Determinants of foreign firon existence in Vietnam
Main Article Content
Abstract
This paper studies the survival of 187 foreign invested firms in Vietnam that were newly established in 2000 and measures for how many years they stay in the market over the 20002011 period. By using the Cox proportional hazard model, the empirical results show that foreign firms with growing current size are more likely to stay longer in the market. We also find that foreign firms entering the market with wholly-owned subsidiaries rather than doing joint ventures with local partners can live longer. However, locating in industrial zones or export processing zones does not help foreign firms to increase their survival probabilityin the market. By contrast to our prediction, agglomeration economies have no significant effect on firm survival. Further, cultural distance is found to have a quite strong impact on the survival of foreign firms. Proximities in culture make it easier for foreign firms in cooperating with local partners; therefore increasing their success in foreign markets.
Article Details
Keywords
Foreign firm, Survival, Duration, Foreign direct investment
References
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44. Kogut, B. (1989), “The stability of joint ventures: reciprocity and competitive rivalry”, Journal of Industrial Economics, vol. 38, pp. 183-198.
45. Kogut, B. and Zander, U. (1993), “Knowledge of the firm and the evolutionary theory of the multinational corporation”, Journal of International Business Studies, vol. 34, pp. 516-529.
46. Krugman, P. (1991), “Geography and Trade”, Leuven: Leuven university Press and Cambridge (MA), London: the MIT Press.
47. Krugman, P. R. and Maurice, O. (1997), “International Economics”, New York: AddisonWesley.
48. Kokko, A., Kotoglou, K., and Krohwinkel-Karlsson, A. (2003), “The implementation of FDI in Vietnam: an analysis of the characteristics of failed projects”, Transnational Corporations, vol. 12, no. 3, pp. 41-77.
49. Law on enterprise income tax, No. 09/2003/QH11 issued on June 17, 2003 by the Vietnamese Assembly.
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55. mata, J. and Portugal, P. (2000), “Closure and divestiture by foreign entrants: the impact of entry and post-entry strategies”, Strategic Management Journal, vol. 21, pp. 549-562.
56. Mata, J. and Portugal, P. (2002), “The survival of new domestic and foreign-owned firms”, Strategic Management Journal, vol. 23, pp. 323-343.
57. McCoughan P. and Stone, I. (1998), “Life duration of foreign multinational subsidiaries:
evidence from U.K. northern manufacturing industry 1970-93”, International Journal of Industrial Organization, vol.16, pp. 719-747.
58. Meyer, K. (1998), “Direct investment in economies in transition”, Cheltenham: Edward Elgar.
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60. Meyer, K., Estrin, S., Bhaumik, S. and Peng W. (2009), “Institutions, resources and entry strategies in emerging economies”, Strategic Management Journal, vol. 30, no. 1, pp. 61-80.
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65. Oxley, J.E. (1999), “Institutional environment and the mechanism of government: the impact of intellectual property protection on the structure of inter-firm alliances”, Journal of Economic Behavior and Organization, no. 24.
66. Sharma, A. and Kesner, I. (1996), “Diversifying entry: some ex-ante explanations for postentry survival and growth”, Academy of Management Journal, vol. 39, pp. 635-677.
67. Shaver, J.M. and Flyer, F. (2000), “Agglomeration economies, firm heterogeneity, and foreign direct investment in the united states”, Strategic Management Journal, vol. 21, pp. 1175-1193.
68. Shaver, J. (1995), “The influence of industry growth and foreign entry rate on foreign direct investment survival”, Academy of Management Best Papers Proceedings, pp. 201-205.
69. Sutton, J. (1997), “Gibrat’s legacy”, Journal of Economic Literature, vol. 35, pp. 40-59.
70. Teece, J., Pisano, G. and Shuen, A. (1997), “Dynamic capabilities and strategic management”, Strategic Management Journal, vol. 18, pp. 509-633.
71. PCI (2006), “The Vietnam Provincial Competitiveness Index 2006: measuring economic governance for private sector development”, Report issued by the VietnamCompetitiveness Initiative (VNCI) and the Vietnam Chamber of Commerce and Industry (VCCI).
72. Wernerfelt, B. (1984), “A resource-based view of the firm”, Strategic Management Journal, vol. 5, no.2, pp. 171-180.
73. Wooldridge, J. (2002), “Econometric analysis of cross section and panel data”,massachusetts London, England: The MIT Press.
74. World Investment Report (1998), “Trends and determinants”, UNCTAD, New York: United Nations.
75. Yamawaki, H. (1997), “Exit of Japanese multinationals in U.S. and European manufacturing industries”, in Buckley P. and Mucchielli J. (eds), “Multinational firms and relocation”, Cheltenham:Edward Elgar.
76. Yoffie, D. (1993), “Foreign direct investment in semiconductors”, in Froot, K. (eds), Foreign Direct Investment, Chicago: university of Chicago Press.
77. Zhou, C., Delios, A. and Yang, J. (2002), “Locational determinants of Japanese foreign direct investment in China”, Asian Pacific Journal of Management, vol.19, pp.63-86.
2. Alcacer, J. and Chung, W. (2007), “Location strategies and knowledge spillovers”, management science, vol. 53, no. 5, pp. 760-776.
3. Anderson, E. and Gatignon, H. (1986), “Modes of foreign entry: a transaction cost analysis and propositions”, Journal of International Business Studies, pp. 1-26.
4. Audretsch, D. (1991), “New-firm survival and the technological regime”, Review of Economics and Statistics, vol. 73, no. 3, pp. 441-450.
5. Audretsch, D. (1995), “Innovation, survival andgrowth”, International Journal of Industrial Organization, vol. 13, pp. 441-457.
6. Audretsch, D. and Mamood T. (1994), “The rate of hazard confronting new firms and plants in u.s. manufacturing”, Review of Industrial Organization, vol. 9, pp. 41-56.
7. Audretsch, D. and Mamood T. (1995), “New firm survival: new results using a hazard function”, Review of Economics and Statistics, vol. 76, pp. 97-103.
8. Agarwal, R. and Audretsch, D.(2001), “Does entry size matter? The impact of the life cycle and technology of firm survival”, The Journal of Industrial Economics, vol.1,pp. 21-43.
9. Barba Navaretti, G. and Venables, A.J. (2004), “Multinational firms in the world economies”, Princeton and Oxford: Princeton University Press.
10. Barkema, H., Bell, J and Penning J. (1996), “Foreign entry, cultural barriers, and learning”, Strategic Management Journal, vol.17, pp. 151-166.
11. Barney, J. (1991), “Firm resources and sustained competitive advantage”, Journal of Management, vol.17, pp. 34-56.
12. Baum, R. and Wally, S. (2003), “Strategic decision speed and firm performance”, Strategic Management Journal, vol. 24, no. 11, pp.1107-1129.
13. Baum, J. and Mezias, S. (1992), “Localized competition and organizational failure in the manhattan hotel industry”, Administrative Science Quarterly,vol.37, pp. 580-604.
14. Boudier-Bensebaa, F. (2005), “Agglomeration economies and location choice, foreign direct investment in Hungary”, Economics of Transition, vol. 13, no. 4, pp. 605-628.
15. Brainard, S. L. (1997), “An empirical assessment of the proximity-concentration trade-off between multinational sales and trade”, The American Economic Review, vol.87, no.4.
16. Brouthers, K. (2002), “Institutional, cultural and transaction cost influences on entry mode choice and performance”, Journal of International Business Studies, vol. 33, no. 2, pp.203221.
17. Cave, R. (1998), “Industrial organization and new findings on the turnover and mobility of firms”, Journal of Economics Literature, vol. 36, pp. 1947-1982.
18. Cave, R. (1998), “Multinational enterprise and economic analysis”, London: Cambridge university Press.
19. Cheng, L. and Kwan, Y. (2000), “What are the determinants of the location of foreign direct investment? The Chinese experience”, Journal of International Economics, vol. 51, pp. 379-400.
20. Cleves, M., Gould, W., and Gutierrez, R. (2004), “An introduction to survival analysis using Stata”, College Station, Texas: Stata Press.
21. Cox, R. D. (1972), “Regression model and life tables”, Journal of the Royal Statistical Society, series B, vol. 34, pp. 187-220.
22. Crozet, M., Mayer, T. and Mucchielli, J. (2004), “How do firms agglomerate? A study of FDI in France”, Regional Science and Urban Economics, vol. 34, pp. 27-54.
23. Disney, R., Haskel, J. and Heden, Y. (2003), “Entry, exit and establishment survival in UK manufacturing”, The Journal of Industrial Economics, no.1.
24. Dosi, G. (2007), “Statistical regularities in the evolution of industries: a guide through some evidence and challenges for the theory”, in Malebra, I. and Brusoni, S. (eds) “Perspective on innovation”, Cambridge, mA: Cambridge V.P.
25. Dunne, T., Roberts M. and Samuelson, L. (1988), “Patterns of firm entry and exit in U.S. manufacturing industries”, Rand Journal of Economics, vol. 19, pp. 495-515.
26. Dunne, T., Roberts M. and Samuelson, L. (1989), “The growth and failure of U.S. manufacturing plants”, Quarterly Journal of Economics, vol.104, pp. 671-698.
27. Dunning, J. (1993), “Multinational Enterprises and the Global Economy”, New York: Addison-Wesley.
28. Evans, D.S. (1987), “The relationship between firm growth, size, ad age: estimates for 100 manufacturing industries”, The Journal of Industrial Economics, vol.35, no.4.
29. Fotopoulos, G. and Louri, H. (2000), “Location and survival of new entry”, Small Business Economics, vol.14, pp. 311-321.
30. General Statistics Office (2004), “The situation of enterprises through the results of surveys conducted in 2001, 2002, 2003”, Hanoi: Statistical Publishing House.
31. General Statistics Office (2007), “The situation of enterprises through the results of surveys conducted in 2004, 2005, 2006”, Hanoi: Statistical Publishing House.
32. General Statistics Office (2010), “The situation of enterprises through the results of surveys conducted in 2008, 2009, 2010”, Hanoi: Statistical Publishing House.
33. General Statistics Office (2000-2011), “Vietnam Statistical Yearbook”, CD-rom, Hanoi: Statistical, Publishing House.
34. General Statistics Office website: http://www.gso.gov.vn/default.aspx?tabid=217
35. Geroski, P. (1995), “What do we know about entry?”, International Journal of Industrial Organization, vol. 13, pp. 421-440.
36. Hansen, G. and Wernerfelt B. (1989), “Determinants of Firm Performance: The Relative Importance of Economic and Organizational Factors”, Strategic Management Journal, vol. 10, no. 5, pp. 399-411
37. Head, K., Ries, J. and Swenson, D. (1995), “Agglomeration benefits and location choice:
evidence from Japanese manufacturing investments in the united states”, Journal of International Economics, vol. 38, pp. 223-247.
38. Head, K., Ries, J. and Swenson, D. (1999), “Attracting foreign manufacturing: investment promotion and agglomeration”, Regional Science and Urban Economics, vol.29, pp.197218.
39. Head, K. and Ries, J. (1996), “Inter-city competition for foreign investment: static and dynamic effects of China’s incentive areas”, Journal of Urban Economics, vol. 40, pp. 3860.
40. Hennart, J. F. (1991), “The transaction costs theory of joint ventures: an empirical study of Japanese subsidiaries in the united states”, Management Sciences, vol. 37, pp. 483-497.
41. Hymer S. H. (1976), “The International operations of national firms: a study of direct foreign investment”, Cambridge: MIT Press.
42. Jovanovic, B. (1982), “selection and the evolution of industry”, Econometrica, vol.50, no. 3.
43. Kiefer, N. (1988), “Economic duration data and hazard functions”, Journal of Economic Literature, vol. 26, pp. 646-679.
44. Kogut, B. (1989), “The stability of joint ventures: reciprocity and competitive rivalry”, Journal of Industrial Economics, vol. 38, pp. 183-198.
45. Kogut, B. and Zander, U. (1993), “Knowledge of the firm and the evolutionary theory of the multinational corporation”, Journal of International Business Studies, vol. 34, pp. 516-529.
46. Krugman, P. (1991), “Geography and Trade”, Leuven: Leuven university Press and Cambridge (MA), London: the MIT Press.
47. Krugman, P. R. and Maurice, O. (1997), “International Economics”, New York: AddisonWesley.
48. Kokko, A., Kotoglou, K., and Krohwinkel-Karlsson, A. (2003), “The implementation of FDI in Vietnam: an analysis of the characteristics of failed projects”, Transnational Corporations, vol. 12, no. 3, pp. 41-77.
49. Law on enterprise income tax, No. 09/2003/QH11 issued on June 17, 2003 by the Vietnamese Assembly.
50. Levinthal, D. (1997), “Adaption on rugged landscapes”, Management Science, vol. 43, pp. 934-950.
51. Li, J. (1995), “Foreign entry and survival: effects of strategic choices on performance in international markets”, Strategic Management Journal, vol. 16, no. 5, pp. 333-351.
52. marshall, A. (1920), “Principles of Economics”, London:macmillan.
53. Mata, J. and Portugal, P. (1994), “Life duration of new firms”, The Journal of Industrial Economics, vol. 42, pp. 19-34.
54. Mata, J., Portugal, P. and Giumaraes, P. (1995), “The survival of new plants: entry conditions and post-entry evolution”, International Journal of Industrial Organization, vol. 13, pp. 575-602.
55. mata, J. and Portugal, P. (2000), “Closure and divestiture by foreign entrants: the impact of entry and post-entry strategies”, Strategic Management Journal, vol. 21, pp. 549-562.
56. Mata, J. and Portugal, P. (2002), “The survival of new domestic and foreign-owned firms”, Strategic Management Journal, vol. 23, pp. 323-343.
57. McCoughan P. and Stone, I. (1998), “Life duration of foreign multinational subsidiaries:
evidence from U.K. northern manufacturing industry 1970-93”, International Journal of Industrial Organization, vol.16, pp. 719-747.
58. Meyer, K. (1998), “Direct investment in economies in transition”, Cheltenham: Edward Elgar.
59. Meyer, K. (2001), “Institutions, transaction costs, and entry mode choice in Eastern Europe”, Journal of International Business Studies, vol. 32, no. 2, pp. 357-367.
60. Meyer, K., Estrin, S., Bhaumik, S. and Peng W. (2009), “Institutions, resources and entry strategies in emerging economies”, Strategic Management Journal, vol. 30, no. 1, pp. 61-80.
61. Michell, W., Shaver, J. and Yeung, B. (1994), “Foreign entrant survival and foreign market share: Canadian companies’ experience in United States medical sector markets”, Strategic Management Journal, vol. 15, no.7, pp. 555-567.
62. MPI website: http://www.mpi.gov.vn/portal/page/portal/bkhdt/dtttnn(fdi)
63. Nelson, R. and Winter, s. (1982), “An evolutionary theory of economic change”, Cambridge Mass: Harvard University Press.
64. North, D. (1990), “Institutions, Institutional change, and economic performance”, New York: Norton.
65. Oxley, J.E. (1999), “Institutional environment and the mechanism of government: the impact of intellectual property protection on the structure of inter-firm alliances”, Journal of Economic Behavior and Organization, no. 24.
66. Sharma, A. and Kesner, I. (1996), “Diversifying entry: some ex-ante explanations for postentry survival and growth”, Academy of Management Journal, vol. 39, pp. 635-677.
67. Shaver, J.M. and Flyer, F. (2000), “Agglomeration economies, firm heterogeneity, and foreign direct investment in the united states”, Strategic Management Journal, vol. 21, pp. 1175-1193.
68. Shaver, J. (1995), “The influence of industry growth and foreign entry rate on foreign direct investment survival”, Academy of Management Best Papers Proceedings, pp. 201-205.
69. Sutton, J. (1997), “Gibrat’s legacy”, Journal of Economic Literature, vol. 35, pp. 40-59.
70. Teece, J., Pisano, G. and Shuen, A. (1997), “Dynamic capabilities and strategic management”, Strategic Management Journal, vol. 18, pp. 509-633.
71. PCI (2006), “The Vietnam Provincial Competitiveness Index 2006: measuring economic governance for private sector development”, Report issued by the VietnamCompetitiveness Initiative (VNCI) and the Vietnam Chamber of Commerce and Industry (VCCI).
72. Wernerfelt, B. (1984), “A resource-based view of the firm”, Strategic Management Journal, vol. 5, no.2, pp. 171-180.
73. Wooldridge, J. (2002), “Econometric analysis of cross section and panel data”,massachusetts London, England: The MIT Press.
74. World Investment Report (1998), “Trends and determinants”, UNCTAD, New York: United Nations.
75. Yamawaki, H. (1997), “Exit of Japanese multinationals in U.S. and European manufacturing industries”, in Buckley P. and Mucchielli J. (eds), “Multinational firms and relocation”, Cheltenham:Edward Elgar.
76. Yoffie, D. (1993), “Foreign direct investment in semiconductors”, in Froot, K. (eds), Foreign Direct Investment, Chicago: university of Chicago Press.
77. Zhou, C., Delios, A. and Yang, J. (2002), “Locational determinants of Japanese foreign direct investment in China”, Asian Pacific Journal of Management, vol.19, pp.63-86.