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The Role of Specialized Financial Institutes in Foreign Direct Investment in Cultural Sector: Case of France Cinema

Document Type : Original Article

Authors

1 Master student in Economics of Arts & Culture. Faculty of Arts & Islamic Architecture. Imam Reza International University, Mashhad, Iran

2 Assistant Professor, Islamic Sciences and Culture Academy, Mashhad, Iran

3 Assistant Professor, Department of Economics, Yazd University, Yazd, Iran

Abstract

Today, cultural industries are known as a leading sector in economic growth, employment, and trading. Therefore, financing and investing in cultural industries are specifically important for developing countries. Due to its long production chain from creating a movie to its screening, the film industry requires a great amount of investments and a large number of professionals. France is one of the major and most successful countries in the film industry with a history of governmental support. In addition, France's film industry is an interesting case due to using a variety of financing methods to improve national cinema and cultural diversity. In this regard, the present paper investigates the effect of specialized financial institutes (SOFICA) on foreign direct investment in the cultural sector of France using the auto-regressive distributed lag (ARDL) method for the time of period 1987-2016. The results indicate that specialized financial institutes has a significant and positive effect on FDI in the film industry. In addition, the movie theater attendance, intellectual property, and financial development positively influence attracting FDI in the France's film industry; while government size and exchange rate have a significant and negative and effect.

Keywords

References
 
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Cultural Studies & Communication
Volume 16, Issue 61
March 2021
Pages 319-342
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