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Transnational Corporations, Vol. 8, No. 1 (April 1999) SPECIAL FEATURE: FOREIGN PORTFOLIO and DIRECT INVESTMENT VOLUME 8 NUMBER 1 APRIL 1999 TRANSNATIONAL CORPORATIONS United Nations United Nations Conference on Trade and Development Division on Investment, Technology and Enterprise Development Editorial statement Transnational Corporations (formerly The CTC Reporter) is a refereed journal published three times a year by UNCTAD. In the past, the Programme on Transnational Corporations was carried out by the United Nations Centre on Transnational Corporations (1975–1992) and by the Transnational Corporations and Management Division of the United Nations Department of Economic and Social Development (1992–1993). The basic objective of this journal is to publish articles and research notes that provide insights into the economic, legal, social and cultural impacts of transnational corporations in an increasingly global economy and the policy implications that arise therefrom. It focuses especially on political and economic issues related to transnational corporations. In addition, Transnational Corporations features book reviews. The journal welcomes contributions from the academic community, policy makers and staff members of research institutions and international organizations. Guidelines for contributors are given at the end of this issue. Editor: Karl P. Sauvant Associate editors: Bijit Bora, Kálmán Kalotay, Michael C. Bonello and Michael Mortimore Managing editor: Tess Sabico Advisory editor for international framework matters: Arghyrios A. Fatouros Guest editor for special feature on foreign portfolio and direct investment: Mira Wilkins home page: http://www.unctad.org/en/subsites/dite/1_itncs/1_tncs.tm Subscriptions A subscription to Transnational Corporations for one year is US$ 45 (single issues are US$ 20). See p. 213 for details of how to subscribe, or contact any distributor of United Nations publications. United Nations, Sales Section, Room DC2-853, New York, NY 10017, United States – tel.: 1 212 963 3552; fax: 1 212 963 3062; e-mail: [email protected]; or Palais des Nations, 1211 Geneva 10, Switzerland – tel.: 41 22 917 1234; fax: 41 22 917 0123; e-mail: [email protected]. Note The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the United Nations. The term “country” as used in this journal also refers, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgement about the stage of development reached by a particular country or area in the development process. Unless stated otherwise, all references to dollars ($) are to United States dollars. ISSN 1014-9562 Copyright United Nations, 1999 All rights reserved Printed in Switzerland Board of Advisers CHAIRPERSON John H. Dunning, State of New Jersey Professor of International Business, Rutgers University, Newark, New Jersey, United States, and Emeritus Research Professor of International Business, University of Reading, Reading, United Kingdom MEMBERS Edward K. Y. Chen, President, Lingnan College, Hong Kong, Special Administrative Region of China Arghyrios A. Fatouros, Professor of International Law, Faculty of Political Science, University of Athens, Greece Kamal Hossain, Senior Advocate, Supreme Court of Bangladesh, Bangladesh Celso Lafer, Ambassador, Permanent Representative, Permanent Mission of Brazil to the United Nations and to the International Organizations, Geneva, Switzerland Sanjaya Lall, Lecturer, Queen Elizabeth House, Oxford, United Kingdom Theodore H. Moran, Karl F. Landegger Professor, and Director, Program in International Business Diplomacy, School of Foreign Service, Georgetown University, Washington, D.C., United States Sylvia Ostry, Chairperson, Centre for International Studies, University of Toronto, Toronto, Canada Terutomo Ozawa, Professor of Economics, Colorado State University, Department of Economics, Fort Collins, Colorado, United States Tagi Sagafi-nejad, Professor of International Business, Sellinger School of Business and Management, Loyola College of Maryland, Baltimore, Maryland, United States Oscar Schachter, Professor, School of Law, Columbia University, New York, United States Mihály Simai, Professor, Institute for World Economics, Budapest, Hungary John M. Stopford, Professor, London Business School, London, United Kingdom Osvaldo Sunkel, Special Adviser to the Executive Secretary, United Nations Commission for Latin America and the Caribbean, Santiago, Chile; Director, Pensamiento Iberoamericano, Chile Raymond Vernon, Clarence Dillon Professor of International Affairs Emeritus, Harvard University, Centre for Business and Government, John F. Kennedy School of Government, Cambridge, Massachusetts, United States Acknowledgement The editors of Transnational Corporations would like to thank the following persons for reviewing manuscripts from January through December 1998: Jamuna P. Agarwal Ernst Becher Richard Blackhurst Tom Brewer John Cantwell Jorge Carillo John H. Dunning Lorraine Eden Dennis Encarnation Arghyrios Fatouros Murray Gibbs Peter Gray Eduardo Hecker Tim Kelly Robert Ley Robert E. Lipsey Rodney D. Ludema James R. Markusen Harriet Matejka Allen Morrison Allen Morrison Rajneesh Narula Aurelio Parisotto Antonio R. Parra Robert D. Pearce Lucia Piscitello Eric Ramstetter Magdolna Sass R. Van Tulder Obie G. Whichard Transnational Corporations Volume 8, Number 1, April 1999 Contents Page SPECIAL FEATURE: FOREIGN PORTFOLIO AND DIRECT INVESTMENT Preface 7 John H. Dunning and Towards a general paradigm of John R. Dilyard foreign direct and foreign portfolio investment 1 Mira Wilkins Two literatures, two story-lines: is a general paradigm of foreign portfolio and foreign direct investment feasible? 53 * * * ARTICLES Stuart Ford and Where do Japanese manufacturing Roger Strange firms invest within Europe, and why? 117 Ans Kolk, International codes of conduct Rob van Tulder and and corporate social responsibility: Carlijn Welters can transnational corporations regulate themselves? 143 BOOK REVIEWS 181 Just published 201 Books received 204 Report from the editor 205 v vi Transnational Corporations, vol. 8, no. 1 (April 1999) SPECIAL FEATURE: FOREIGN PORTFOLIO AND DIRECT INVESTMENT Preface This Transnational Corporations special feature is on a timely subject: the relationships between foreign portfolio and foreign direct investments (FPI and FDI). It starts with an article by John Dunning and John Dilyard, suggesting that a general paradigm on FPI and FDI can be developed, based on an expansion of John Dunning’s work on OLI (ownership, location, and internalization). Independently, I had been considering the connections between FPI and FDI for a number of years. When I read the first rendition of the Dunning/Dilyard essay, I felt I needed to put on paper some of my own thoughts. Thus, my contribution deals with the “literatures” on FPI and FDI, provides historical insights, and seeks to cast light on the mixtures and varying relationships of FPI and FDI over the years. I conclude that, at this stage, a general paradigm is not possible. Karl Sauvant recognized that the two articles would interest TNC readers; Bijit Bora saw the articles through the refereeing process. We have appreciated their cooperation in the development of this set of articles. Our two papers break new ground in providing a formal exploration of the differences between FPI and FDI and the various relationships between the types of investment. The two articles suggest that there are public policy implications associated with the distinctions between types of investments and, more specifically, with the separate consideration of FPI and FDI. As we examined the relationships between FPI and FDI we refined and tempered our views, but became ever more convinced that discussions of the FPI/FDI interconnections (or absence thereof) were extremely fruitful. Hopefully, our papers will stimulate new research, new debate and further inquiries. Mira Wilkins Transnational Corporations, vol. 8, no. 1 (April 1999) vii viii Transnational Corporations, vol. 8, no. 1 (April 1999) Towards a general paradigm of foreign direct and foreign portfolio investment John H. Dunning and John R. Dilyard* This article attempts to integrate explanations of foreign direct investment and foreign portfolio investment into a single paradigm. It shows that the determinants of each possess both common and distinctive characters, but that historical data on inbound investment into the United States, and contemporary data on foreign direct investment and foreign portfolio investment flows into East Asia and Latin America show they complement, rather than substitute for, each other. Introduction Until the early 1960s, the theory of foreign investment was essentially a theory of international portfolio or indirect capital movements. Capital flowed across national borders, mainly (though not exclusively) through the intermediation of the international capital market; and it did so in search of higher interest rates (discounted for exchange and other risks) and/or higher profits relative to those which could be earned at home. The types of financial devices that were involved in these cross-national flows
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