Purpose - The study extends the debate on finance versus institutions in the promotion of investment documented by … institutions to promote investment on the one hand and fighting financial allocation inefficiency by mitigating surplus liquidity … issues on the other hand. Originality/value - The paper extends the debate on the substitution of finance and institutions in …

To serve foreign markets, firms can either export or set up a local subsidiary through horizontal Foreign Direct … Investment (FDI). The conventional proximity-concentration theory suggests that FDI substitutes for trade if distance between … dimensions of distance affect exports and FDI differently. There is clear evidence of a proximity-concentration trade-off in …

applied to help resolve the Taiwan Strait Conflict. Specifically, a 'One China, Two Republics' policy is proposed and its …