Borrowed Youth: Demographic Change and Multinational Location Advantage

Borrowed Youth: Demographic Change and Multinational Location Advantage explains how national cohort succession and international recruitment become firm-specific location advantages over a production commitment. Home-linked relationships, recruitment shared across foreign affiliates and admission institutions determine attainable replacement labour. Version 3.31.0 sharpens the response to journal targeting and accessibility. The literature discussion states how workforce renewal changes resource bundling, network access and foreign-portfolio comparisons. Plain-language explanations precede the organisational propositions. The empirical section presents its supported conclusion before the measurement details, and the discussion specifies when renewal can dominate other location factors. The title and abstract are unchanged. The scientific results are unchanged. The article supplies an explicit economic bridge from project value to expected investment allocation under stated choice, capital-size, duration and disclosure conditions. It distinguishes capital expenditure from accumulated assets, whose interpretation additionally depends on investment histories, depreciation and valuation changes. The retained capital-expenditure analysis uses the existing demographic construction and controls. There are 82 matched records from ten firms and 36 after fixed-effect support. The nuisance design has rank 33; the five focal regressors have rank three. Independent projection confirms this failure. No duration coefficient, interval or p-value is identified; the result is not a zero effect. The public module reconstructs the aggregate rank and supplies licensed rerun code without redistributing issuer rows. The existing engineering-life asset comparison remains: 317 allocations from 32 manufacturers in nine hosts, contrast -110.25 (95 percent interval -520.28 to 299.78; positive-direction p=0.724). Joint positive pricing and rotation are unestablished (p=0.763), and the familywise contradiction test does not reject (p=0.712). Existing Holm-adjusted block probabilities are 0.113, 0.085 and 0.656. All original estimates, covariance matrices, equations, formal results and six figures are preserved. These conditional associations do not identify recruitment-caused host choices. The held Nitra-Puebla appraisal supplies a EUR106-226 million residual strategic hurdle and 2,834 planned direct jobs. At a five-percent reference rate this is EUR2,959-6,308 per planned job-year. The retained frontier states the additional net productive service needed to cover an assigned share, excluding previously priced labour effects and without fitting a recruitment share. Cost-saving bounds distinguish fixed-life value improvement from a unique switch across lives. No new sources or observations were acquired. The manuscript has 9,925 counted words, a 172-word abstract and 23 full substantive pages before references; the main PDF has 41 pages and the appendix 133. Regression tables retain three-decimal probabilities, no significance stars and economic magnitudes. Counts include abstract, text, references and transparency; separately placed exhibits and the online appendix are excluded. Start with README.txt. Current article, appendix and complete LaTeX are directly downloadable. Three current verified ZIP blocks and nine frozen complementary archives reconstruct the exact 1,887-file replication tree with 1,886 checksum entries. Licensed WRDS rows are excluded; subscriber queries and public aggregate reconstruction are supplied. Third-party rights remain. Literature PDFs are linked rather than redistributed. ChatGPT and Codex (OpenAI) were used in October 2026 for coding help, literature search, and red teaming and review. Reviewer files omit author identifiers; public metadata identifies the author. This deposit is not a journal resubmission or acceptance.