The Impact of Outward FDI on Domestic Investment: An Institutional Arbitrage Perspective

The data used in this study are derived from the China Stock Market & Accounting Research (CSMAR) database and the Orbis database. CSMAR provides firm-level financial and governance data, including domestic investment, R&D expenditure, total assets, and leverage ratios. Orbis offers detailed information on foreign affiliates, including ownership structures, industry classifications, and geographic locations. Additional country-level data, such as institutional quality measures, are sourced from the Worldwide Governance Indicators (WGI), International Country Risk Guide (ICRG), and World Bank Development Indicators (WDI).
Due to proprietary restrictions, access to the CSMAR and Orbis datasets is limited to licensed users. Researchers interested in replicating the study can access these databases through institutional subscriptions. Detailed variable definitions and data preparation steps are available in Appendix A.1 to ensure transparency. Requests for supplementary materials, such as code files and analytical outputs, can be directed to the corresponding author.