Language：English   Publishing type：Research paper (scientific journal)  

This paper investigates the causes and effects of bribe payments using data from garment-producing firms in Cambodia. We uncover the reasons why firms pay bribes and describe what they receive in return. We test the hypothesis that bribe payments reduce bureaucratic delays and find that bribery can improve productivity by reducing bureaucratic delays. The evidence suggests that, if the government improves administrative services, firms can reduce unofficial payments because unavoidable bureaucratic delays compel them to pay bribes. Our evidence also suggests that foreign ownership can explain why firms are not harassed heavily in this industry. © 2011 John Wiley &amp
Sons, Ltd.

DOI： 10.1002/jid.1787

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

In this paper, we develop a growth model in which aid finances infrastructure investment and pro-poor spending in order to analyze ways through which aid can be made more effective. We assume that the recipient countries are aid-dependent in the early phase of development and that they ultimately become independent. In the model, donors can accelerate a recipient's independence from aid by investing in infrastructure. We demonstrate that even a small increase in aid can improve aid effectiveness and that aid effectiveness depends more on the growth rate than on the efficiency of the government. (C) 2011 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.econmod.2011.12.009

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

This paper investigates the determinants of Japanese multinationals' ownership structures. Unlike most previous studies that neglect the impact of financial constraints on ownership, we add the exchange rate as a measure of wealth and test whether exchange rates affect the ownership share of foreign direct investment projects. After controlling for other variables that affect ownership, we find that exchange rates have a significant effect on the likelihood of wholly owned subsidiaries. We also discuss several other explanations for the link between exchange rates and foreign direct investment and provide evidence that the link stems from capital-market imperfections. (C) 2007 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.japwor.2007.07.002

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCI LTD  

We develop an open-economy model to demonstrate how saving, aid and direct investment inflows affect investment under asymmetric information. The model that relates a firm's net worth to investment suggests that the relative impact of these financial sources depends on a country's income level, financial structure, and governance infrastructure. We estimate the impact of each source using panel data for 64 developing countries. The results provide support for the view that net worth matters, and suggest that the influence of financial systems can explain why saving-investment correlations are high for developed countries and lower for developing countries. (c) 2006 Elsevier Ltd. All rights reserved.

DOI： 10.1016/j.ijmonfin.2006.11.002

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE SA  

Many studies report that the regression coefficient of saving on investment is small in developing countries. We demonstrate that this finding and higher saving-investment correlations in OECD countries can be explained by differences in financial structure across countries. (C) 2004 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.econlet.2003.11.017

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

We develop a model of foreign operations to determine a parent firm's choice between wholly owned subsidiaries and joint ventures (and the degree of equity participation in the latter case). We introduce capital market imperfections into the model to capture a positive effect of the firm's net worth on investment; this effect plays an important role in determining organization forms because the investment level affects the optimal form, which determines technology transfer. We show that parent firms with strong technological advantages can be controlling shareholders even if they take minority positions in ventures with local firms. (C) 2003 Elsevier B.V. All rights reserved.

DOI： 10.1016/S0167-7187(03)00050-X

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

This paper is an attempt to utilize an incomplete contract approach to explain various forms of alliances in international business. We present a simple model of vertical integration as internalization. It provides theoretical foundations to understand the multinational enterprise's choice between inter-firm transactions and intra-firm transactions. In a simple framework, we provide a rationale for joint ventures, original equipment manufacturing (OEM), cross-licensing and divestment by focusing on the subcontractor's incentives. Moreover, we discuss transfer pricing and some policies such as incentives, taxation, and local content requirements. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: F23; D23; L22.

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