Title page
Contents
1. Introduction 2
2. Data 5
2.1. Greenfield FDI from fDi Markets 5
2.2. Cross-border M&As from Refinitiv Eikon 7
2.3. World Bank Enterprise Survey 9
3. Empirical strategy 9
3.1. Baseline approach 9
3.2. Two-step approach 10
4. Estimation results 12
4.1. Greenfield FDI 12
4.2. Cross-border M&As 18
5. Conclusions 24
References 24
Table 1. The pattern of greenfield FDI: 2003-2021 6
Table 2. The pattern of cross-border M&As: 2003-2021 7
Table 3. Baseline estimation results: Greenfield FDI 12
Table 4. Alternative sample and FDI measure: Greenfield FDI 13
Table 5. Estimation results by business types of FDI 14
Table 6. Estimation results with source country breakdown: Greenfield FDI 15
Table 7. Gravity-type estimation results: Greenfield FDI 16
Table 8. Two-step approach estimation results: Greenfield FDI 17
Table 9. Two-step approach estimation results with source country breakdown: Greenfield FDI 18
Table 10. Baseline estimation results: Cross-border M&As 18
Table 11. Alternative sample and FDI measure: Cross-border M&As 19
Table 12. Estimation results with acquiror country breakdown (Cross-border M&As) 20
Table 13. Gravity-type Estimation results: Cross-border M&As 21
Table 14. Two-step approach estimation results: Cross-border M&As 22
Table 15. Two-step approach estimation results with acquiror country breakdown (Cross-border M&As) 23
Figure 1. Greenfield FDI by sectors over time 6
Figure 2. Composition of greenfield FDI in the industry sector over time 7
Figure 3. Cross-border M&As by sectors over time 8
Figure 4. Composition of cross-border M&As over time 8
Figure 5. Binned scatters: predicted vs. actual greenfield FDI 16
Figure 6. Binned scatters: predicted vs. actual cross-border M&As 21
Table A.1. Baseline sample host countries 29