自由論題セッション報告申込用 要約フォーマット
氏名（Name）
PORTO Massimiliano (Participant and presenter);
WIERZBOWSKA Agata (Co-author)
所属・職（Affiliation）
Ritsumeikan Asia Pacific University;
Kobe University
報告タイトル（Title）
The effects of Brexit on foreign multinationals in Europe:
The case of Japanese affiliates
キーワード（5 keywords）
Brexit, Japanese affiliates in Europe, employment, Toyo Keizai'sOverseas Japanese Companies database, foreign direct investment

要約（Abstract）
1. 研究目的（Objective）
On 23 June 2016, a referendum was held in the United Kingdom (UK)to decide whether the country should leave or remain a member of theEuropean Union (EU). As it is well known, “leave” won by 52% to 48%
paving the way for years of negotiations between the United Kingdomand the European Union to define a Withdrawal Agreement and thefuture of the trade and economic relations between the two sides.
Although at first glance the Brexit affair may seem exclusively aEuropean issue, it affects third parties as well, as remarked by theJapanese government. The Ministry of Foreign Affairs of Japan issued anote, Japan’s Message to the United Kingdom and the European Union,
in September 2016, a few months after the Brexit referendum, where
Japan expressed its concerns regarding the future of the UK-EU
relations and its impact on the global value chains Japanese firms
established across Europe.
The purpose of our research is to investigate whether Brexit has
produced any effect on the organization of the Japanesemultinationals in Europe by analyzing variation in the share ofemployment in the Japanese affiliates in Europe.

12. リサーチ・クエスチョン（Research question）
Investigate the impact of Brexit on the presence of Japanesemultinationals in Europe.

3. 研究デザインと方法論（Research design/methodology）
We implement a panel data analysis where the dependent variable isthe share of employment in Japanese affiliates over the total
employment in Japanese affiliates in Europe. The independent
variables are the main variables used in the FDI empirical literature.
The data for the employment in Japanese affiliates are collected fromthe Toyo Keizai's Overseas Japanese Companies database for the years
2000, 2010, 2021.
The analysis is implemented at affiliates level and at country level.

4. 発見事項（Findings）
At affiliates level, we find that the employment share of the affiliates
is smaller for firms in the services sector and larger for affiliates withmore parent companies. Additionally, the Eurozone membershipcoefficient is negative and statistically significant. Not statisticallysignificant effects are found for Brexit, the EU membership, and othercovariates.
At country level, we find that Brexit negatively affected the share of
employment in Japanese affiliates. This may be due to Japanese firms
moving employees from affiliates in the UK to other European
countries, or to Japanese firms to invest more in European countries
other than UK since Brexit. EU membership increases the size ofemployment share while the Eurozone membership is associated with adecrease. This may be due to the fact that Japanese firms started toinvest more in new EU members such as Poland, Czech Republic andHungary. Additionally, we also find that the employment share is2

positively correlated to the size of GDP and trade openness, andnegatively correlated to the unit labor cost.

5. 理論的・経営管理上のインプリケーション（Theoretical/practical implications）
The abrupt decision of the British government to withdraw from the EUand reverse years of integration and modify what firms considered astable status quo in the European business environment may affectinvestments in the UK and lead more employment out of it.

6. 限界（limitations）
Limitations are due to the sample size:
1. We have three years of data 2000, 2010, and 2021. Since ourdependent variable is the share of employment, we assume thatit does not change swiftly between years because it is related to
the long-run organization of Japanese investment in Europe.
However, our model catches the effects of Brexit only for a few
years, 2017-2021 (We consider the Brexit effect from thedeclaration of the outcome of the referendum because it
brought uncertainty in the business environment in Europe thatfirms needed to take into consideration).
2. We report a detailed presence of missing values in the Toyo
Keizai’s database.

7. 独自性と価値（Originality/value）
This works analyzes the effects of Brexit from a different perspective
by focusing on the employment levels in Japanese affiliates in Europe.
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