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1、JournalofDevelopmentEconomics108(2014)222–236ContentslistsavailableatScienceDirectJournalofDevelopmentEconomicsjournalhomepage:www.elsevier.com/locate/devecEnvironmentalregulationandforeigndirectinvestment:EvidencefromSouthKorea☆1SunghoonChungKoreaDevelopmentInstitute,15Giljae-gil,Sejong
2、339-007,SouthKoreaarticleinfoabstractArticlehistory:Thispaperstudieshowenvironmentalregulationshapesthepatternofforeigndirectinvestment(FDI),andReceived16April2012therebyassessesthepollutionhavenhypothesis.Con?ictingresultsexistinthecasestudiesexaminingtheReceivedinrevisedform20December2
3、013mostadvancedcountries,partlyduetothedeterrenteffectofcleantechnologyadoptionsonindustrymigration.Accepted3January2014Tominimizethecleantechnologyeffect,weexaminethepatternofSouthKoreanFDIover2000–2007,theperiodAvailableonline13January2014thatKorean?rmsreliedonoldproductiontechnologies
4、despitefacingrapidlystrengthenedenvironmentalstan-dards.Adifference-in-differencestypeidenti?cationstrategycircumventsotherpotentialconfounders.We?ndJELclassi?cation:F18strongevidencethatpollutingindustriestendtoinvestmoreincountrieswithlaxerenvironmentalregulationsF23intermsofboththeamo
5、untofinvestment(intensivemargin)andthenumberofnewforeignaf?liates(exten-O44sivemargin).Asimilar?ndingisobtainedwhenimportsareanalyzed.Q56?2014ElsevierB.V.Allrightsreserved.Keywords:PollutionhavenhypothesisEnvironmentalregulationComparativeadvantageForeigndirectinvestmentSouthKorea1.Intro
6、ductioncomparativeadvantage.Thetheoreticalrationaleisstraightforward:pol-luting?rmshaveanincentivetoshifttheirproductionsystemtocountriesThefallofglobaleconomicbarriers,alongwithtechnologicalad-withlaxenvironmentalregulationstolowerproductioncosts.Classicalvances,hasacceleratedtheinterna
7、tionalfragmentationofproductionHeckscher–Ohlintradetheoryisthenappliedtopredictthatenvironmen-processes.Firmsstrategicallyrelocatetheirproductionsystemstotallylaxcountriesspecializeinindustriesproducingpollutinggoods,foreigncountrieswheretheycanbene?tfromcountry-speci?cad
