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This study investigates the determinants of outward foreign direct investment (OFDI) for eight emerging Asian source countries vis-à-vis 107 host countries from 2009 to 2016. We employ Bayesian model averaging and the weighted average least squares technique to address the problem of model uncertainty. Our findings reveal that the OFDI position of Asian emerging countries targets developed countries for market- and asset-seeking purposes, emerging countries for market seeking, and most resource-seeking investments are directed to other developing countries.

This study examines the nexus among productivity, export, and flow of outward FDI among 23 categories of two-digit Indian manufacturing industries during the period of 2008-2016. For the empirical purpose, this study employs a panel ARDL-PMG method for cointegration and VECM Granger causality tests. We segregate 23 manufacturing industries into high, medium, and low productive groups based on their productivity performance, which is estimated by Levinsohn-Petrin (2003) productivity procedure. We find that the long-run and short-run relationship among these three variables varies across three groups. Further, there is a long-run and strong causality exists among the three core variables in all three categories irrespective of their variance in productivity performances. Thus, there is a need for a comprehensive and unified industrial policy in line with trade and FDI as the choice variables are well-connected in the long-run.

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