Abstract
This study examines whether a host country's industry‐specific technology advantage increases the propensity of emerging market multinational enterprises (EMNEs) to invest in the host country. The study further explores whether inwardFDIinEMNEs' home markets, by generating knowledge spillovers in the relevant industries, decreasesEMNEs' propensity to invest overseas for knowledge seeking. We test our arguments using a longitudinal data set of the overseas investment activities ofChinese manufacturing firms. We find support for our hypotheses after controlling for other important outwardFDImotives. We discuss the implications of our results for research and practice.
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