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*Columbia FDI Perspectives*
Perspectives on topical foreign direct investment issues
No. 297 February 8, 2021
Editor-in-Chief: Karl P. Sauvant ([log in to unmask])
Managing Editor: Riccardo Loschi ([log in to unmask])
*Divestments by MNEs: What do we know about why they happen?*
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* <#m_-7288642974518891375_m_-5695820958501293960__edn1>
by
Maria Borga and Monika Sztajerowska**
<#m_-7288642974518891375_m_-5695820958501293960__edn2>
Divestments are frequent corporate phenomena. Firms routinely invest and
expand their operations as well as downsize and sell their business
activities at home and abroad. In fact, about one in five foreign
affiliates is divested every five years.[1]
<#m_-7288642974518891375_m_-5695820958501293960__edn3> A 2020 global
business survey also suggested that 78% of surveyed firms planned to divest
some operations in 2021.[2]
<#m_-7288642974518891375_m_-5695820958501293960__edn4> With the global
pandemic, cross-border divestments may rise if rising debt levels and
liquidity constraints drive companies to sell off some of their foreign
operations. In the longer term, the COVID-19 outbreak, together with such
factors as digitalization and trade tensions, could lead companies to
rethink their global supply chains. Even before the current crisis,
investment retention was discussed within the WTO
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the G20 Trade and Investment Working Group and the World Bank Group
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.
However, governments that proactively attract FDI may wish to retain it.
For example, investment promotion agencies (IPAs) increasingly focus on
investment facilitation and aftercare services and engage in broader policy
advocacy.[3] <#m_-7288642974518891375_m_-5695820958501293960__edn5>
Nevertheless, divestment enables MNEs to optimize their business portfolios
by shifting resources from less productive to more productive uses and may
reflect a natural evolution of firms’ local investment activities. From
that perspective, divestments may be a positive signal for host economies
if they, for example, result from host economies developing and becoming
less attractive for low-wage or pollution-intensive activities.
There is a large literature on factors influencing MNE investment
decisions. These studies explore the importance of tax policy,
institutions, education, infrastructure, and international agreements,
including free trade agreements (FTAs), and firm characteristics, among
others. There are also numerous studies analyzing the role of business
factors, such the geographic and sectoral diversification of parent firms.
Yet, little is known about the relative role of different divestment
drivers across a large group of countries, and the importance of public
policies. What can we say about drivers of MNE divestments?
First, policies clearly matter, on top of traditionally-studied business
factors such as divested business units’ performance or the financial
health of MNEs’ economic groups. For example, domestic regulations
affecting labor market efficiency and unit labor costs play a prominent
role. International trade and investment rules clearly matter to MNEs, as
higher applied trade tariffs increase divestments. An FTA between the
countries of an affiliate and its parent firm also reduces the divestment
probability by about 10 percentage points, all else equal. The effect is
stronger for deeper FTAs (e.g., customs or economic unions) that include
rules beyond trade tariffs, including provisions on international
investment. Among business factors, group-wide considerations—such as
overall financial health or liquidity constraints—are stronger predictors
of divestments than affiliate performance itself.
What are the main policy lessons learned?
- The risk of divestment should be explicitly taken into account when
designing investment policies. Whether negotiating new, or exiting old,
trade and investment agreements or deciding on the overall framework for
regulating FDI, investment incentives or IPA services, the possibility of
divestment must be reflected in the policy design.
- There may be trade-offs between investment retention goals and wider
policy objectives. As such, far from pursuing investment retention as a
goal, policymakers will need to balance different objectives. It is
important that investment-retention policies do not introduce distortions,
such as those that can occur when governments offer incentives to preclude
divestments.
- Countries should start reflecting divestments in official FDI
statistics. Only a few countries regularly report data for both equity
capital increases and decreases.[4]
<#m_-7288642974518891375_m_-5695820958501293960__edn6> Yet, such data
could help researchers and policymakers better understand FDI dynamics.
Finally, much is still to learn: studies using granular data on policy
design and local country and firm characteristics can make useful
contributions. A business reality, yet far from the mere flipside of
investment, divestments clearly merit more of policymakers’ and
researchers’ attention.
------------------------------
* <#m_-7288642974518891375_m_-5695820958501293960__ednref1> *The **Columbia
FDI Perspectives** are a forum for public debate. The views expressed by
the author(s) do not reflect the opinions of CCSI or Columbia University or
our partners and supporters. **Columbia FDI Perspectives **(ISSN 2158-3579)
is a peer-reviewed series.*
** <#m_-7288642974518891375_m_-5695820958501293960__ednref2> Maria Borga (
[log in to unmask]) is former Head of International Investment Statistics Unit
and Monika Sztajerowska ([log in to unmask]) is Economist at the
Investment Division of the OECD Department for Financial and Enterprise
Affairs. This *Perspective* is based on findings from Maria Borga, Perla
Ibarlucea-Flores and Monika Sztajerowska, “Divestment decisions by
multinational enterprises: Trends, impacts, and drivers. A cross-country
firm-level perspective,” *OECD Working Papers on International Investment*,
no. 2019/03 (2020).
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The authors wish to thank Roberto Echandi, Raymond Mataloni and Mira
Wilkins for their helpful peer reviews.
[1] <#m_-7288642974518891375_m_-5695820958501293960__ednref3> The focus is
here on voluntary sale of business units by foreign investors to domestic
investors using a firm-level dataset covering foreign affiliates in
selected OECD and G20 economies between 2007 and 2014. The definition of
divestment, geographic scope and time frame were limited by data
availability. Yet, it did enable the analysis of divestment drivers and the
impact of the loss of foreign investors on the operations of firms for a
large number of countries. The time frame captured the global financial
crisis’ effects on firm divestment. (This may mean that the drivers
differed from other periods, but it may also make the findings relevant to
understanding the pandemic’s effects on divestment.) This is relevant
because there is a large literature on the possible positive effects of
foreign ownership on performance of firms and potential second-order
effects on host economies.
[2] <#m_-7288642974518891375_m_-5695820958501293960__ednref4> Ernst &
Young, *Global Corporate Divestment Study* *2020* (London: Ernst & Young,
2020), p. 1.
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[3] <#m_-7288642974518891375_m_-5695820958501293960__ednref5> OECD, *Mapping
of Investment Promotion Agencies in OECD Countries* (Paris: OECD, 2018)
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[4] <#m_-7288642974518891375_m_-5695820958501293960__ednref6> For example,
the US Bureau of Economic Analysis
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*The material in this Perspective may be reprinted if accompanied by the
following acknowledgment: “Maria Borga and Monika Sztajerowska,
‘Divestments by MNEs: What do we know about why they happen?,’ Columbia FDI
Perspectives No. 297, February 8, 2021”. Reprinted with permission from the
Columbia Center on Sustainable Investment (**www.ccsi.columbia.edu*
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*Karl P. Sauvant, PhD*
*Resident Senior Fellow*
*Columbia Center on Sustainable Investment*
Columbia Law School - The Earth Institute, Columbia University
435 West 116th St., Rm. JGH 825, New York, NY 10027
| p: (212) 854 0689 | cell: (646) 724 5600 e: [log in to unmask]
| w: www.ccsi.columbia.edu | t: @CCSI_Columbia
<https://twitter.com/CCSI_Columbia>
"Multinational Enterprises and the Global Investment Regime: Toward
Balancing Rights and Responsibilities”, “The *WIR* at 30: Contributions to
National and International Policymaking", "An Inventory of Concrete
Measures to Facilitate the Flow of Sustainable FDI: What? Why? How?", "Note
on the Costs and Financing of an Advisory Centre on International
Investment Law", "Insulating a WTO Investment Facilitation Framework from
ISDS", "Advancing Sustainable Development by Facilitating Sustainable FDI,
Promoting CSR, Designating Recognized Sustainable Investors, and Giving
Home Countries a Role", "Making FDI more Sustainable", "The Case for an
Advisory Centre on International Investment Law", "The Potential
Value-added of a Multilateral Framework on Investment Facilitation for
Development", "International Investment Facilitation: By Whom and for
What?" are available at https://ssrn.com/author=2461782 .
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