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A comparative analysis of Indian and Chinese FDI into Africa: The role of governance and alliances

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  • Munjal, Surender
  • Varma, Sumati
  • Bhatnagar, Ankur

Abstract

This paper adopts and extends the theoretical lens of institutional imprinting to international business research. It analyses a secondary data set on Indian and Chinese foreign direct investment (FDI) flows to Africa, compiled for the period ranging from 2008 to 2018, to highlight the distinctiveness of Indian FDI. It argues that Indian FDI streams into better governed host countries with controlled corruption and high standards of accountability. This is in striking contrast with Chinese FDI, which is impervious to host country governance standards in its geopolitical quest for gaining economic supremacy in the region. India’s membership of the Commonwealth (CW) plays a vital role in the location and volume of its investments to Africa, whereas the Chinese Belt and Road Initiative (BRI) wields no influence on the location of its investment.

Suggested Citation

  • Munjal, Surender & Varma, Sumati & Bhatnagar, Ankur, 2022. "A comparative analysis of Indian and Chinese FDI into Africa: The role of governance and alliances," Journal of Business Research, Elsevier, vol. 149(C), pages 1018-1033.
    • Handle: RePEc:eee:jbrese:v:149:y:2022:i:c:p:1018-1033
    DOI: 10.1016/j.jbusres.2022.05.087
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    Keywords

    FDI; India; China; Africa; Commonwealth; BRI; Institutions; Alliances; Imprinting; Governance;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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