Empirical analysis reveals strategic alliances promote outward foreign direct investment in listed firms, highlighting the roles of digital transformation and innovation.
This study examines how strategic alliance formation influences corporate outward foreign direct investment (OFDI) decisions based on a sample of Chinese share listed companies, and finds that strategic alliances significantly promote OFDI activities by dual channels of digital transformation and R&D investment, and the promoting effect is more pronounced for firms located within the ‘Top Ten Commercial Group Cultures’ circle, those with high ESG performance, and those with lower agency costs. Analysis of market soft information shows that strategic alliances provide additional impetus for OFDI by analyst coverage and investor optimism.
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Li et al. (2026) studied this question.
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