China's growing outward direct investment in Southeast Asia: a quantitative analysis of the political impact
To capture the political impacts of China’s outward direct investment (ODI) in Southeast Asia, this study investigated the relationship between China’s ODI amounts in 10 Southeast Asian countries and their voting behaviors in the United Nations (UN) General Assembly (GA). Given that Japan and China are competing for greater economic and political influence in Southeast Asia, I also examined whether China’s growing ODI will push countries away from voting in alignment with Japan in the UN GA. Adopting a country fixed effects model, I found that a larger amount of foreign direct investment from China is correlated with a greater likelihood of the recipient country voting in alignment with China and voting differently from Japan. An alternative year fixed effects model suggests the same result in terms of recipient countries voting in alignment with China. However, this model differs from the country fixed effects model in that it suggests that the recipient country will actually vote more in alignment with Japan when receiving larger amounts of investment from China.
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