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Five decades of research on foreign direct investment by MNEs: An overview and research agenda
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Despite the significance attached to foreign direct investment (FDI) by Multinational enterprises (MNEs), there are is no comprehensive review of the FDI literature. Moreover, those that have been published, focus on subsets of FDI. This review systematically examines the empirical as well as theoretical research on FDI through an analysis of 500 articles published during the last five decades. Theoretical models, methods, context, and contributions to scholarship were reviewed. We strive to highlight the key theories, paradigms, and articles and provide directions for future research. We conclude that FDI has evolved as the most significant area of international business.
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“As per Paul and Feliciano-Cestero (2021), only empirical papers that are based on data collected from a sample should be considered for country-wise synthesis.”
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Metadata
- Authors
- Paul, J., & Feliciano-Cestero, M. M.
- Affiliations
- University of Puerto Rico System (PR)
- Corresponding author
- Feliciano-Cestero, María M.
- Venue
- Journal of Business Research
- Publisher
- Elsevier BV
- Published
- 2021-01
- Volume
- 124
- Pages
- 800-812
- ISSN
- 0148-2963 (ISSN-L)
- PMC
- PMC7151309
- OpenAlex
- W3015493597
- Cited by
- 401
- References
- 223
- Citations by year
- 2026: 42 · 2025: 88 · 2024: 82 · 2023: 68 · 2022: 72 · 2021: 37
- FWCI
- 50.58
- Type
- journal article
- Language
- en
- Open access
- green
- www.ncbi.nlm.nih.gov
- Locations
- Journal of Business Research (publishedVersion)
- PubMed Central (publishedVersion)
- PubMed (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › International Business and FDI
- Social Sciences › Business, Management and Accounting › Strategy and Management › Innovation and Knowledge Management
- Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
- Keywords
- foreign direct investment, multinational corporations, FDI theory, international business research, research agenda
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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