1,400
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Does the Belt and Road Initiative facilitate China’s corporate overseas investment: Based on a sustainable development perspective

, , &
Article: 2157855 | Received 07 Sep 2022, Accepted 07 Dec 2022, Published online: 09 Jan 2023

References

  • Aishan, W., & Lou, X. (2019). “The Belt and Road Initiative”, financing structure and total factor productivity of listed companies in China. Journal of Industrial Technological Economics, 38(12), 119–126. https://CNKI:SUN:GHZJ.0.2019-12-014 (in Chinese)
  • Beck, T., Levine, R., & Levkov, A. (2010). Big bad banks? The winners and losers from bank deregulation in the United States. The Journal of Finance, 65(5), 1637–1667. https://doi.org/10.1111/j.1540-6261.2010.01589.x
  • Bilir, K., Chor, D., & Manova, K. (2019). Host-country financial development and multinational activity. European Economic Review, 115, 192–220. https://doi.org/10.1016/j.euroecorev.2019.02.008
  • Chen, B., & Chen, Y. (2021). The impact of the Belt and Road Initiative on firm’s employment structure and wage—Evidence from China’s public listed firms. The Political Economy of Regionalism, Trade, and Infrastructure: Southeast Asia and the Belt and Road Initiative in a New Era, 2020, 199–216. https://doi.org/10.1142/9789811233159_0010
  • Chen, M. X., & Lin, C. (2020). Geographic connectivity and cross-border investment: The belts, roads and skies. Journal of Development Economics, 146, 102469. https://doi.org/10.1016/j.jdeveco.2020.102469
  • Cheng, S., & Qi, S. (2021). The potential for China’s outward foreign direct investment and its determinants: A comparative study of carbon-intensive and non-carbon-intensive sectors along the Belt and Road. Journal of Environmental Management, 282, 111960. https://doi.org/10.1016/j.jenvman.2021.111960
  • Dai, X., & Wang, R. X. (2022). The “Belt and Road” Initiative and China’s OFDI: An analysis of the “Five Connectivity” mechanism. Journal of Finance and Economics, 48(04), 79–93. https://doi.org/10.16538/j.cnki.jfe.20210918.201(in Chinese)
  • De Beule, F., & Zhang, H. (2022). The impact of government policy on Chinese investment locations: An analysis of the Belt and Road policy announcement, host-country agreement, and sentiment. Journal of International Business Policy, 5(2), 194–217. (prepublish). https://doi.org/10.1057/s42214-021-00129-2
  • Deng, T., Hu, Y., & Yang, Y. (2019). How geographic, cultural, and institutional distances shape location choices of China’s OFDI in tourism? – An empirical study on B&R countries. Asia Pacific Journal of Tourism Research, 24(8), 735–749. https://doi.org/10.1080/10941665.2019.1630451
  • Du, J., & Zhang, Y. (2018). Does One Belt One Road initiative promote Chinese overseas direct investment? China Economic Review, 47, 189–205. https://doi.org/10.1016/j.chieco.2017.05.010
  • Du, J., & Zhang, Y. (2022). In Fear of Trojan Horse? China’s cross-border acquisitions in Europe amid the One Belt One Road initiative. In Kim, YC. (Eds), China and the Belt and Road Initiative: Understanding China. (pp.75–109). Springer. https://doi.org/10.1007/978-3-030-86122-3_5
  • Fariñas, J. C., Martín–Marcos, A., & Velázquez, F. J. (2018). Multinational activity of European firms and heterogeneity. The World Economy, 41(5), 1166–1195. https://doi.org/10.1111/twec.12613
  • Gulen, H., & Ion, M. (2016). Policy Uncertainty and Corporate Investment. Review of Financial Studies, 29(3), 523–564. https://doi.org/10.1093/rfs/hhv050
  • Heyman, F., Sjöholm, F., & Tingvall, P. G. (2007). Is there really a foreign ownership wage premium? Evidence from matched employer–employee data. Journal of International Economics, 73(2), 355–376. https://doi.org/10.1016/j.jinteco.2007.04.003
  • Huang, Y., Shen, L., & Zhang, C. (2020). Home-country government support, the Belt and Road Initiative, and the foreign performance of Chinese state-owned subsidiaries. Asia Pacific Journal of Management, 1–27. (prepublish). https://doi.org/10.1007/s10490-020-09743-9
  • Huang, Y. Y., Chen, L., & Zhu, H. Q. (2022). The Belt and Road institutional enactment heterogeneity across regions, government involvement and Chinese firms’ outward foreign direct investment. Soft Science, 1–11. http://kns.cnki.net/kcms/detail/51.1268.G3.20220928.1656.004.html (in Chinese)
  • Jiang, M., Luo, S., & Zhou, G. (2020). Financial development, OFDI spillovers and upgrading of industrial structure. Technological Forecasting and Social Change, 155, 119974. https://doi.org/10.1016/j.techfore.2020.119974
  • Jiang, M., Qi, J., & Zhang, Z. (2022). Under the same roof? The Green Belt and Road Initiative and firms’ heterogeneous responses. Journal of Applied Economics, 25(1), 316–338. https://doi.org/10.1080/15140326.2022.2036566
  • Jin, G., Shen, K., & Jiang, Y. (2021). Does the Belt and Road Initiative cause more troubled Chinese overseas investments? International Review of Economics & Finance, 72, 217–232. https://doi.org/10.1016/j.iref.2020.11.016
  • Kong, Q., Chen, A., Shen, C., & Wong, Z. (2021). Has the Belt and Road Initiative improved the quality of economic growth in China’s cities? International Review of Economics & Finance, 76, 870–883. https://doi.org/10.1016/j.iref.2021.07.001
  • Latief, R., & Lefen, L. (2018). The effect of exchange rate volatility on International Trade and Foreign Direct Investment (FDI) in developing countries along “One Belt and One Road. International Journal of Financial Studies, 6(4), 86. https://doi.org/10.3390/ijfs6040086
  • Lee, S. Y., Karim, Z. A., Khalid, N., & Zaidi, M. A. S. (2022). The push and pull factors of China’s outward foreign direct investment in BRI countries. Technological and Economic Development of Economy, 28(3), 611–637. https://doi.org/10.3846/tede.2022.15907
  • Li, J. C., & Li, J. J. (2022). The promotion effect of the “Belt & Road” Initiative on overseas investment of enterprises. Finance Forum, 27(04), 31–41. https://doi.org/10.16529/j.cnki.11-4613/f.2022.04.005(in Chinese)
  • Li, X., Zhou, W., & Hou, J. (2021). Research on the impact of OFDI on the home country’s global value chain upgrading. International Review of Financial Analysis, 77, 101862. https://doi.org/10.1016/j.irfa.2021.101862
  • Liu, B., & Wang, Q. (2022). Speed of China’s OFDIs to the Belt and Road Initiative destinations: State equity, industry competition, and the moderating effects of the policy. Journal of International Business Policy, 5(2), 218–235. https://doi.org/10.1057/s42214-021-00125-6
  • Liu, H., Jiang, J., Zhang, L., & Chen, X. (2018). OFDI agglomeration and Chinese firm location decisions under the “Belt and Road” Initiative. Sustainability, 10(11), 4060. https://doi.org/10.3390/su10114060
  • Luo, S., Shi, Y., Sun, Y., Zhao, Z., & Zhou, G. (2021). Can FDI and ODI two-way flows improve the quality of economic growth? Empirical evidence from China. Applied Economics, 53(44), 5028–5050. https://doi.org/10.1080/00036846.2021.1914318
  • Mohsin, A. K. M., Lei, H., Tushar, H., Hossain, S. F. A., Hossain, M. E., & Sume, A. H. (2021). Cultural and institutional distance of China’s outward foreign direct investment toward the “Belt and Road” countries. The Chinese Economy, 54(3), 176–194. https://doi.org/10.1080/10971475.2020.1848468
  • Nugent, J. B., & Lu, J. (2021). China’s outward foreign direct investment in the belt and road initiative: What are the motives for Chinese firms to invest? China Economic Review, 68, 101628. (prepublish). https://doi.org/10.1016/j.chieco.2021.101628
  • Ouyang, Y., Huang, X. F., & Zhong, L. M. (2020). The impact of outward foreign direct investment on environmental pollution in home country: local and spatial spillover effects. China Industrial Economics, (02), 98–121. https://doi.org/10.19581/j.cnki.ciejournal.2020.02.006(in Chinese)
  • Pan, L., Feng, Q., Li, J., Wang, L., Pan, L., Feng, Q., Li, J., & Wang, L. (2022). Determinants of China's OFDI location choices: A comparison study between BRI countries and Non-BRI countries. Journal of Systems Science and Information, 10(1), 1–18. https://doi.org/10.21078/JSSI-2022-001-18
  • Qian, J., & Wang, T. (2019). The Belt and Road Initiative, hosting countries’ policy and Chinese outward foreign direct investment——Based on Dynamic Panel Data of GMM. Journal of International Trade, (03), 101–114. https://doi.org/10.13510/j.cnki.jit.2019.03.008(in Chinese)
  • Razzaq, A., An, H., & Delpachitra, S. (2021). Does technology gap increase FDI spillovers on productivity growth? Evidence from Chinese outward FDI in Belt and Road host countries. Technological Forecasting and Social Change, 172, 121050. https://doi.org/10.1016/j.techfore.2021.121050
  • Rehman, F. U., & Ding, Y. (2020). The nexus between outward foreign direct investment and export sophistication: new evidence from China. Applied Economics Letters, 27(5), 357–365. https://doi.org/10.1080/13504851.2019.1616056
  • Rehman, F. U., Islam, M. M., & Sohag, K. (2022). Does infrastructural development allure foreign direct investment? The role of Belt and Road Initiatives. International Journal of Emerging Markets, https://doi.org/10.1108/IJOEM-03-2022-0395
  • Rehman, F. U., & Noman, A. A. (2021). Trade related sectorial infrastructure and exports of belt and road countries: does belt and road initiatives make this relation structurally instable? China Economic Journal, 14(3), 350–374. https://doi.org/10.1080/17538963.2020.1840014
  • Ricardo, E., & Camargo, M. (2020). Home country institutions and outward FDI: An exploratory analysis in emerging economies. Sustainability, 12(23), 10010. https://doi.org/10.3390/su122310010
  • Saif, U. R., & Zhao, S. (2021). What Drives Chinese ODI to the Countries of Belt and Road Initiative (BRI): An Empirical Analysis [Paper presentation]. 2021 4th International Conference on Information Management and Management Science 2021, 246–252. https://doi.org/10.1145/3485190.3485228
  • Scissors, D. (2018). China’s global investment: Neither the US nor belt and road. American Enterprise Institute
  • Shahriar, S., Kea, S., & Qian, L. (2019). Determinants of China’s outward foreign direct investment in the Belt & Road economies: A gravity model approach. International Journal of Emerging Markets, 15(3), 427–445. https://doi.org/10.1108/IJOEM-03-2019-0230
  • Shao, X. (2020). Chinese OFDI responses to the B&R initiative: Evidence from a quasi-natural experiment. China Economic Review, 61, 101435 (prepublish). https://doi.org/10.1016/j.chieco.2020.101435
  • Song, M. Z., Liu, H. B., & Ye, C. (2020). The influence of fiscal decentralization on the total factor productivity: Empirical evidence from a Quasi-Natural experiment of Province-Managing-County reform. Economic Geography, 40(03), 33–42. https://doi.org/10.15957/j.cnki.jjdl.2020.03.005(in Chinese)
  • Stiebale, J., & Vencappa, D. (2018). Acquisitions, markups, efficiency, and product quality: Evidence from India. Journal of International Economics, 112, 70–87. https://doi.org/10.1016/j.jinteco.2018.02.005
  • Sun, S. L., Peng, M. W., Lee, R. P., & Tan, W. (2015). Institutional open access at home and outward internationalization. Journal of World Business, 50(1), 234–246. https://doi.org/10.1016/j.jwb.2014.04.003
  • Tang, Q., Gu, F. F., Xie, E., & Wu, Z. (2020). Exploratory and exploitative OFDI from emerging markets: Impacts on firm performance. International Business Review, 29(2), 101661. https://doi.org/10.1016/j.ibusrev.2019.101661
  • Thakolwiroj, C., & Sithipolvanichgul, J. (2021). Board characteristics and capital structure: evidence from Thai listed companies. The Journal of Asian Finance, Economics, and Business, 8(2), 861–872. https://doi.org/10.13106/jafeb.2021.vol8.no2.0861
  • Tong, J. (2022). Research on coupling mechanism of green fiscal and tax policies under the constraint of carbon neutrality. Management Review, 34(08), 15–28. https://doi.org/10.14120/j.cnki.cn11-5057/f.2022.08.017.(in Chinese)
  • Wang, C., Miao, Z., Chen, X., & Cheng, Y. (2021). Factors affecting changes of greenhouse gas emissions in Belt and Road countries. Renewable and Sustainable Energy Reviews, 147, 111220. https://doi.org/10.1016/j.rser.2021.111220
  • Wang, G. J., & Lu, X. X. (2019). The Belt and Road Initiative and the upgrading of China’s enterprises. China Industrial Economics, (03), 43–61. https://doi.org/10.19581/j.cnki.ciejournal.2019.03.013(in Chinese)
  • Wang, Q., & She, S. (2020). Research on the transformation and upgrading effect of industrial structure implemented by the " Belt and Road" Initiative–Based on the test of PSM + DID in 285 cities in China. Inquiry into Economic Issues, (02), 132–143. https://CNKI:SUN:JJWS.0.2020-02-015(in Chinese)
  • Wen, Z., Zhang, L., Hou, J., & Liu, H. (2004). Testing and application of the mediating effects. Acta Psychologica Sinica, (05), 614–620. https://cnki:sun:XLXB.0.2004-05-016(in Chinese)
  • Wu, H., Ren, S., Yan, G., & Hao, Y. (2020). Does China’s outward direct investment improve green total factor productivity in the “Belt and Road” countries? Evidence from dynamic threshold panel model analysis. Journal of Environmental Management, 275, 111295. https://doi.org/10.1016/j.jenvman.2020.111295
  • Wu, M., & Zhang, Y. (2021). Location Choice of China’s OFDI in “Belt and Road” Countries – Empirical Evidence from Big Data [Paper presentation]. In E3S Web of Conferences (Vol. 253, p. 02059). EDP Sciences. https://doi.org/10.1051/e3sconf/202125302059
  • Wu, Z., Hou, G., & Xin, B. (2020). Has the Belt and Road Initiative brought new opportunities to countries along the routes to participate in global value chains? SAGE Open, 10(1), 215824402090208. https://doi.org/10.1177/2158244020902088
  • Xiong, H., Wu, Z., Hou, F., & Zhang, J. (2020). Which firm-specific characteristics affect the market reaction of Chinese listed companies to the COVID-19 pandemic? Emerging Markets Finance and Trade, 56(10), 2231–2242. https://doi.org/10.1080/1540496X.2020.1787151
  • Xu, S., Pan, X., & Lin, W. (2022). The Belt and Road Initiative and corporate bond yield spreads. Journal of Financial Research, (02), 135–152. https://CNKI:SUN:JRYJ.0.2022-02-008(in Chinese)
  • Yang, L. (2022). The impact of outward investments in counties along the" Belt and Road" on domestic employment: evidence from Chinese listed companies. World Scientific Research Journal, 8(2), 191–199.
  • Yao, R., Bai, H., & Xu, H. (2019). Where should China’s thermal power industry prioritize its B&R investment? A study based on an environmental site selection analysis. Journal of Cleaner Production, 215, 669–679. https://doi.org/10.1016/j.jclepro.2019.01.011
  • Yin, H., Hu, N., & Xie, Q. (2021). The outward foreign direct investment risk reduction effect of "the Belt and Road" Initiative–A study based on China’s manufacturing companies. International Business, (03), 65–81. https://doi.org/10.13509/j.cnki.ib.2021.03.005(in Chinese)
  • Zhang, F., & Yang, L. J. E. S. (2020). Financing constraints and ODI margins: Evidence from China. Economic Systems, 44(1), 100741. https://doi.org/10.1016/j.ecosys.2019.100741
  • Zhang, R. (2022). Research on international strategy for Chinese enterprises entering emerging markets against the background of "The Belt and Road". Scientific Journal of Economics and Management Research, 4(1)
  • Zhao, J. (2021). Research on Xi Jin-Ping’s important exposition on China’s foreign investment—On the policy focus of China’s "Going Out" in the "14th Five-year Plan. Economist, (11), 5–13. https://doi.org/10.16158/j.cnki.51-1312/f.2021.11.002(in Chinese)
  • Zhao, J., & Lee, J. (2021). The Belt and Road Initiative, Asian infrastructure investment bank, and the role of enterprise heterogeneity in China’s outward foreign direct investment. Post-Communist Economies, 33(4), 379–401. https://doi.org/10.1080/14631377.2020.1745560
  • Zhang, X. Y., & Wu, X. R. (2022). The social welfare effect of China’s investment in countries along “The Belt and Road”: Discussion on the regulatory role of the “Five Links” index. Journal of Yunnan University of Finance and Economics, 38(06), 15–30. https://doi.org/10.16537/j.cnki.jynufe.000791(in Chinese)