This research examines FDI location choice across the successor states of Yugoslavia roughly 25 years after dissolution. Based upon 12,245 pairwise observations from 2005 to 2016, the paper employs logit models to estimate empirically the impact of geographic distance, cultural similarity, and geo-cultural interaction on FDI propensity. The contributions are twofold. First, while geographic distance and culture similarity are typically modeled as independent FDI determinants, their interaction is also examined here. Second, the paper contributes to the sparse scholarship on FDI in this complex European region, using binary-choice models to highlight its linkages to the global economy. The findings suggest that—in addition to mainstream economic, regulatory, and political factors—a tradeoff exists between distance and culture in attracting FDI. Host governments seeking FDI that promotes economic growth might increase the likelihood of FDI by targeting geographically-proximate partners that are culturally similar. The role of geographic distance in reducing FDI propensity gives way to other enabling variables beyond the distance of 1800 km.

本研究考察了解体后大约 25 年南斯拉夫继承国的 FDI 选址选择。基于 2005 年至 2016 年的 12,245 次成对观察，本文采用 logit 模型经验性地估计地理距离、文化相似性和地理文化互动对 FDI 倾向的影响。贡献是双重的。首先，虽然地理距离和文化相似性通常被建模为独立的 FDI 决定因素，但这里也研究了它们的相互作用。其次，该论文有助于在这个复杂的欧洲地区开展关于 FDI 的稀疏学术研究，使用二元选择模型来强调其与全球经济的联系。研究结果表明，除了主流经济、监管和政治因素外，在吸引 FDI 方面，距离和文化之间存在权衡。寻求促进经济增长的外国直接投资的东道国政府可能会通过瞄准文化相似的地理上接近的合作伙伴来增加外国直接投资的可能性。地理距离在降低 FDI 倾向中的作用让位于 1800 公里以外的其他有利变量。