerging Market: The Case of Mexico. Journal of International Management, 7(1), 59–79.UNCTAD (2001). Bilateral Investment Treaties 1959–99. New York and Geneva: United Nations.UNCTAD (2021). World Investment Report 2021. https://unctad.org/webflyer/world-investment-report-2021 (accessed on 30 September, 2021).Vernon, R. (1966). International Investment and International Trade in the Product Cycle. Quarterly Journal of Economics, 80, 190–207.Walter, I., and J.L. Ugelow (1979). Environmental Policies in Developing Countries. Ambio, 8, 102–109.Wijeweera, A., B. Dollery, and D. Clark (2007). Corporate Tax Rates and Foreign Direct Investment in the United States. Applied Economics, 39(1), 109–117.Xian, G.M., and C.Z. Yang (2009). Location Determinants of FDI in China: An Analysis of Spatial Econometrics Based on Provincial Data. World Economy Study, 2009(1), 60–64.Yu, S., X. Qian, and T. Liu (2019). The Belt and Road Initiative and Chinese Firms’ Outward Foreign Direct Investment. Emerging Markets Review, 41, 1–20.Zarsky, L. (1999). Havens, Halos and Spaghetti: Untangling the Evidence about Foreign Direct Investment and the Environment. OECD Conference on Foreign Direct Investment and the Environment, January 28–29. https://nautilus.org/napsnet/napsnet-special-reports/havens-halos-and-spaghetti-untangling-the-evidence-about-the-relationship-between-foreign-investment-and-the-environment/.Zeng, S.H., and Y. Zhou (2021). Foreign Direct Investment’s Impact on China’s Economic Growth, Technological Innovation and Pollution. International Journal of Environmental Research and Public Health, 18(6), 2839.Zhao, X.G., Y.F. Zhang, and Y.B. Li (2019). The Spillovers of Foreign Direct Investment and the Convergence of Energy Intensity. Journal of Cleaner Production, 206(1), 611–621.Zheng, S., J. Wang, C. Sun, X. Zhang, and M.E. Kahn (2019). Air Pollution Lowers Chinese Urbanites’ Expressed Happiness on Social Media. Nature Human Behaviour, 3, 237–243. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202201431 en_US
