(LUẬN văn THẠC sĩ) location specific determinants of japanese foreign direct investment in selected asian countries

University of Economics International Institution of Social Studies Ho Chi Minh City, Vietnam Eramus University of Rotterdam, The Netherlands VIETNAM – THE NETHERLANDS PROGRAMME FOR MASTER OF ART IN DEVELOPMENT ECONOMICS LOCATION SPECIFIC DETERMINANTS OF JAPANESE FOREIGN DIRECT INVESTMENT IN SELECTED ASIAN COUNTRIES BY HUYNH THAO THUY VI A thesis submitted in partial fulfillment of the requirements for the degree of Master of Arts in Development Economics Under the supervision of Dr Le Cong Tru HO CHI MINH CITY, 2014 TIEU LUAN MOI download : skknchat@gmail.com DECLARATION This is to certify that the thesis entitled “Location-specific determinants of Japanese foreign direct investment in selected Asian countries”, is submitted by me in fulfillment of the requirement for the degree of Master of Art in Development Economics to Vietnam – Netherlands Programme This thesis comprises only my original work and due supervision and acknowledgement have been made in the text to all other material used Huynh Thao Thuy Vi TIEU LUAN MOI download : skknchat@gmail.com ACKNOWLEDGEMENT I would not be possible to finish this thesis without the support of people surrounding me Firstly, I am really grateful to my supervisor, Dr Le Cong Tru, for his guidance, comments and supervisions Secondly, I would like to express my gratitude to Dr Truong Dang Thuy for his econometric guidance Thirdly, I want to acknowledge all lecturers of Vietnam-Netherlands Programme for the wide knowledge they provided me during the time I studied here Next, I would like to express my gratitude to my parents for all of their sacrifice, encouragement and support for me Last but not least, I would like to thank my friends and people, who supported for my thesis but were not above-mentioned TIEU LUAN MOI download : skknchat@gmail.com ABBREVIATIONS FE Fixed Effect FDI Foreign Direct Investment GDP Gross Domestic Product JBIC Japan Bank for International Cooperation JFDI Japanese Foreign Direct Investment JETRO Japan External Trade Organization MNE Multinational Enterprises RE Random Effect TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries ABSTRACT This thesis contributes to examine the location-specific determinants influencing on Japanese foreign direct investment This research uses fixed effect method and panel data of ten selected Asian countries in the period from 1995 to 2012 The determinants are classified into three groups: policy factor, business facilitation and economic factor In this study, except for the variables which belong to policy factor and business facilitation, the others of economic factor are categorized in accordance with three main motives for Japanese enterprises investing abroad Those motives are market-seeking, resource-seeking and efficiency-seeking The study finds that market size, natural resource, inflation rate, exchange rate volatility, political risk and infrastructure development are the significant factors Moreover, among ten selected Asian countries, there are the differences between intercept coefficients of Vietnam and other countries who are Thailand, Indonesia, Vietnam– Philippines and China In other words, except for the determinants in the regression model, there would be other factors making those countries to be more dominant than Vietnam Finally, recognizing the need of Japanese foreign direct investment, the policy makers in host countries should apply the relevant policies to improve the business environment for becoming promising destinations and attract more Japanese foreign direct investment Key words: Japanese foreign direct investment, panel data, location-specific, Asian countries, fixed effect TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries TABLE OF CONTENT DECLARATION ACKNOWLEDGEMENT ABBREVIATIONS ABSTRACT TABLE OF CONTENT LIST OF FIGURES LIST OF TABLES CHAPTER INTRODUCTION 1.1 1.2 1.3 1.4 PROBLEM STATEMENT RESEARCH OBJECTIVES 10 RESEARCH QUESTION 10 THESIS STRUCTURE 11 CHAPTER LITERATURE REVIEW 12 2.1 THEORETICAL LITERATURE 12 2.1.1 Early concepts & studies of determinants of FDI 12 2.1.2 Neoclassical Trade Theory (Heckscher-Ohlin model & MacDougall-Kemp model) 13 2.1.3 Hymer – Kindleberger Paradigm 13 2.1.4 Internalization theory 14 2.1.5 The OLI paradigm - Eclectic theory 15 2.2 EMPIRICAL STUDIES 17 2.3 CONCEPTUAL FRAMEWORK 22 CHAPTER RESEARCH METHODOLOGY 25 3.1 VARIABLE DEFINITION AND TESTING HYPOTHESES 25 3.1.1 Market size 25 3.1.2 Natural resource 25 3.1.3 Inflation rate 25 3.1.4 Exchange rate volatility 26 3.1.5 Trade openness 26 3.1.6 Political risk 27 3.1.7 Infrastructure development 27 3.1.8 Labor cost 28 3.2 DATA AND MODEL SPECIFICATION 28 3.3 RESEARCH METHODOLOGY 31 3.3.1 Descriptive Analysis 31 3.3.2 Regression Analysis 32 CHAPTER DATA ANALYSIS 37 4.1 THE OVERVIEW OF JAPANESE FDI IN ASIAN COUNTRIES 37 4.1.1 Before the crisis in 1997 37 4.1.2 After the crisis in 1997 43 4.1.3 Several remarkable characteristics of recent Japanese FDI in Asia 45 4.2 EMPIRICAL RESULTS 47 4.2.1 Descriptive analysis and some general tests 47 4.2.2 Econometric results 52 CHAPTER 5.1 CONCLUSION AND POLICY IMPLICATION 57 CONCLUSION 57 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries 5.2 5.3 POLICY IMPLICATION 58 LIMITATION AND SUGGESTION OF FURTHER RESEARCH 59 APPENDIX A: RESULT OF HAUSMAN TEST 60 APPENDIX B: RESULTS OF HETEROSKEDASTICITY & 61 SERIAL CORRELATION TEST 61 Table B-1: Heteroskedasticity test 61 Table B-2: Serial Correlation test 61 APPENDIX C: REGRESSION RESULTS 62 REFERENCES 63 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries countries Therefore, flexible and open economy is an advantage towards a country desiring to receive the foreign investment 5.3 LIMITATION AND SUGGESTION OF FURTHER RESEARCH As we can see in the estimation results, the average real wage, which stands for labor cost, was indicated to influence on JFDI positively This result does not match with other empirical studies Moreover, in the recent survey of JBIC (2013), labor cost is the significant issue that Japanese firms always consider when they have intended to invest in any host country However, unlike the OECD countries whose labor cost‘s data are calculated and updated in details, this data in Asian countries is not sufficient In this study, we use the data of average real wage retrieved from International Labor Organization to proxy for labor cost Nevertheless, the figures provided by this source are not sufficient during the years The lack of too much data of one variable might lead to the bias estimation towards this variable By basing on the empirical studies and using the data from ten Asian countries, this study provided the general and important determinants of JFDI On the other hand, the future research can focus on widening the samples and classifying host countries into developed and developing ones to find out whether there is any difference of the location-specific determinants of JFDI between these two groups Furthermore, the main sectors that have the dominant ratio of investment from Japanese firms can be taken into account to indicate the determinants going with those factors In reality, the different sectors would require the different determinants In other words, a determinant, which is important one of JFDI in this sector, can be insignificant towards the other sector Since then, the suitable policies can be suggested for host countries’ authorities to improve the specific sectors and attract more JFDI in those sectors According to the figures from JBIC (2013), automobiles, chemicals, electrical equipment & electronics and general machines are the main sectors that can be considered in the future research 59 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries APPENDIX A: RESULT OF HAUSMAN TEST 60 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries APPENDIX B: RESULTS OF HETEROSKEDASTICITY & SERIAL CORRELATION TEST Table B-1: Heteroskedasticity test Table B-2: Serial Correlation test 61 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries APPENDIX C: REGRESSION RESULTS 62 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries REFERENCES Baum, Christopher F (2001) Residual diagnostics for cross-section 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skknchat@gmail.com (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries Hymer, Stephen (1976) The international operations of national firms: A study 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(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries 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An attribute-based and holistic analysis Ritsumeikan annual review of international studies, 10, 19-46 Wadhwa, Kavita, & Reddy, S (2011) Foreign Direct Investment into Developing Asian Countries: The Role of Market Seeking, Resource Seeking and Efficiency Seeking Factors International Journal of Business & Management, 6(11) 65 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries (LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries(LUAN.van.THAC.si).location.specific.determinants.of.japanese.foreign.direct.investment.in.selected.asian.countries