Jordi Paniagua

University of Valencia | UV · Departamento de Estructura Econòmica (Economía Aplicada II)

This paper explores the role that international commercial arbitration plays in facilitating foreign direct investment (FDI). International commercial arbitration is a system of private commercial law that enables firms to more effectively enforce contracts by allowing them to avoid inefficiencies that arise from domestic courts. As a result, acces...

Migrants can lower cross-border investment barriers, help investors by providing information about their homeland and reduce transaction costs by sharing expertise on regulations, customs and procedures. In addition to generating these well-known networking effects, migrants can also provide valuable information about local finance, thereby easing...

This paper provides further analysis on the determinants of sovereign debt spreads for peripheral Eurozone countries since the start of EMU, paying special attention to episodes that characterized the global financial crisis aftermath starting in 2007. More specifically, the purpose of our research is to disentangle the role of fundamental variable...

Social media has become a common place for communication, networking and content sharing. Many companies seek marketing and business opportunities in these platforms. However, link between the resources generated in these sites and business performance remains largely unexploited. Both managers and financial advisors can profit from the lessons lea...

Social media is embedded in today's internationalization strategy. Companies extend their reach into foreign countries by posting and tweeting. Firms also enhance their mobile capabilities in foreign markets (e.g., knowledge and reputation) through user-generated content in online social networks. Levering on the capabilities-based theory of the mu...

This paper aims to provide policy‐relevant insights into the effect of the euro on trade. It uses a new data set of bilateral international and intranational manufacturing trade flows for 69 countries over the period 1986−2016. A general equilibrium gravity model is estimated to quantify the welfare effect of the euro and its impact on consumer pri...

Design/methodology/approach: We randomly selected more than 300 companies with active profiles on LinkedIn from the S&P 500 list and then collected data on corporate followers as an indicator of corporate opinion leadership and revenue during a year. Moreover, we collected daily information on content generated by companies, users, and employees su...

The international expansion of higher education has intensified in recent decades with a rapidly growing number of international branch campuses appearing on the scene. This study investigates the economic, cultural and institutional, and educational determinants of transnational higher education on both the extensive margin (number of internationa...

This paper explores the link between innovation, migration, and Foreign Direct Investment (FDI) empirically within a theoretically‐consistent framework. It analyzes how migrant inventors enhance multinational firms’ adaptive innovation performance and ultimately foster FDI towards the migrant’s country of origin. Migrant inventors (migrants who fil...

This work assesses the impact of terrorism suffered by a country on the capacity to attract foreign greenfield investments. To this end, we estimate a theoretically consistent structural gravity equation which accounts for several well-known estimation biases such as ‘home bias’, endogeneity and multilateral resistance. This specification makes it...

This research examines the role that happiness plays in affecting tourism flows. While most previous studies are country-specific, our analysis is performed with panel data on 142 countries from 2005 to 2019. This allows us to implement a structural gravity model that includes both domestic and international tourism flows, which is a novel approach...

This research examines the role that happiness plays in affecting tourism flows. While most previous studies are country-specific, our analysis is performed with panel data on 142 countries from 2005 to 2019. This allows us to implement a structural gravity model that includes both domestic and international tourism flows, which is a novel approach...

Headquarters (HQs) provide a wide range of services, playing a fundamental role in Foreign Direct Investment (FDI). We use the structural gravity equation to investigate the effect of regional HQs on three dimensions of FDI (number of foreign projects, capital investment, and jobs) at the country‐pair‐sector level. Furthermore, we explore two under...

This paper reexamines the impact of corruption on international trade taking into account both inter-and intra-national flows following the latest advances in the estimations of gravity equations. Using a wide sample of countries for the period 1995-2017, our results show that non-inclusion of internal trade flows drastically biases the estimations...

In this article, we examine the impact of terrorist attacks on asylum-related migration flows. So far, the literature that examines the “push factors” such as terrorism that explain forced migration has omitted the fact that the vast majority of people forced to flee typically do so toward other locations within the country. The novel feature of ou...

Alongside the economic determinants and unobserved structural forces that drive migration flows, asylum migration faces additional natural and man-made hazards, which fall in the broad category of well-being. This paper estimates the effect of a composite well-being indicator on asylum migration flows, using a structural gravity equation. The paper...

This study examines the effect of online social talent on business performance. The paper uses data from a selected sample of 296 companies from the S&P 500 list with active corporate profiles on LinkedIn. The empirical design consists of non-linear techniques to test the hypothesis that financial performance (i.e., revenue) and online social talen...

As a result of the role played by migrants in supporting host economies, the interest in understanding the impact of migration is growing. However, the literature remains silent on the channels by which migration affects tourism. The present article aims to isolate the effect of migrant networks on tourism by exploring the role of information, trav...

El objetivo de este artículo es analizar las características de las agencias de promoción de inversión extranjera poniendo el foco en las agencias del ámbito autonómico español, con el fin de entender el papel que desempeñan en la atracción de inversión extranjera directa. El estudio se dirige específicamente a analizar la evolución, estructura, ca...

This study examined how social media (Twitter and LinkedIn) relates to the operating revenue by investigating the effect of the use of social media by the board of directors. To tackle this question, we analyzed the mediating and moderating relationship of social media on the effect of board size in operating revenue (turnover). We studied the impl...

This paper develops and estimates a model to study the effect of improving the quality of commercial trade law on trade flows. We focus on improvements aimed to privately resolve disputes among trading partners: international commercial arbitration and conciliation. The main novelty of the model is to explicit the balance between the contractual qu...

The present work reassesses the impact of good governance and democracy on Foreign Direct Investment (FDI) in oil-abundant countries. To this end, we estimate the effect of host countries’ institutions on greenfield FDI, using a gravity equation for a dataset that covers 182 countries during 2003-2012. Our findings confirm that compliance to rule o...

Country classification. Raw Data File. (PDF)

Economics of Energy & Environmental Policy This paper explores energy trade in the electricity market by undertaking a comprehensive empirical analysis of the effect of Europe’s progressive Energy Market Integration (EMI). Its aim is to quantify the effect of EMI on electricity trade in Europe in order to derive corresponding evidenced- based polic...

The purpose of this paper is to investigate how the use of social media can facilitate employee creativity. Departing from theories on social capital and knowledge management, this study examines the relationship among individual characteristics, the use of social technologies, and employee creativity. The main hypothesis of the study is that onlin...

The present work reassesses the link between natural resources, institutional quality and foreign direct investment (FDI). In particular, we focus on the impact of good governance and democracy on foreign direct investment in oil-abundant countries. To this end, we estimate the effect of host countries' institutions on the extensive margin (number...

El presente artículo presenta un análisis comparado del impacto de las crisis financieras sobre la inversión extranjera directa (IED) en fusiones y adquisiciones en España. En concreto, se analizan las consecuencias de las crisis financieras pasadas sobre la IED en España y en el mundo, y se comparan sus efectos con la reciente crisis financiera co...

Este capítulo presenta un análisis empírico del impacto sobre la inversión extranjera directa (IED) de la escalada de disputas arbitrales contra el Estado español a raíz de la modificación de la regulación de las energías renovables del año 2013. Este cambio en el sistema de tarifas de generación ha propiciado un aumento sin precedentes en los arbi...

Abstract Using a multi-country gravity framework, this paper models and quantifies the relevance of migrants’ job position in promoting Foreign Direct Investment (FDI). High-skilled migrants are defined as those individuals born in the investors’ home/host country occupying managerial or professional positions in the host/home country of investment...

This paper contributes to a better understanding of the effects of the European single market strategy by studying the effect of energy market integration (EMI) on foreign direct investment (FDI). Enforcing an EMI diminishes energy uncertainty and price volatility and signals stronger and credible institutions. FDI may, as a result, increase both w...

This chapter draws a picture of macro talent management in Spain by providing information about the main environmental factors that shape current talent management policies and actions on a national level. Moreover, it shows the result of such environment in terms of Spanish competitiveness and talent stock using a wide array of international index...

This study examines how corporate governance and ownership structure relate to the financial performance of firms. We estimated this relationship using fsQCA. We enhanced our analysis using complementary linear and non-linear multiple regression analysis. The panel data used in this study covered 1207 companies from 59 countries across 19 sectors f...

This policy brief summarizes the findings from a study on the determinants of greenfield investment in the Middle East and North Africa region (MENA). The results point out that institutional deficiencies deter foreign direct investment in the region and in particular, for the main oil producers within this region. Improvements in the areas of demo...

En el referéndum celebrado en junio del 2016, los votantes británicos optaron por abandonar la Unión Europea. Este artículo revisa las consecuencias económicas y los antecedentes del Brexit. La evidencia que arrojan los estudios realizados hasta la fecha coinciden en sugerir unos efectos negativos del Brexit. El diseño del votación, el descontento...

According to our study, improving institutional quality is more likely to foster FDI in MENA oil producers than in MENA no oil producers while the presence of natural resources could be expected to undermine the positive impact of institutions' quality could have on FDI. This may be explained by the fact that the oil production of such MENA countri...

This paper evaluates the impact on foreign direct investment (FDI) of the United Nations Commission on International Trade Law (UNCITRAL) initiatives to facilitate and strengthen the enforcement of cross border contracts. The paper discusses three initiatives; (i) the New York Convention, and UNCITRAL’s model laws on (ii) international commercial a...

The aim of this paper is to study the sustainability of public finances in the Eurozone particularly after the 2007 financial crisis. This paper goes beyond the standard analysis of the univariate properties of the fiscal variables through the estimation of a time-varying fiscal reaction function on a 11-country panel for a period spanning from 197...

Este artículo presenta un análisis de la inversión extranjera directa (IED) greenfield en España. La inversión greenfield se define como la inversión de nueva planta y supone además de la entrada de capital extranjero la creación de nuevos proyectos empresariales y puestos de trabajo. La inversión greenfield constituye un 35% del total de IED regis...

This chapter describes a teaching experience whereby students learnt by teaching and assessing other students. A group of students was tasked with explaining a topic from the course and preparing an exam on that topic. The remaining students in the class completed a questionnaire to measure their satisfaction. They also completed an online test on...

This study performs a fuzzy set qualitative comparative analysis (fsQCA) on entrepreneurial recipes. The research focuses on the moderating role of the 2007 financial crisis on the antecedents of entrepreneurship. Standard regressions analysis proves insufficient to uncover asymmetrical and complex relationships which explain the effect of credit c...

Sports performance is not the unique ingredient of a sports star’s market value. Some gifted players are undermined by weak media exposure while some less talented players who actively engage in social media and attract fans in millions benefit from exorbitant contracts. This research conceptualizes the effect of social media in the sports business...

This note presents a procedure to construct lighter FDI gravity datasets. The standard estimates using all potential dyads and many zeros are inefficient and present convergence issues. The standard balanced approach overlooks the fact that FDI is highly unbalanced and numerous country pairs rarely show investment activity. An empirical application...

Over the past three decades, China has experienced unprecedented economic growth and a profound structural change. In this context, Spain has significantly intensified its trade relations with China, always favorable in any case to Chinese sales. This paper uses the gravity equation to analyze the potential of Spanish trade with China. The results...

High-speed passenger railway (HSR) transport reduces travel time for travellers and it may well also have a positive effect on freight transport. The construction of many of these lines, which run in parallel to conventional railways, has significantly reduced the commute time between interconnected cities. Moreover, deployment of the HSR network h...

Economic crises have mixed effects on entrepreneurship. Through demand shocks, credit constraints, and unemployment, systemic banking crises affect the rate of start-up business creation, although the extent of their impact varies. Consequently, previous studies on the effect of crises on Entrepreneurship are inconclusive. The surge of global deman...

Building on legitimacy and social strategy theories, this research proposes a conceptual and empirical framework that links social entrepreneurial activity (SEA) with foreign direct investment (FDI). Investing in foreign countries with a high degree of SEA contributes to increase foreign investors’ legitimacy. Additionally, firms may consider SEA a...

This study examines foreign direct investment (FDI) diversion; in particular, the impact of foreign reinvestments in China on FDI inflows into Asia. FDI in high performing recipients has mixed effects on its neighbors. FDI agglomeration around certain areas may divert new FDI from similar surrounding countries. However, multinational enterprises (M...

This paper broadens the scope of Foreign Direct Investment (FDI) models by deriving a gravity equation for foreign re-investment. Re-investments in foreign subsidiaries are an equally frequent and unstudied phenomenon in international economics. However, previous empirical studies estimate a negative effect of distance. Our framework sets the theor...

Firm-level heterogeneity shapes foreign direct investment (FDI) flows, whereby a few firms are responsible for most of the world’s FDI. Aggregate outcomes of FDI are highly skewed, and the estimates of FDI’s antecedents vary largely depending on FDI level. The incidence of individual firms, however, varies across FDI’s quantiles. To study the indiv...

This paper studies the China effect from a novel perspective. We focus on the effect of FDI in China on foreign employment flows in the rest of Asia. The concentration of FDI in China may divert employment from similar surrounding countries. Offsetting this negative effect, MNE activities might spillover to neighboring countries along the foreign p...

This paper studies the effect of credit constraints on the jobs created by multinational enterprises (MNE) in host countries. Although most Foreign Direct investment (FDI) is labour-intensive, few studies delve into the determinants of Foreign Direct Employment (FDE). This paper constructs a model of limited commitment between the financed and fina...

The aim of this paper is to test the fulfillment of the intertemporal budget constraint for the case of some peripheral European Monetary Union (EMU) countries: Greece, Portugal, Ireland, Italy and Spain (PIIGS), on which, and particularly after the 2007 financial crisis, hangs the shadow of "default”. To this end, we analyze firstly the univariate...

Ethical and economic perspectives on foreign direct investment (FDI) often appear in opposing frameworks. To combat this antagonism, this research proposes a consolidation between foreign private wealth and general welfare in host countries. The first contribution of this study is to provide a comprehensive conceptual approach to the study of FDI e...

This paper proposes a golden rule to analyze international business ethics (IBE) with an empirical perspective. Levering on literature of ethics, economics and foreign direct investment (FDI), the first contribution of this study is the conceptualization and measurement of IBE. The second key contribution is the analysis of the influence of the leg...

http://www.tandfonline.com/eprint/jJG7MqQHZmNIHP7rxgZD/full This article estimates the effect of the present global systemic banking crisis on foreign direct investment (FDI) using the gravity equation on a sample of 161 countries over the period 2003 to 2010. Systemic banking crises, through demand shocks and credit constraints, may impact FDI in...

Foreign divestments, a frequent phenomenon in international economics, have been a rare academic field of study. However, the ongoing Great Recession has brought divestments to the spotlight. By embedding the OLI framework in a general equilibrium, this paper builds a gravity model for aggregate divestments between country pairs. We contrast our mo...

This paper presents a conceptual and empirical framework to analyse international knowledge brokerage from an ethical perspective through political and corporate incentives on foreign employment. Exploiting non-linear regressions on a global dataset covering bilateral jobs created by Foreign Direct Investment (FDI) between 161 countries during a se...

Article in German on the financial crisis in Spain https://www.jesuiten.org/fileadmin/Redaktion/JESUITEN/jesuiten_02-2013.pdf#!

FDI Gravity equations have been largely obtained by imitation to trade and therefore estimation results stand on quicksand. This paper derives a gravity equation for FDI using two different theoretical models for Greenfield FDI. Two different datasets are then constructed to compare among estimation techniques which deal with the zero data flows: H...