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Abstract
Fallon G. and Cook M. Exploring the regional distribution of inbound foreign direct investment in the UK in theory and practice: evidence from a five-region study, Regional Studies. This paper examines the main factors that attract inbound foreign direct investment (FDI) at the UK regional level using econometric data from five sample UK regions (the South East, the West Midlands, the North West, Wales, and Scotland) broadly representing the country's regional economic divide. The findings indicate that regional and national (but not European Union-level) factors, linked to several underlying strategic determinants, help determine the regional distribution of inbound foreign direct investment, and its inter-regional variation. The paper concludes that governmental policy-makers at the national and regional levels can have an important role to play in drawing targeted foreign direct investment inflows to the UK regions.
Fallon G. et Cook M. Examiner la distribution régionale de l'IDE au Royaume-Uni, en théorie et en pratique: des preuves provenant d'une étude à cinq régions, Regional Studies. A partir des données économétriques provenant d'un échantillon de cinq régions au Royaume-Uni (à savoir, le Sud-Est; les West Midlands, le Nord-Ouest, le Pays de Galles et l'Ecosse) qui représentent grosso modo le clivage économique régional du pays, cet article cherche à examiner les facteurs qui attirent l'investissement direct étranger (IDE) au Royaume-Uni sur le plan regional. Les résultats laissent voir que des facteurs d'envergure à la fois régionale et nationale (mais non pas au niveau de l'Ue), liés à plusieurs déterminants stratégiques sous-jacents, contribuent à la délimitation de la distribution régionale de l'investissement direct étranger et de sa variation interrégionale. En guise de conclusion, l'article affirme que les décideurs aux niveaux national et régional pourraient jouer un rôle important dans la détermination des flux d'investissement étranger qui visent le Royaume-Uni.
Localisation de l'investissement direct étranger (IDE) Régions du R-U Déterminants stratégiques Motifs spécifiques Implications pour la politique du gouvernement
Fallon G. und Cook M. Untersuchung der regionalen Aufteilung von in Großbritannien eintreffenden ausländischen Direktinvestitionen in Theorie und Praxis – Belege aus einer Studie unter fünf Regionen, Regional Studies. In diesem Beitrag untersuchen wir die wichtigsten Faktoren, die auf der Regionalebene Großbritanniens ausländische Direktinvestitionen anziehen. Hierfür verwenden wir ökonometrische Daten aus fünf britischen Regionen (Südosten, West Midlands, Nordwesten, Wales und Schottland), die die regionale wirtschaftliche Teilung des Landes ungefähr repräsentieren. Aus den Ergebnissen geht hervor, dass regionale und nationale Faktoren (nicht jedoch Faktoren auf EU-Ebene), verknüpft mit mehreren zugrundeliegenden strategischen Determinanten, zur Festlegung der regionalen Aufteilung der eintreffenden ausländischen Direktinvestitionen und ihrer interregionalen Schwankungen beitragen. Wir ziehen das Fazit, dass die Regierungspolitiker auf nationaler und regionaler Ebene eine wichtige Rolle dabei spielen können, ausländische Direktinvestitionen zielgerichtet in britische Regionen anzuziehen.
Standort von eintreffenden ausländischen Direktinvestitionen Britische Regionen Strategische Determinanten Spezifische Motive Konsequenzen für Regierungspolitik
Fallon G. y Cook M. Análisis de la distribución regional de la IED en el Reino Unido en teoría y práctica; resultados de un estudio de cinco regiones, Regional Studies. En este artículo examinamos los factores principales que atraen la inversión extranjera directa (IED) en las regiones del Reino Unido usando datos econométricos de cinco muestras de regiones británicas (Sureste, West Midlands, Noreste, Gales y Escocia) que representan en gran medida la división económica regional del país. Los resultados indican que los factores regionales y nacionales (sin embargo, no a nivel comunitario), relacionados con varios determinantes estratégicos subyacentes, ayudan a determinar la distribución regional de la inversión extranjera directa receptiva y sus variaciones interregionales. Para terminar, argumentamos que los políticos del gobierno a nivel nacional y regional pueden tener una función importante en cuanto a atraer influjos dirigidos de inversión extranjera directa a las regiones británicas.
Ubicación de inversión extranjera directa (IED) Regiones británicas Determinantes estratégicos Motivos específicos Implicaciones para la política gubernamental
Notes
If, for example, ‘GDP(EU)’ was found to be insignificant in a regional equation, it was replaced firstly by ‘GDP(N)’ in the MRA, and subsequently by ‘GDP(R)’, followed afterwards by other market-related variables in order to achieve the most statistically significant final results.
Jones and Wren Citation(2004) argued that there appears to be a substantial concentration of investment in a relatively small number of FDI projects, but that jobs are far less concentrated, leading them to the conclusion that the scale of project investment is only weakly correlated with the numbers of jobs created. Their study also suggests that larger plants are more likely to fall short of the job-creation targets published by Regional Development Agencies, lending further support to the argument for preferring new projects to employment for dependent variable purposes.
Comparable data on new jobs created as a result of FDI proved impossible to obtain for all five sample regions throughout the whole of the chosen 22-year time span. Such data were available throughout the period for Scotland and Wales, but they were only found to be available for the English regions since the Regional Development Agencies came into being in 1999. Thus, if reliance had been put on this dependent variable, problems would have been encountered with degrees of freedom in estimating the parameters of all but the Scottish and Welsh regional models. This would also have limited the number of explanatory variables in the models (leading to omitted variable bias).
The explanatory power of the additional MRAs is also weaker for the (more know-how-intense) South East than for the (less know-how-intense) West Midlands, suggesting that higher employment might well be associated with lower technology FDI, and vice versa.
Interestingly, the findings from the additional MRAs carried out for the South East and the West Midlands, using ‘jobs created’ as the dependent variable, also show that the same independent variables were significant as in the main study (using ‘new projects’ as the dependent variable). Thus, CLUSTERS(R) is the only variable reflecting strategic asset-seeking FDI that appears as significant in these MRAs, and this variable is only found to be significant in the case of the South East, as in the main study.