Analysis of Shared Ownership in Foreign Direct Investment

2023 Fiscal Year Final Research Report

• Project/Area Number: 19K01612
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07040:Economic policy-related
• Research Institution: Aoyama Gakuin University (2021-2023); Chuo University (2019-2020)
• Principal Investigator: Tanaka Ayumu 青山学院大学, 経済学部, 准教授 (20583967)
• Project Period (FY): 2019-04-01 – 2024-03-31
• Keywords: 外国直接投資 / 外資系企業 / 多国籍企業 / 共同出資 / 所有構造

Outline of Final Research Achievements

Greaney and Tanaka (JJIE 2021) and Tanaka (IEEP 2022) linked worker-level wage data and establishment-firm-level data to analyze the relationship between firm internationalization and worker wages, paying particular attention to the role of foreign firms. Ito and Tanaka (JWE 2022) considered a model that allows for various ownership structure and proposed testable hypotheses on the relationship between productivity and ownership share. They found that multinational ownership ratio was higher for multinational firms with high productivity than for those with low productivity, and that multinational firms with low productivity were more likely to choose joint ventures. Tanaka et al. (JAE 2023) employed a vignette survey experiment to analyze the determinants of preferences for acquisitions by foreign firms. They showed that the nationality of the foreign firm, reciprocity, and the economic conditions of the location of the firm being acquired were important factors.

Free Research Field

国際経済学

Academic Significance and Societal Importance of the Research Achievements

外国直接投資の標準的な企業異質性モデル（Helpman et al., 2004）では、海外関連会社が完全所有されている場合を想定してきたのに対して、現実には部分所有の海外関連会社は数多く存在する。また、日本国内の企業の株式の一部が外国企業に所有されていることもよく知られている。国境を超えた企業の所有権の構造を解明することは、重要な課題であるが、標準的な理論では見落とされてきた。本研究プロジェクトは、国境を超えた企業の所有権構造の決定要因を探るとともに、所有構造が賃金に与える影響、国境を超えた企業の所有への人々の選好を探求した。