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| The Impact of Domestic Strategic Alliances on Firms’ Outward Foreign Direct Investment |
| ZHU Haining，FU Mengting，GUAN Kaolei |
| 1. Xiamen University， Xiamen， Fujian, China；2. Jiangxi University of Finance and Economics， Nanchang， China |
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Abstract Based on the data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2021, this study empirically examines the impact of domestic strategic alliances on the outward foreign direct investment (OFDI) behavior of enterprises. It is found that participation in domestic strategic alliances can effectively enhance corporate OFDI propensity, and this impact differs significantly across alliance types and partners. The mechanism test finds that domestic strategic alliances promote corporate OFDI by alleviating financing constraints, promoting technological innovation and enhancing productivity. Further analysis shows that the impact of domestic strategic alliances on corporate OFDI is manifested in cross-border M&A, greenfield investment and expanding investment breadth. Moreover, the effect of domestic strategic alliances on OFDI is more pronounced among enterprises with lower levels of risk-taking and higher levels of regional social trust.
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Received: 05 August 2024
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