外文翻译--外商直接投资行为的决定因素.docVIP

本科毕业论文外文翻译 外文题目： Behavioural Determinants Of foreign Direct Investment 出 处： University of Bath 作 者： Ricardo Pinheiro Alves 原文： Behavioral Determination Of Foreign Direct Investment Picardo Pinheiro Alves Abstract The paper presents a behavioural economics approach to foreign direct investment. Starting from behavioural finance theory, it uses content analysis from interviews made to Portuguese managers with investments abroad. The study presents evidence of herding, anchoring, overconfidence, mental accounting and other behaviour rules in firms’ location decisions that originate a set of determinants of FDI flows and complement the neoclassical paradigm. Moreover, it confirms the Heiner model (1983, 1985, 1989) by showing that the higher the uncertainty faced by decision makers the more frequent will be the use of behavioural rules. The central role of uncertainty helps explain why FDI flows occur more frequently among developed countries. 1.Introduction FDI theory has been developing on a partial-equilibrium basis and its empirical analysis is often not conclusive indicating that there are many determinants of FDI decisions and their role varies with context (countries, firms and so on – Blonigen, 2005). But theory seldom considers the role of managers within the decision making process. Psychologists recognize that managers, as human beings in general, have several motivational factors that are either intrinsic to their personality or shaped by their environment and may have multiple and changing objectives that are often contradictory (Frey and Eichenberger, 2001). Values are subject to choices and change with the personal experience of individuals. This change in values modifies the objectives that individuals attempt to attain (Akerlof, 1983). Given that managers have checks on their performance (from competitio