The influence mechanism of outward FDI reverse technology spillovers on China’s green innovation
Abstract
With rapid global development, outward foreign direct investment (FDI) has become a controversial issue, mainly focused on whether it is helpful to domestic green innovation, especially in developing countries. How does outward FDI reverse spillover technology to China, and does China’s innate endowment restrict it? The relevant mechanisms remain unclear. Therefore, this study investigated the heterogeneous effect of absorptive capacity on the impact path of reverse technology spillovers of outward FDI on green innovation in China. A fixed-effects panel model and stepwise regression analyze the direct relationship between outward FDI and green innovation and the mediating relationship of absorptive capacity. Threshold analysis reveals the mutation point of the mediating effect of absorptive capacity among China’s 31 provinces. Domestic green innovation is directly stimulated by more significant reverse technology spillovers of outward FDI. Absorptive capacity has an indirect impact as an intervening variable. The mediating effect will only make sense on one side of the threshold because the transformation effectiveness of green innovation is improved only by greater absorptive capacity, including adequate green financial support, more outstanding human capital, and a smaller technology gap. Moreover, it revealed significant regional heterogeneity in China.
First published online 01 December 2022
Keyword : outward foreign direct investment, reverse technology spillovers, green innovation, absorptive capacity, mediating threshold effect
How to Cite
Qin, B., Gao, Y., Ge, L., & Zhu, J. (2023). The influence mechanism of outward FDI reverse technology spillovers on China’s green innovation. Technological and Economic Development of Economy, 29(2), 468–499. https://doi.org/10.3846/tede.2022.17930
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Ahuja, G., & Katila, R. (2001). Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study. Strategic Management Journal, 22(3), 197–220. https://doi.org/10.1002/smj.157
AlAzzawi, S. (2012). Innovation, productivity and foreign direct investment-induced R&D spillovers. The Journal of International Trade & Economic Development, 21(5), 615–653. https://doi.org/10.1080/09638199.2010.513056
Albornoz, F., Cole, M. A., Elliott, R. J. R., & Ercolani, M. G. (2009). In search of environmental spillovers. World Economy, 32(1), 136–163. https://doi.org/10.1111/j.1467-9701.2009.01160.x
Alfaro, L., Kalemli-Ozcan, S., & Sayek, S. (2009). FDI, productivity and financial development. World Economy, 32(1), 111–135. https://doi.org/10.1111/j.1467-9701.2009.01159.x
Amendolagine, V., Lema, R., & Rabellotti, R. (2021). Green foreign direct investments and the deepening of capabilities for sustainable innovation in multinationals: Insights from renewable energy. Journal of Cleaner Production, 310, 127381. https://doi.org/10.1016/j.jclepro.2021.127381
Barro, R. J., & Lee, J. W. (1993). International comparisons of educational attainment. Journal of Monetary Economics, 32(3), 363-394. https://doi.org/10.1016/0304-3932(93)90023-9
Bitzer, J., & Kerekes, M. (2008). Does foreign direct investment transfer technology across borders? New evidence. Economics Letters, 100(3), 355–358. https://doi.org/10.1016/j.econlet.2008.02.029
Borensztein, E., De Gregorio, J., & Lee, J-W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45(1), 115–135. https://doi.org/10.1016/S0022-1996(97)00033-0
Cassiman, B., & Golovko, E. (2018). Internationalization, innovation, and productivity. In E. Grifell-Tatjé, C. A. K. Lovell, & R. C. Sickles (Eds.), The Oxford handbook of productivity analysis (pp. 437–462). Oxford University Press. https://doi.org/10.1093/oxfordhb/9780190226718.013.13
Chang, C. L., Chen, S. P., & McAleer, M. (2013). Globalization and knowledge spillover: International direct investment, exports and patents. Economics of Innovation and New Technology, 22(4), 329–352. https://doi.org/10.1080/10438599.2012.707412
Chen, V. Z., Li, J., & Shapiro, D. M. (2012). International reverse spillover effects on parent firms: Evidences from emerging-market MNEs in developed markets. European Management Journal, 30(3), 204–218. https://doi.org/10.1016/j.emj.2012.03.005
Chen, Y. (2011). An empirical study on China’s ODI reverse technology spillover: An absorptive capacity perspective. China Soft Science, 10(12), 61–72.
Choong, C. K. (2012). Does domestic financial development enhance the linkages between foreign direct investment and economic growth? Empirical Economics, 42, 819–834. https://doi.org/10.1007/s00181-011-0455-2
Clegg, J., Lin, H. M., Voss, H., Yen, I-F., & Shih, Y. T. (2016). The outward FDI patterns and firm performance of Chinese firms: The moderating effects of multinationality strategy and external factors. International Business Review, 25(4), 971–985. https://doi.org/10.1016/j.ibusrev.2016.01.010
Cohen, W. M., & Levinthal, D. A. (1989). Innovation and Learning: The Two Faces of R & D. The Economic Journal, 99(397), 569–596. https://doi.org/10.2307/2233763
Desai, M. A., Foley, C. F., & Hines, J. R. (2009). Domestic effects of the foreign activities of US multinationals. American Economic Journal: Economic Policy, 1(1), 181–203. https://doi.org/10.1257/pol.1.1.181
Dreger, C., & Herzer, D. (2013). A further examination of the export-led growth hypothesis. Empirical Economics, 45(1), 39–60. https://doi.org/10.1007/s00181-012-0602-4
Driffield, N., Love, J. H., & Taylor, K. (2009). Productivity and labour demand effects of inward and outward foreign direct investment on UK industry. The Manchester School, 77(2), 171–203. https://doi.org/10.1111/j.1467-9957.2008.02093.x
Dunning, J. H. (1994). Multinational enterprises and the globalization of innovatory capacity. Research Policy, 23(1), 67–88. https://doi.org/10.1016/0048-7333(94)90027-2
Filippett, A., Frenz, M., & Ietto-Gillies, G. (2017). The impact of internationalization on innovation at countries’ level: The role of absorptive capacity. Cambridge Journal of Economics, 41(2), 413–439. https://doi.org/10.1093/cje/bew032
Findlay, R. (1978). Relative backwardness, direct foreign investment, and the transfer of technology: A simple dynamic model. The Quarterly Journal of Economics, 92(1), 1–16. https://doi.org/10.2307/1885996
Fosfuri, A., Motta, M., & Rønde, T. (2001). Foreign direct investment and spillovers through workers’ mobility. Journal of International Economics, 53(1), 205–222. https://doi.org/10.1016/S0022-1996(00)00069-6
Fu, Y. P., & Peng, Z. Q. (2020) Green finance development, R&D investment and regional economic growth: Empirical evidence based on the provincial panel threshold model. Statistics and Decision, 36(21), 120–124. https://doi.org/10.13546/j.cnki.tjyjc.2020.21.024
Gong, X. S., Li, M. J., & Zhang, H. Z. (2017). Has OFDI promoted the industrial enterprises’ green innovation efficiency in China – evidence based on agglomeration economic effect. Journal of International Trade, 11, 127–137.
Hansen, B. E. (1999). Threshold effects in non-dynamic panels: Estimation, testing, and inference. Journal of Econometrics, 93(2), 345–368. https://doi.org/10.1016/S0304-4076(99)00025-1
Hao, Y., Guo, Y., Guo, Y., Wu, H., & Ren, S. (2020). Does Outward Foreign Direct Investment (OFDI) affect the home country’s environmental quality? The case of China. Structural Change and Economic Dynamics, 52(C), 109–119. https://doi.org/10.1016/j.strueco.2019.08.012
Helpman, E. (1992). Endogenous macroeconomic growth theory. European Economic Review, 36(2), 237–267. https://doi.org/10.1016/0014-2921(92)90083-9
Hermes, N., & Lensink, R. (2003). Foreign direct investment, financial development and economic growth. Journal of Development Studies, 40(1), 142–163. https://doi.org/10.1080/00220380412331293707
Herrigel, G. (2015). Globalization and the German industrial production model. Journal for Labour Market Research, 48(2), 133–149. https://doi.org/10.1007/s12651-014-0170-5
Hu, Y. X., Qu, X. E., & Dong, M. F. (2016). The effect of green productivity growth of China’s FDI: An empirical analysis based on the perspective of spatiotemporal heterogeneity. Economist, 12(8).
Jia, J., Wei, J. Y., & Wang, Y. (2017). Different impacts of environmental regulations of green technological innovation on Chinese OFDI – from the perspective of heterogeneity of host countries. R&D Management, 29(10).
Kee, H. L. (2015). Local intermediate inputs and the shared supplier spillovers of foreign direct investment. Journal of Development Economics, 112(6), 56–71. https://doi.org/10.1016/j.jdeveco.2014.09.007
Kogut, B., & Chang, S. J. (1991). Technological capabilities and Japanese foreign direct investment in the United States. The Review of Economics and Statistics, 73(3), 401-413. https://doi.org/10.2307/2109564
Kong, Q. X., Chen, H., & Ni, Y. H. (2019). How does OFDI reverse technology spillover of Chinese enterprises promote green technology innovation – based on empirical evidence of Yangtze River Economic Belt. Journal of Guizhou University of Finance and Economics, 4(12), 100–111.
Li, J., Strange, R., Ning, L., & Sutherland, D. (2016). Outward foreign direct investment and domestic innovation performance: Evidence from China. International Business Review, 25(5), 1010–1019. https://doi.org/10.1016/j.ibusrev.2016.01.008
Li, M., & Liu, S. H. (2012). Regional differences and threshold effects of OFDI reverse technology spillover: Based on the threshold regression analysis of China’s provincial panel data. Journal of Management World, 01. https://doi.org/10.19744/j.cnki.11-1235/f.2012.01.004
Luo, L. W., & Liang, S. R. (2017). The spatial effect of international R&D capital technology spillovers on the efficiency of China’s green technology innovation. Business Management Journal, 39(3), 21–33.
Maksimov, V., Wang, S. L., & Yan, S. (2019). Global connectedness and dynamic green capabilities in MNEs. Journal of International Business Studies. https://doi.org/10.1057/s41267-019-00275-z
Mansfield, E. (1983). Technology transfer, productivity and economic policy. W W Norton & Co Inc.
Melane-Lavado, A., Alvarez-Herranz, A., & Gonzalez-Gonzalez, I. (2018). Foreign direct investment as a way to guide the innovative process towards sustainability. Journal of Cleaner Production, 172(12), 3578–3590. https://doi.org/10.1016/j.jclepro.2017.03.131
Pan, X., Pan, X., Ming, Y., & Zhang, J. (2018). The effect of regional mitigation of carbon dioxide emission on energy efficiency in China, based on a spatial econometrics approach. Carbon Management, 9(6), 665–676. https://doi.org/10.1080/17583004.2018.1537514
Piperopoulos, P., Wu, J., & Wang, C. (2018). Outward FDI, location choices and innovation performance of emerging market enterprises. Research Policy, 47(1), 232–240. https://doi.org/10.1016/j.respol.2017.11.001
Potterie, B. P., & Lichtenberg, F. (2001). Does foreign direct investment transfer technology across borders? Review of Economics and Statistics, 83(3), 490–497. https://doi.org/10.1162/00346530152480135
Pradhan, J. P., & Singh, N. (2008). Outward FDI and knowledge flows: A study of the Indian automotive sector. International Journal of Institutions and Economies, 1(1), 155–186. https://ssrn.com/abstract=1515586
Seyoum, M., Wu, R., & Yang, L. (2015). Technology spillovers from Chinese outward direct investment: The case of Ethiopia. China Economic Review, 33, 35–49. https://doi.org/10.1016/j.chieco.2015.01.005
Simpson, H. (2012). How do firms’ outward FDI strategies relate to their activity at Home? Empirical evidence for the UK. The World Economy, 35(3), 243–272. https://doi.org/10.1111/j.1467-9701.2011.01402.x
Siotis, G. (1999). Foreign direct investment strategies and firms’ capabilities. Journal of Economics & Management Strategy, 8(2). https://ssrn.com/abstract=2812163
Stiebale, J. (2016). Cross-border M and as and innovative activity of acquiring and target firms. Journal of International Economics, 99, 1–15. https://doi.org/10.1016/j.jinteco.2015.12.005
Usai, S. (2011). The Geography of inventive activity in OECD regions. Regional Studies, 45(6), 711–731. https://doi.org/10.1080/00343401003792492
Vahter, P., & Masso, J. (2006). Home Versus Host Country Effects of FDI: Searching for new evidence of productivity spillovers (William Davidson Institute Working Paper No. 280). https://doi.org/10.2139/ssrn.918070
Wang, J. Y., & Blomström, M. (1992). Foreign investment and technology transfer: A simple model. European Economic Review, 36(1), 137–155. https://doi.org/10.1016/0014-2921(92)90021-N
Wen, Z. L., & Ye, B. J. (2014). Analyses of mediating effects: The development of methods and models. Advances in Psychological Science, 22(5), 731–745. https://doi.org/10.3724/SP.J.1042.2014.00731
Xu, B. (2000). Multinational enterprises, technology diffusion, and host country productivity growth. Journal of Development Economics, 62(2), 477–493. https://doi.org/10.1016/S0304-3878(00)00093-6
Yang, S. D., Han, X. F., & Song, W. F. (2017). Does OFDI affect China’s green total factor productivity. Journal of Shanxi University of Finance and Economics, 39(13).
Yin, Z. B., Sun, X. Q., & Xing, M. Y. (2021). Research on the impact of green finance development on green total factor productivity. Statistics and Decision, 37(03), 139–144. https://doi.org/10.13546/j.cnki.tjyjc.2021.03.030
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