생산의 불확실성과 해외직접투자 = The Effects of Production Uncertainty on Foreign Direct Investment

다국어 초록 (Multilingual Abstract)

This paper investigates the effects of production uncertainty on factor demand in a competitive, multinational firm (MNF). It is assumed that the flow of factor services is subject to uncertainty. This uncertainty is asymmetric in the sense that the MNF knows the productivity of it`s home-country factors with certainty, but the productivity of factors in the foreign country is uncertain. Our analysis shows that the international resource allocation of an MNF depends on its risk attitude and on the nature of its technology. We also present plausible assumptions on technology under which, for a risk-neutral firm, increased uncertainty about foreign-factor productivity decreases both capital investment and labor employment in the foreign country.