Environmental regulation and foreign direct investment Evidence from South Korea

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1、JournalofDevelopmentEconomics108(2014)222–236ContentslistsavailableatScienceDirectJournalofDevelopmentEconomicsjournalhomepage:www.elsevier.com/locate/devecEnvironmentalregulationandforeigndirectinvestment:EvidencefromSouthKorea☆1SunghoonChungKoreaDevelopmentInstitute,15Giljae-gil,Sejong

2、339-007,SouthKoreaarticleinfoabstractArticlehistory:Thispaperstudieshowenvironmentalregulationshapesthepatternofforeigndirectinvestment(FDI),andReceived16April2012therebyassessesthepollutionhavenhypothesis.ConflictingresultsexistinthecasestudiesexaminingtheReceivedinrevisedform20December2

3、013mostadvancedcountries,partlyduetothedeterrenteffectofcleantechnologyadoptionsonindustrymigration.Accepted3January2014Tominimizethecleantechnologyeffect,weexaminethepatternofSouthKoreanFDIover2000–2007,theperiodAvailableonline13January2014thatKoreanfirmsreliedonoldproductiontechnologies

4、despitefacingrapidlystrengthenedenvironmentalstan-dards.Adifference-in-differencestypeidentificationstrategycircumventsotherpotentialconfounders.WefindJELclassification:F18strongevidencethatpollutingindustriestendtoinvestmoreincountrieswithlaxerenvironmentalregulationsF23intermsofboththeamo

5、untofinvestment(intensivemargin)andthenumberofnewforeignaffiliates(exten-O44sivemargin).Asimilarfindingisobtainedwhenimportsareanalyzed.Q56©2014ElsevierB.V.Allrightsreserved.Keywords:PollutionhavenhypothesisEnvironmentalregulationComparativeadvantageForeigndirectinvestmentSouthKorea1.Intro

6、ductioncomparativeadvantage.Thetheoreticalrationaleisstraightforward:pol-lutingfirmshaveanincentivetoshifttheirproductionsystemtocountriesThefallofglobaleconomicbarriers,alongwithtechnologicalad-withlaxenvironmentalregulationstolowerproductioncosts.Classicalvances,hasacceleratedtheinterna

7、tionalfragmentationofproductionHeckscher–Ohlintradetheoryisthenappliedtopredictthatenvironmen-processes.Firmsstrategicallyrelocatetheirproductionsystemstotallylaxcountriesspecializeinindustriesproducingpollutinggoods,foreigncountrieswheretheycanbenefitfromcountry-specificad