国际货币网：【IMI Working Paper No. 2402 [EN]】德国企业对外直接投资区位选择的适应成本量化研究报告（英文版）

Initiating foreign direct investment (FDI) is expensive for multinational firms due to the need to adapt to new business practices, ethical norms, and regulations in a foreign country. This paper examines how such adaptation costs affect firms’ FDI decisions in current and subsequent periods. We develop a dynamic structural model of how firms make sequential decisions regarding where to invest. Using unique data cover- ing all German firms’ FDI from 2002 to 2009, we estimate the model that allow