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RISS 인기검색어
- 검색키워드
- 저자 : Hayakawa Kazunobu (검색결과 8 건)
- 무료
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- 유료
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Transport Modal Choice by Multinational Firms: Firm-level Evidence from Southeast Asia
Kazunobu Hayakawa,Kiyoyasu Tanaka,Yasushi Ueki 한국국제경제학회 2013 International Economic Journal Vol.27 No.4
We examine transport-mode decisions by multinational firms to shed light on the role of freight logistics in multinational activity. Using a firm-level survey in Southeast Asia, we show that foreign ownership has a significantly positive and quantitatively large impact on the likelihood that air/sea transportation is chosen relative to truck shipping. This result is robust to the shipping distance, cross-border freight, and transport infrastructure. Both foreign-owned exporters and importers also tend to use air/sea transportation. Thus, our analysis presents a new distinction between multinational and domestic firms in their decision over transport modes
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Kazunobu Hayakawa 한국경제연구학회 2010 Korea and the World Economy Vol.11 No.1
This paper investigates Japanese trade by mode of transport, i.e., air transport versus maritime shipping. Some facts about Japanese machinery exports by mode of transport are examined first. Then it will be shown that products of the machinery sector where international fragmentation prevails are more likely to be exported by air.
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The Trade Effect of Non-tariff Measures in a Comprehensive Trade Agreement
Hayakawa Kazunobu,Jongwanich Juthathip,Kohpaiboon Archanun 한국국제경제학회 2024 International Economic Journal Vol.38 No.1
The aim of this study is to quantify the trade effects of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is considered to be a comprehensive trade agreement. To this end, we estimate the gravity equation for worldwide trade and introduce applied tariffs into this equation to differentiate between the trade effects of tariff reduction and non-tariff measure (NTM) changes. Our gravity equation results indicate that the trade effect of NTM changes under the CPTPP is insignificant on average and negative for most products. We also estimate the gravity equation for foreign direct investment (FDI) and find some evidence that the CPTPP increased FDI by a statistically significant amount. Thus, the NTM changes in the CPTPP may increase FDI, rather than trade, among member countries.
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Kazunobu Hayakawa,이현훈,박동현 연세대학교 동서문제연구원 2013 Global economic review Vol.42 No.2
There is a large and growing empirical literature that investigates the determinants of outward foreign direct investment (FDI). This literature examines primarily the effect of host country characteristics on FDI even though home country characteristics also influence the decision of firms to invest abroad. In this paper, we examine the role of both host and home country characteristics in FDI. To do so, we constructed a firm-level database of outward FDI from Japan, Korea and Taiwan. Our empirical analysis yields two main findings. First, host countries with better environment for FDI, in terms of larger market size, smaller fixed entry costs and lower wages, attract more foreign investors. Second, firms from home countries with higher wages are more likely to invest abroad. An interesting and significant policy implication of our empirical evidence is that policy-makers seeking to promote FDI inflows should prioritize countries with higher wages.
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Are Korean Firms Doing Well? Evidence from Shandong Province in China
Fukunari Kimura,Kazunobu Hayakawa,Zheng Ji 한국경제연구학회 2008 Korea and the World Economy Vol.9 No.1
This paper constructs a firm-level data set of manufacturing firms in the Province of Shandong and examines whether the corporate performance, e.g., labor productivity, of foreign-owned firms, particularly of Korean firms, is superior to that of domestically-owned firms. In the regression analysis, we found the following: first, foreign-owned firms achieve significantly better performance. Second, the differences in corporate performance between domestically- and foreign-owned firms are particularly large in chemical and machinery sectors. Third, small sized Korean firms and Korean firms in fabricated materials and machinery sectors have relatively high performance among foreign-owned firms.
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The Influence of Cultural Factors on Trade in Agricultural Products
Kuo-I Chang,Kazunobu Hayakawa,Hyun-Hoon Lee 한국경제연구학회 2008 Korea and the World Economy Vol.9 No.2
The purpose of this paper is to investigate the ways in which cultural factors such as language, religion and colonial ties affect trade in agricultural products, as compared with trade in manufactured goods. Using the augmented gravity model, we find that commonality of language, religion and a colonial relationship between trading countries enhance trade in agricultural products more significantly than trade in manufactured goods. This result implies that trade in agricultural products depends more heavily on cultural ties between the trading partners than trade in manufactured goods. This greater effect of cultural ties on agricultural trade remains, even upon analyzing differentiated agricultural products and manufactured goods.
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Financial Risk and Cross-border M&A
Badassa Wolteji Chala,Kazunobu Hayakawa,Hyun-Hoon Lee 한국경제연구학회 2015 Korea and the World Economy Vol.16 No.3
This paper assesses the question of how a host country’s financial risk influences cross-border Merger and Acquisition (M&A). We use bilateral flows of cross-border M&A from 20 major Organization for Economic Cooperation and Development (OECD) countries to 135 developed and developing countries for the period 1995-2012. Utilizing a partial adjustment model that includes the initial levels of and differences in explanatory variables, we investigate the long-term vs. short-term effects of financial risk on cross-border M&A. We also employ the Heckman sample selection model to assess the long-term vs. short-term effects of financial risk on two different stages of cross-border M&A (i.e., selection stage vs. outcome stage). We find that financial risk is quite different from political risk, as with regards to its association with cross-border M&A. Specifically, while higher political risk in developing countries is associated with lower cross-border M&A sales, higher financial risk of host countries, particularly of developing countries, is associated with greater M&A sales, not only in the short term but also in the long term. Among the various components comprising financial risk, exchange rate instability, debt service as % of exports, current account as % of GDP, and international liquidity are found to be significant where the host country is a developing country.
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Details in the China-Taiwan Free Trade Agreement
( Kuo I Chang ),( Kazunobu Hayakawa ) 세종대학교 경제통합연구소 2014 Journal of Economic Integration Vol.29 No.4
We conducted an empirical investigation into the determinants of Free Trade Agreement utilization in exports from Taiwan to China. First, we estimated the selection equation to see what kinds of products are included in the early harvest list. As a result, we found that Taiwan includes products with a medium magnitude of benefits from tariff removal in the early harvest list. We then estimated the equation for the determinants of Free Trade Agreement utilization by introducing an inverse of the Mills ratio estimated in the selection equation. As expected, the findings show that the Free Trade Agreement rates are more likely to be utilized for products with a larger tariff margin. In addition, some rules of origin are found to be relatively restrictive.
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