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1、JapanandtheWorldEconomy17(2005)125–150IndustrialgroupingsandstrategicFDIaa,*bBruceA.Blonigen,ChristopherJ.Ellis,DietrichFaustenaDepartmentofEconomics,UniversityofOregon,Eugene,OR97403-1285,USAbDepartmentofEconomics,MonashUniversity,Clayton3168,Vic.,AustraliaReceived18Ju
2、ly2003;receivedinrevisedform24October2003;accepted17December2003AbstractWeshowthatindustrialownershipstructures,suchaskeiretsugroupingsinJapan,maysig-nificantlyimpactfirms’incentivestoengageinforeigndirectinvestment(FDI).Whilethepreviousliteraturehasmainlyfocusedonthecost
3、ofcapitaladvantagesenjoyedbykeiretsufirms,thispaperexaminestworelativelyunexploredchannelsbywhichownershipstructuremattersforFDIincentives.Thefirstchannelinvolvesthedirectincentivesgeneratedviastandardproductandfactormarketinteractionswherebykeiretsufirmswithcross-ownershi
4、pconsidermoredirectlythecon-gestioneffectsoffurtherFDIintoamarket.ThesecondchannelinvolvestheindirectincentivesgeneratedbysharingofinformationacrosskeiretsufirmswhichreducesentrycostsofsubsequentFDI.Wefindthatkeiretsufirmsaremoreaggressivethannon-keiretsufirmsintheirFDIstra
5、tegies,thatis,foranygivenparametervaluestheyundertakeFDIwithahigherprobabilitythanindependentfirms.Furthermore,keiretsufirmsadoptamoreaggressiveinvestmentstrategyagainstindependentrivalsthanamongstthemselves.#2004ElsevierB.V.Allrightsreserved.JELclassification:F10;F21;F23
6、Keywords:Foreigndirectinvestment;Keiretsu1.IntroductionIthasfrequentlybeensuggestedthatfirmsinthelargeindustrialgroupingsofJapanandKorea,knownrespectivelyaskeiretsuandchaebol,maybehavedifferentlyfromtheirUSorEuropeancounterpartsorindependentdomesticrivals.Membersofthesei
7、ndustrial*Correspondingauthor.Tel.:þ1-541-346-4661.E-mailaddresses:bruceb@oregon.uoregon.edu(B.A.Blonigen),cjellis@oregon.uoregon.edu(C.J.Ellis),dietrich.fausten@buseco.monash.edu.au(D.Fausten).0922-1425/$–seefrontmatter#2004ElsevierB.V.Allrightsreserved.doi:10.1016/j.j
8、apwor.2003.12.008126B.A.Blonigenetal./JapanandtheWorldEconomy17(2005)125–150groupingsholdownershipsharesineach
