Service Trade Network,Information Transfer and OFDI
This paper examines the impact and mechanism of services trade networks on service firms'foreign direct investment(OFDI)decisions.It uses the OECD bilateral services trade database and the listed companies database from 2007 to 2020.Con-sidering both theoretical and empirical perspectives,this study shows that:(1)Services trade networks have both a significant di-rect effect and network effects on the OFDI decisions of service firms.(2)Service firms with higher centrality in trade networks can effectively utilize their information advantages to integrate the resources of service factors to improve service quality and over-come the"outsider disadvantage"in foreign investment by reducing information barriers.Therefore,improving service quality and reducing information barriers are effective strategies to utilize the influence of service trade networks on OFDI.(3)Distinguishing between trade direction and investment mode,it is found that since services outsourcing is mainly through imports,there are sig-nificant differences in the degree of dependence on local market information among service firms with different investment modes.The influence of import networks on OFDI decisions is significantly greater than that of export networks,while the influence of service trade networks on greenfield investments exceeds that on cross-border mergers and acquisitions(M&A).(4)An exten-sion analysis shows that improving the efficiency of corporate management and digitalization helps to strengthen the marginal effect of service trade networks on OFDI decisions of service firms.
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