Submitted by Suraya Marcondes Cabral Villar (surayamcabral@gmail.com) on 2015-01-07T18:45:05Z No. of bitstreams: 1 Formatação_Final_V3.pdf: 1026311 bytes, checksum: 06f0e4ea31ce41d62ca47f4b122ee76d (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2015-01-07T18:50:11Z (GMT) No. of bitstreams: 1 Formatação_Final_V3.pdf: 1026311 bytes, checksum: 06f0e4ea31ce41d62ca47f4b122ee76d (MD5) / Made available in DSpace on 2015-01-07T20:09:55Z (GMT). No. of bitstreams: 1 Formatação_Final_V3.pdf: 1026311 bytes, checksum: 06f0e4ea31ce41d62ca47f4b122ee76d (MD5) Previous issue date: 2014-12-08 / O Investimento Estrangeiro Direto (IED) tem desempenhado um papel importante no esforço do Brasil para tornar-se uma economia orientada para o mercado. De 1995 a 2012 o Brasil recebeu $ 511.5 bilhões de dólares em IED. Em 2012, o Brasil foi o segundo país em desenvolvimento que mais recebeu IED e o quarto no mundo (UNCTAD).Devido à concentração geográfica, os estados brasileiros que são consideravelmente menos desenvolvidos e mais pobres, são aqueles que mais precisam de investimentos e que no entanto, não têm sido receptores relevantes de IED. Em 2010, os estados com os maiores estoques de IED foram São Paulo, com 42,3 por cento do total ($ 99,9 bilhões de dólares), Rio de Janeiro com 13,3 por cento ($ 31,4 bilhões de dólares) e Minas Gerais com 10,6 por cento do total ($ 25,1 bilhões de dólares). Como pode ser observado, apenas três dos vinte e sete estados brasileiros receberam cerca de 66 por cento do total de IED destinado ao Brasil.Dada tal diferenciação na distribuição de IED entre os estados brasileiros, o presente estudo busca explicar se o benefício tributário também é determinante para o fluxo de IED, além das demais variáveis já consideradas como determinantes em outros estudos. Dada a limitação de dados, realizamos duas análises econométricas com dados em painel: 1. Usando seis variáveis chaves: tamanho do mercado consumidor, a qualidade da mão de obra, infraestrutura, custo da mão de obra, carga tributária e benefício tributário (por macro regiões), nos anos de 1995, 2000, 2005 and 2010; 2. Usando cinco variáveis: as mesmas do primeiro modelo, excluindo o custo da mão de obra (por falta de dados) e utilizando os dados de benefício tributário por estado, nos anos de 2010, 2011 e 2012. / FDI has played an important role in Brazil’s push towards a market oriented economy. From 1995 to 2012, Brazil has received $ 511.5 billion dollars in FDI. In 2012 Brazil was the second largest developing country recipient of FDI and the fourth worldwide (UNCTAD).Due to geographical concentration, Brazilian states which are considerably less developed and poorer, and as a result, in greater need of capital investment, have not played host to FDI in a significant way. In 2010, states with the largest stocks of FDI were São Paulo with 42.3 percent of the total ($ 99.9 billion dollars), Rio de Janeiro with 13,3 percent ($ 31.4 billion dollars) and Minas Gerais with 10,6 percent of the total ($ 25.1 billion dollars). As can be observed, only three of the twenty-seven Brazilian states received around 66 percent of the total FDI intended to Brazil.Given such differentiation in the distribution of FDI among Brazilian states, this study seeks to explain if tax benefit is also a determintant of FDI inflow, besides the other variables already considered as determinant. Given the limitation of data, we performed two econometric analysis with panel data: 1. using six key variables: size of the consumer market, quality of workforce, transportation infrastructure, cost of labor, tax burden and tax benefit (by macro regions), in the years 1995, 2000, 2005 and 2010; 2. using five key variables: the same as the first model, excluding the cost of labor (for lack of data) and using the tax benefit data by state, in the years 2010, 2011 and 2012.

Submitted by Alessandra Aur Raso (ale.aur@gmail.com) on 2016-11-21T20:15:57Z No. of bitstreams: 1 Alessandra Aur_Thesis Final.docx: 1763157 bytes, checksum: 219624ad39caf6ce0136f07f180bfd6e (MD5) / Rejected by Janete de Oliveira Feitosa (janete.feitosa@fgv.br), reason: FAVOR FAZER NOVA SUBMISSÃO INCLUINDO A FOLHA COM AS ASSINATURAS DA BANCA. CORDIALMENTE, on 2016-12-09T17:43:26Z (GMT) / Submitted by Alessandra Aur Raso (ale.aur@gmail.com) on 2016-12-09T18:01:44Z No. of bitstreams: 1 Alessandra Aur_Thesis Final.pdf: 1929282 bytes, checksum: 67cf9358edfeda3a825fa3fef9a14395 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2016-12-12T19:13:45Z (GMT) No. of bitstreams: 1 Alessandra Aur_Thesis Final.pdf: 1929282 bytes, checksum: 67cf9358edfeda3a825fa3fef9a14395 (MD5) / Made available in DSpace on 2016-12-22T17:54:47Z (GMT). No. of bitstreams: 1 Alessandra Aur_Thesis Final.pdf: 1929282 bytes, checksum: 67cf9358edfeda3a825fa3fef9a14395 (MD5) Previous issue date: 2016-11-10 / In today’s business world everything seems to be somehow linked to globalization, what leads to trading without barriers, developing productions schemes that involves more than one country and one location, capital flows and technology transfer. Foreign Direct Investment (FDI) has been used in the past decades as one of the main sources of capital to sustain cash flow needs for the globalization process. So how do investors decide where to invest? A number of risk factors are analyzed as part of this decision process, and among them is the level of corruption of the country of inflows destination. This exploratory study , based on quantitative and qualitative analysis, reviewed the relation between FDI inflows and the level of corruption in the host country to develop hypotheses and propositions that lead to complementary research to conclude on how and to which extend the level of corruption of the host country impacts its FDI inflows. In order to narrow down the universe explored, which would be to vast if all possible combinations of home and host countries were to be incorporated, the population used to perform analysis was based on Brazil’s and China’s data being the host country and its main FDI investors as home countries of the FDI inflows. Historical series of the indicators used in the quantitative analysis were obtained for the period from 2005 to 2012.

Nota-se que, entre os inícios das décadas de 1990 e 2000, destacando-se, de forma mais evidente o meio dos anos 1990, ocorreu um expressivo fluxo de inversões espanholas em direção à América Latina. Esse montante chegou a representar, em alguns anos, mais de 30% do total de investimento externo recebido pelos países latino-americanos. Apesar desse expressivo aporte de inversões das empresas espanholas na América Latina, não se encontra um significativo número de trabalhos sobre esse tema, ao passo que, ao se buscar análises que utilizem a metodologia estatística, esse número se reduz consideravelmente. Com efeito, a tese aqui apresentada busca identificar os componentes macroeconômicos determinantes do movimento recente de internacionalização produtiva da economia espanhola na América Latina, empregando, basicamente, uma metodologia econométrica de dados em painel, caracterizando os push-pull factors dessa dinâmica. Para uma melhor compreensão da estrutura do modelo econométrico utilizado e, também, das respostas estatísticas alcançadas neste trabalho, faz-se primeiramente uma revisão nos conceitos teóricos das principais escolas econômicas relacionadas aos determinantes dos gastos com investimento em geral. Em seguida, apresentam-se as principais referências teóricas que tratam exclusivamente do investimento estrangeiro direto (IED). Também abordam-se a caracterização da metodologia de dados em painel, com seus respectivos estimadores, e os testes de especificação estatística utilizados. Por fim, já delimitadas as investigações teóricas e a metodologia usada neste trabalho, expõem-se os resultados encontrados. Com efeito, chegou-se a resultados estatísticos suportados por outros trabalhos que analisaram o mesmo tema, porém, com uma abordagem metodológica diversa. Ou seja, o IED espanhol direcionado à América Latina teve como push factors, basicamente, o nível de atividade da economia espanhola, com uma relação positiva, e a absorção interna desse país, com uma relação negativa. A primeira variável possibilita uma significativa acumulação interna às empresas da Espanha. Já o segundo componente aponta para a expectativa de não crescimento da demanda interna desse país ibérico. Os pull factors que, especificados a partir de uma relação positiva com o IED espanhol, se tornaram estatisticamente significativos foram: o tamanho de mercado, a absorção interna, a produtividade, uma variável binária que representa as privatizações, a taxa de câmbio nominal da moeda local contra o Euro e o grau de abertura. Assim, conclui-se que o processo de privatizações e a desvalorização da moeda local frente ao Euro na América Latina possibilitaram um movimento de internacionalização produtiva de alguns subsetores da Espanha que visavam a um aumento de escala, propiciando enfrentar a concorrência de empresas instaladas no mercado comum europeu. / An expressive inflow of investments from Spain towards Latin America occurred between the beginning of 1990’s and 2000’s, especially in the middle of 1990’s. This sum has come to represented in some years more than 30% of total foreign investment received by Latin-American countries. Despite this significant investments inflow from Spanish companies in Latin America, there is not an expressive number of papers related to the subject. Besides, works using statistical methodology are even rarer. The hypothesis encompassed at the present work aims at identifying the macroeconomic determinants to a recent movement of productive internationalization of Spanish economy in Latin America. For this purpose, a panel data econometric methodology has been used, revealing the pushpull factors of this dynamics. For a better understanding of both econometric model structure and reached statistical responses, first it was conducted a revision of theoretical concepts of the main economic schools regarding determinants to investment expenditures in general. Next, it is presented the major theoretical references that deal exclusively with foreign direct investment (FDI). The characterization of panel data methodology, with its respective estimators and statistical specification tests, is also covered. Finally, after having narrowed down theoretical investigation and the methodology applied in this study, the results achieved are discussed. In effect, reached statistical results are in conformity with those supported by other works that had the same issue under consideration, but used different methodological approaches. Hence, the push factors to Spanish FDI directed to Latin America were basically the level of economic activity in Spain, as a positive relation, and absorption rate in this country, as a negative relation. The first variable enabled a significant capital accumulation to Spanish companies. On the other hand, the second component points to the expectation of non-growth of this country’s domestic demand. The pull factors that have become statistically significant were market size, absorption rate, productivity, trade openness, a binary variable that represented privatizations, and nominal exchange rate of local currency against Euro, all of them with a positive relation to the Spanish FDI. Thus, it’s possible to conclude that process of privatizations and devaluation of Latin-American local currencies against Euro allowed a movement of productive internationalization of some subsectors in Spain, which aimed to increase their scale gains in order to face competition from companies installed in European market.

The first essay is The linkage between foreign direct investment and international migration. Immigration policy and policies regarding the flow of capital across borders are generally enacted separately. Such separation may not be appropriate if there are interactions between immigration and foreign direct investment (FDI). Although much research has focused on the determinants of international migration, little agreement has been made with respect to how FDI affects migration. In this paper, we attempt to clarify the influence of FDI on migration. We consider not only how aggregate FDI into country i affects migration from i to j but also how the FDI that i receives specifically from country j (which we denote as bilateral FDI) affects migration from i to j. We find that bilateral FDI stock has a positive and significant impact on the size of migrant stock through what we call an ``ideological linkage". We show that this finding is robust across different estimation methods, including instrumental variables Tobit and Heckman selection models. We conclude that the influence of FDI on migration needs to be considered when designing economic policies. The second essay is Environmental quality and international migration. This essay examines the extent of which pollution is a factor that pushes people to migrate across borders. It provides an empirical analysis of the aspects of air quality and its unexplored role in the international migration. We allow pollution to affect migrants differently according to their gender and educational attainment. We also consider different types of air pollution such as sulfur dioxide and particulate matter. We then test for the interaction between environmental quality and income upon migration. We find that air pollution is a push factor but not necessarily for countries with very high incomes. We also find evidence supporting that there is a gender difference in the migration-environment association. Finally, the third essay is The effects of foreign universities on domestic human capital accumulation. In this essay, we focus on the impact of foreign direct investment in education (i.e., foreign universities opening up branches overseas) on human capital formation in the host countries. High ranking universities have the privilege to enter foreign market and usually enjoy subsidy from the host country. However, the entry of low quality foreign universities may have positive impact on domestic human capital accumulation with less uncertainty. In our model, we have three types of universities: high quality foreign universities located domestically, low quality foreign universities located domestically and domestic universities. Agents in the model represent students in the host country who decide upon their level of preparedness for a university education. As comparative statics exercises, we examine how effort changes when the slots of high quality or low quality foreign institutions change. Results from these comparative statics exercises could help a government choose the optimal size of high quality or low quality foreign universities where optimal means maximizing aggregate effort. We also examine the effect of foreign education premium on human capital accumulation. To the best of our knowledge, this is the first economics-based, theoretical study of this issue. We conclude that the entry of low quality foreign universities generally increases domestic human capital accumulation whereas allowing more high quality universities to enter the country produces less straightforward results. We also find that lowering the wage gap could have beneficial effects on human capital accumulation.

The dissertation examines catching up in labor productivity across countries and across US states. It also studies the role of financial development and inflow of foreign direct investment (FDI) on labor productivity and structural change. Chapter one studies unconditional convergence in labor productivity in cross section of countries. Using disaggregated service sector data for 101 countries, we find unconditional convergence in labor productivity for the service sector. The aggregate service sector yields a large unconditional convergence coefficient of -0.028, while for individual sub-sectors we find a similar presence of unconditional convergence. Since the service sector, as part of the "modern" sector now also faces international competition, unconditional convergence in labor productivity in this sector is not totally unwarranted. Given Rodrik's recent findings of unconditional convergence in labor productivity in the manufacturing sector (2013) and the observed failure of unconditional convergence of per capita GDP, our findings of unconditional convergence in the service sector suggest that we need to look carefully at methodological issues such as "aggregation bias" and the huge divergence of other sectors such as the agricultural sector as a potential solution to this anomaly. In chapter two, we investigate secoral unconditional convergence in labor productivity in the US sates using two series of data sets for the period 1987-1997 and 1998-2013. We have found evidence for catching up in labor productivity in the US states for the majority sectors. There is no evidence for unconditional convergence for the mining sector in 1-digit classification for 1980-1997 and manufacturing and utilities sectors in 2-digit classification for the recent data (1998-2013). The aggregate per capita GDP convergence test shows evidence for convergence for the 1980-1997 data but no evidence for convergence in the recent data consistent with the existing literature. The same factors that were considered responsible for regional convergence in the US, such as migration and falling cost of education, could work in the opposite direction to cause divergence in per capita income in recent years. Chapter three considers the relationship between financial development, inflow of foreign direct investment, labor productivity and structural change variables for 41 countries in Groningen Growth and Development 10-sector database for the period 1971-2012 using panel-VAR methodology. The effect of financial development on total labor productivity and employment share in sectors depend on the income level and geographical locations. We find that financial development has a significantly positive effect on total labor productivity of high income European countries, the United States, and for middle income Latin American counties. We do not find evidence for the positive effect of financial development on labor productivity for low income and middle income countries except for Latin American countries. The result does not show a significant effect of financial development on sectoral employment and value added shares. Inflow of FDI has a statistically significant negative effect on employment share of agriculture in middle income countries, and positive effect on the employment share of the manufacturing sector in middle income Asian countries.

Abstract The purpose of this study is to explore how place marketing manifests within foreign direct investment (FDI) in the new era of information and communications technology. The study reviews the literature on place marketing that emphasises FDI and defines place marketing as a tool to pursue FDI more systematically and efficiently in order to increase the value of a place. The study shows that place marketing can be used in multiple ways to pursue inward FDI activities and that it is multifaceted, not just a service offered by investment promotion agencies. This empirical study of place marketing within FDI follows a multiple case study method. The data are drawn from interviews with nine FDI case companies and their respective investment promotion agency representatives and facilitating research, business and funding actors. The study approaches place marketing within FDI from an explorative perspective, studying how place marketing can improve FDI by interpreting investment decisions through the lenses of place marketing and place branding elements, management and assessment. The analysis identifies the place marketing factors that impact the FDI process from the preparation phase through the post-investment phase. Through the FDI process, a regional image is generated, and the place becomes visible. This study develops a conceptual model that proposes that place marketing manifests within FDI through goals, networks, individuals and regional competences. The goals are set to develop the framework for place marketing within FDI. Stakeholders’ engagement forms a strong ecosystem network that can be a major regional asset to attract and sustain investments. Each FDI case creates, develops and sustains its own network, within which the contributions of individuals with technical and managerial skills are key to successful place promotion. The competence of the regional ecosystem sets the scene for the investment opportunity. Regarding managerial implications, this study proves that strategic, inward FDI activity requires long-term regional commitment from stakeholders and an allocation of resources during not only the pre-investment phase, but also the post-investment phase. / Tiivistelmä Tämän tutkimuksen tarkoituksena on selvittää, miten paikanmarkkinointi edistää suoria ulkomaisia investointeja ICT-teknologian uudella aikakaudella. Tutkimuksessa tarkastellaan paikanmarkkinointia koskevaa kirjallisuutta, jossa käsitellään ulkomaisia suoria sijoituksia ja määritellään paikanmarkkinointi keinona hankkia sijoituksia järjestelmällisemmin ja tehokkaammin paikan arvon kasvattamiseksi. Tutkimus osoittaa, että paikanmarkkinointia voidaan käyttää monin tavoin ulkomaisten investointien houkuttelussa ja että se on monipuolinen kokonaisuus eikä pelkkä investointien edistämispalvelu. Tässä empiirisessä paikanmarkkinoinnin tutkimuksessa käytetään usean tapaustutkimuksen menetelmää. Tiedot perustuvat yhdeksän ulkomaisen kohdeyrityksen ja heidän edustajiensa sekä alueellisten tutkimus-, yritys- ja rahoitusalan toimijoiden haastatteluun. Tutkimus lähestyy ulkomaisiin sijoituksiin kohdistettua paikanmarkkinointia eksploratiivisesta näkökulmasta selvittämällä, miten paikanmarkkinointi voi edistää investointeja paikanmarkkinoinnin ja brändäyksen elementtien, johtamisen ja arvioinnin kautta. Analyysissä yksilöidään ne paikanmarkkinoinnintekijät, jotka vaikuttavat suorien ulkomaisten investointien prosessiin valmisteluvaiheesta investointivaiheeseen ja sen jälkeen. Investointiprosessin kautta alueellinen kuva vahvistuu ja paikka tulee esille. Tässä tutkimuksessa kehitetään käsitteellinen malli, jonka mukaan suorien ulkomaisten investointien houkutteluun suunnattu paikanmarkkinointi ilmenee toiminnan tavoitteiden, verkostojen, yksilöiden ja alueellisten valmiuksien kautta. Tavoitteet luovat viitekehyksen ulkomaisten suorien sijoitusten paikanmarkkinointiin. Sidosryhmien sitoutuminen muodostaa vahvan ekosysteemiverkoston, joka voi olla merkittävä alueellinen voimavara houkutella ja ylläpitää investointeja. Jokainen investointitapaus luo, kehittää ja ylläpitää omaa verkostoaan, jossa teknisten ja johtamiseen erikoistuneiden yksilöiden osallistuminen prosessiin on keskeistä. Alueen ekosysteemissä osaaminen luo mahdollisuuden investointiin. Johtamisen vaikutusten osalta tämä tutkimus osoittaa sen, että strateginen, suorien ulkomaisten investointien houkuttelu edellyttää sidosryhmien pitkäaikaista sitoutumista ja resurssiallokaatiota paitsi investoinnin esivaiheessa myös niiden myöhemmässä vaiheessa.

L’objectif de cette thèse est de déterminer les conditions pour lesquelles les politiques d’attraction des IDE des pays en voie de développement impactent leur niveau de croissance. Le cadre théorique est celui des nouveaux modèles de croissance endogène et le cadre empirique, celui de la Tunisie sur la période 1970-2009. Nous estimons un modèle composé de six équations simultanées reflétant la croissance de l’économie tunisienne. Ce modèle permet d’un côté d’évaluer l’impact des IDE sur le processus de croissance et de définir les conditions nécessaires qui assurent un bon fonctionnement des spillovers, et, d’un autre côté, de définir les facteurs déterminants des IDE localisés en Tunisie.Nous montrons notamment la nécessité pour la Tunisie de posséder une aptitude technologique et des ressources en capital humain qui conditionnent l’assimilation du savoir-faire et des technologies développées ailleurs. Nous mettons également en évidence l’importance d’autres facteurs liés notamment à l’environnement des affaires au sein d’un pays hôte. Ces différents facteurs assurent un bon fonctionnement des spillovers, qui en tant que canaux de transmission garantissent une croissance soutenue. Les pays en voie de développement devraient donc concentrer leurs efforts sur l’amélioration des politiques d’attraction des IDE et leur capacité d’absorption afin d’établir un environnement plus favorable à leur développement. / The objective of this PhD is to determine the main conditions under which attractive FDI policies of developing countries can impact their growth level. The theoretical framework belongs to the new endogenous growth models. The empirical framework is the case of Tunisia during the period 1970-2009. We consider a model of six simultaneous equations reflecting the growth of the Tunisian economy. First, this model assesses the impact of FDI on the growth process and permits us to establish the necessary conditions which ensure positive effects of spillovers. Second, we define the determinants of FDI located in Tunisia.In particular, we exhibit the need for Tunisia to develop technological capabilities and human capital resources that affect the conditions to assimilate knowledge’s and technologies from outside. We also highlight the importance of some other factors including the business environment in the host country. These factors ensure that spillovers are efficient transmission channels in order to obtain sustained growth. The developing countries should therefore focus their efforts on improving the attraction of FDI policies and their absorption capacity with the view to create a more favourable environment for their development.

Nota-se que, entre os inícios das décadas de 1990 e 2000, destacando-se, de forma mais evidente o meio dos anos 1990, ocorreu um expressivo fluxo de inversões espanholas em direção à América Latina. Esse montante chegou a representar, em alguns anos, mais de 30% do total de investimento externo recebido pelos países latino-americanos. Apesar desse expressivo aporte de inversões das empresas espanholas na América Latina, não se encontra um significativo número de trabalhos sobre esse tema, ao passo que, ao se buscar análises que utilizem a metodologia estatística, esse número se reduz consideravelmente. Com efeito, a tese aqui apresentada busca identificar os componentes macroeconômicos determinantes do movimento recente de internacionalização produtiva da economia espanhola na América Latina, empregando, basicamente, uma metodologia econométrica de dados em painel, caracterizando os push-pull factors dessa dinâmica. Para uma melhor compreensão da estrutura do modelo econométrico utilizado e, também, das respostas estatísticas alcançadas neste trabalho, faz-se primeiramente uma revisão nos conceitos teóricos das principais escolas econômicas relacionadas aos determinantes dos gastos com investimento em geral. Em seguida, apresentam-se as principais referências teóricas que tratam exclusivamente do investimento estrangeiro direto (IED). Também abordam-se a caracterização da metodologia de dados em painel, com seus respectivos estimadores, e os testes de especificação estatística utilizados. Por fim, já delimitadas as investigações teóricas e a metodologia usada neste trabalho, expõem-se os resultados encontrados. Com efeito, chegou-se a resultados estatísticos suportados por outros trabalhos que analisaram o mesmo tema, porém, com uma abordagem metodológica diversa. Ou seja, o IED espanhol direcionado à América Latina teve como push factors, basicamente, o nível de atividade da economia espanhola, com uma relação positiva, e a absorção interna desse país, com uma relação negativa. A primeira variável possibilita uma significativa acumulação interna às empresas da Espanha. Já o segundo componente aponta para a expectativa de não crescimento da demanda interna desse país ibérico. Os pull factors que, especificados a partir de uma relação positiva com o IED espanhol, se tornaram estatisticamente significativos foram: o tamanho de mercado, a absorção interna, a produtividade, uma variável binária que representa as privatizações, a taxa de câmbio nominal da moeda local contra o Euro e o grau de abertura. Assim, conclui-se que o processo de privatizações e a desvalorização da moeda local frente ao Euro na América Latina possibilitaram um movimento de internacionalização produtiva de alguns subsetores da Espanha que visavam a um aumento de escala, propiciando enfrentar a concorrência de empresas instaladas no mercado comum europeu. / An expressive inflow of investments from Spain towards Latin America occurred between the beginning of 1990’s and 2000’s, especially in the middle of 1990’s. This sum has come to represented in some years more than 30% of total foreign investment received by Latin-American countries. Despite this significant investments inflow from Spanish companies in Latin America, there is not an expressive number of papers related to the subject. Besides, works using statistical methodology are even rarer. The hypothesis encompassed at the present work aims at identifying the macroeconomic determinants to a recent movement of productive internationalization of Spanish economy in Latin America. For this purpose, a panel data econometric methodology has been used, revealing the pushpull factors of this dynamics. For a better understanding of both econometric model structure and reached statistical responses, first it was conducted a revision of theoretical concepts of the main economic schools regarding determinants to investment expenditures in general. Next, it is presented the major theoretical references that deal exclusively with foreign direct investment (FDI). The characterization of panel data methodology, with its respective estimators and statistical specification tests, is also covered. Finally, after having narrowed down theoretical investigation and the methodology applied in this study, the results achieved are discussed. In effect, reached statistical results are in conformity with those supported by other works that had the same issue under consideration, but used different methodological approaches. Hence, the push factors to Spanish FDI directed to Latin America were basically the level of economic activity in Spain, as a positive relation, and absorption rate in this country, as a negative relation. The first variable enabled a significant capital accumulation to Spanish companies. On the other hand, the second component points to the expectation of non-growth of this country’s domestic demand. The pull factors that have become statistically significant were market size, absorption rate, productivity, trade openness, a binary variable that represented privatizations, and nominal exchange rate of local currency against Euro, all of them with a positive relation to the Spanish FDI. Thus, it’s possible to conclude that process of privatizations and devaluation of Latin-American local currencies against Euro allowed a movement of productive internationalization of some subsectors in Spain, which aimed to increase their scale gains in order to face competition from companies installed in European market.

The effects associated with foreign direct investments onto a host economy are perceived to be multi folded. FDI is perceived to enhance, not only, the accumulation of capital in a host country, but also to promote productivity, enable introduction of new processes and skills as well as enable access to new markets. However, empirical research upon if foreign direct investments affects economic growth is ambiguous. The purpose of this thesis is due to such to investigate whether the local financial market enable FDI to affect growth positively. Hence, the aim of this paper is to establish if the domestic financial sector is a vital precondition for foreign direct investment to have a positive significant effect on GDP per capita growth for developing countries. By the use of panel data regressions and three regression models, 26 countries were investigated between the years 1996 and 2015. The empirical results enabled the conclusion that local financial markets do in fact improve the effect associated with foreign direct investment for the 26 countries investigated between the years 1996 and 2015. Thus, local financial markets are a significant and crucial precondition for FDI to affect a host economy's growth positively. Due to such, developing countries should aim towards preserving as well as developing their financial markets.

Background: Companies from developed economies have pursued various outward foreign direct investment strategies for as long as there has been trade. Research on the topic has been covering most available aspects of the phenomenon. In recent decades, however, firms from emerging economies have started to find their way to the international market, and the traditional theories of internationalization have appeared to be not as comprehensive as they were thought to be.   Purpose: This thesis will explore the internationalization of Chinese firms into Sweden. It will more specifically look at the internationalization, as well as the differences and the connection with Chinese parent companies.   Method: By using a qualitative method and an abductive approach, the empirical data for this thesis was collected and interpreted. In this multiple case study, semi-structured interviews were performed with three managers at two Chinese companies in Sweden.   Conclusion: Chinese internationalization into Sweden is influenced by both push factors, such as government subsidies, and pull factors, such as market knowledge and technology. However, the observed Chinese firms in Sweden have different connection with their parent companies but the level of involvement is equally limited. The findings in this paper suggests that this is linked to the ownership structure and the mode of entry.