Location choices of multinational firms in Europe: The role of EU cohesion policy

• 成果类型: Article
• 署名作者: Basile, Roberto; Castellani, Davide; Zanfei, Antonello
• 署名单位: University of Perugia; University of Urbino
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2007.08.006
• 发表日期: 2008
• 页码: 328-340
• 关键词: EUROPE; Foreign Direct Investments; location choice; mixed logit models

摘要

Using data on 5509 foreign subsidiaries established in 50 regions of 8 EU countries over the period 1991-1999, we estimate a mixed logit model of the location choice of multinational firms in Europe. In particular, vie focus on the role of EU Cohesion Policy in attracting foreign investors from both within and outside Europe. We find that, after controlling for the role of agglomeration economies as well as a number of other regional and country characteristics and allowing, for a very flexible correlation pattern among choices, Structural and Cohesion funds allocated by the EU to laggard regions have indeed contributed to attracting multinationals. These policies as well as other determinants play a different role in the case of European investors as opposed to non-European ones. (c) 2007 Elsevier B.V. All rights reserved.