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j.japwor.2023.101187.pdf | 548.47 kB | Adobe PDF | 見る/開く |
タイトル: | Why do people oppose foreign acquisitions? Evidence from Japanese individual-level data |
著者: | Ito, Banri Tanaka, Ayumu Jinji, Naoto |
著者名の別形: | 神事, 直人 |
キーワード: | F23 G34 FDI policy M&A Policy preference Behavioral biases Media |
発行日: | Jun-2023 |
出版者: | Elsevier BV |
誌名: | Japan and the World Economy |
巻: | 66 |
論文番号: | 101187 |
抄録: | This study empirically examines the determinants of individuals’ attitudes about inward foreign direct investment (FDI) using responses from questionnaire surveys that were originally designed. Individuals’ preferences for inward FDI differ between greenfield investments and mergers and acquisitions (M&A), and people are more likely to have a negative attitude toward M&A than greenfield investments. People with a negative image of the so-called “vulture fund” for foreign capital tend to oppose inward FDI, and this is more pronounced for M&A than greenfield investments. Moreover, loss aversion and high time preference rates are strongly related to opposition to inward FDI, and people with such behavioral biases tend to refuse indigenous firms to be acquired by foreign capital, even if they agree to accept greenfield investment. These results indicate that people's preferences for inward FDI depend more on non-economic attributes than economic attributes. Our results also suggest that a lack of economic literacy is associated with unconscious biases against accepting inward FDI. |
著作権等: | © 2023 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license. |
URI: | http://hdl.handle.net/2433/285115 |
DOI(出版社版): | 10.1016/j.japwor.2023.101187 |
出現コレクション: | 学術雑誌掲載論文等 |
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