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Applied Economics Letters Volume 19, 2012 - Issue 4
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Original Articles

FDIs in life cycle stages: firm-level evidence from Taiwan

Szu-Hsien Lin Department of Business Administration, National Chung Cheng University, Minhsiung, Chia-Yi, 62102, Taiwan; Department of Finance, TransWorld University, Douliou, Yunlin, 64063, TaiwanCorrespondence[email protected]
,
You-Jie Chen Department of Business Administration, National Chung Cheng University, Minhsiung, Chia-Yi, 62102, Taiwan
,
Tz-Li Wang Department of Business Administration, National Chung Cheng University, Minhsiung, Chia-Yi, 62102, Taiwan
&
Ya-Chiu Angela Liu Department of Business Administration, National Chung Cheng University, Minhsiung, Chia-Yi, 62102, Taiwan
Pages 393-397 | Published online: 14 Jun 2011
 
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Abstract

This study aims to examine how attainment discrepancy and financial slack affect risk-taking behaviour across a Firm's Life Cycle (FLC) stages. The empirical results show that the investment behaviour of the firms is deeply affected by the industry's investment behaviour in all FLC stages. Especially in the mature stage, slack search can appropriately explain Foreign Direct Investment (FDI) behaviour, and long-run resource is an essential factor. In the growth stage, financial soundness is a prerequisite for firms to launch FDIs. In the recession stage, firms seem to be insensitive to performance or slack resources.

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