This study empirically investigates the dynamics of motivations behind China's outward foreign direct investment (FDI). Based on a dataset of 75 host countries of China's outward FDI, we test the relative importance of outward FDI motives in different time periods. We account for endogeneity...

Although at the country and industry level there is much evidence on the importance of access to services for exports and participation in global value chains, such evidence is largely absent at the firm level. In this paper we use a newly constructed dataset that connects city-level access to...

We introduce a stylised model where a risk-averse foreign investor teaming up with a local partner is concerned about background political risk affecting public goods provision (permits, etc.) by a local government. We show that the risk-averse principal as a residual claimant leaves a larger...

We study the relation between formal incentives and social exchange in organizations where employees work for several managers and reciprocate a manager's attention with higher effort. To this end we develop a common agency model with two-sided moral hazard. We show that when effort is...