제도적 동형화와 FDI: 교토 의정서 기간 동안 환경규제 강도와 해외직접투자 비교 분석

As environmental issues have become increasingly serious around the world, countries have been working to curb greenhouse gas emissions. An international effort was the adoption of the Kyoto Protocol, an international treaty that aims to impose legally binding emission reduction obligations on industrialized countries. This study aims to fill a gap in the literature by examining the relationship between environmental regulatory stringency, a key element of the Kyoto Protocol, and FDI from an institutional theory perspective. Institutional isomorphism, the process by which organizations become more similar over time as they adapt to environmental pressures, is the focus of this study. Our results reveal a dynamic relationship between environmental regulatory stringency and FDI during different commitment periods of the Kyoto Protocol. During the initial phase and the first commitment period (2001-2012), when global commitment to the Kyoto Protocol was strong, a positive relationship was observed between strict environmental regulations and FDI inflows. However, the second commitment period (2013-2018) presented a contrasting scenario. The relationship between environmental regulations and FDI became insignificant. These findings provide new insights into the application of institutional theory to global environmental regulation and FDI. They show how changes in the broader institutional environment, such as the weakening of global commitments to the Kyoto Protocol, can alter organizational responses and investment patterns. It also presents implications for policymakers and practitioners, and discusses future research directions and limitations of the study.