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TÜRKİYE’DE KURUMSAL KALİTE, REEL GELİR VE DOĞRUDAN YABANCI YATIRIMLAR İLİŞKİSİ

Yıl 2018, Cilt: 5 Sayı: 2, 132 - 145, 30.06.2018
https://doi.org/10.30798/makuiibf.409819

Öz



Bu
çalışmada, Türkiye ekonomisinde kurumsal kalite, reel gelir ve doğrudan yabancı
yatırımlar arasındaki uzun dönemli ilişkiler, 1990-2015 dönemi için gecikmesi
dağıtılmış otoregresif (ARDL) yöntemi ile araştırılmıştır. Sonuçlar şöyle
özetlenebilir: i) Durağanlık analizi sonuçları, ARDL eşbütünleşme testi için ön
koşulu sağlamaktayken, ARDL sınır testi sonuçları ise değişkenler arasında uzun
dönemli ilişki olduğunu göstermektedir. ii) Reel gelirde ve kurumsal kalitede artışlar,
reel doğrudan yabancı yatırım girişlerini olumlu etkilemektedir. iii) Her bir
dönemde, değişkenler arası uzun dönem dengeden herhangi bir sapmanın %84’ü
düzelmektedir. Bu çalışmanın sonuçları, doğrudan yabancı yatırımlar
girişlerinde kurumsal faktörlerin de önemli olduğunu vurgulamaktadır. Bu
nedenle kurumsal kalitenin artırılması yönünde çabalar, doğrudan yabancı
sermaye girişlerini özendirecektir.

Kaynakça

  • ACARAVCI, A., OZTURK, I. (2010), On the Relationship between Energy Consumption, CO2 Emissions and Economic Growth in Europe, Energy, 35(12), 5412-5420.
  • AKPO, E.S., HASSAN, S. (2015), Institutional Quality Matter: An Empirical Investigation of Foreign Direct Investment in Nigeria, E-Journal of the Social Science Researches, 3:60-73
  • ARTAN, S., HAYALOĞLU, P. (2015), Doğrudan Yabancı Sermaye Yatırımlarının Kurumsal Belirleyicileri: OECD Ülkeleri Örneği, Ege Akademik Bakış, 15(4): 551-564.
  • ASAMOAH, M.E., ADJASIB, C.K.D., ALHASSAN, A.L. (2016), Macroeconomic Uncertainty, Foreign Direct Investment and Institutional Quality: Evidence from Sub-Saharan Africa, Economic Systems, 40: 612–621
  • BENGOA, M., SANCHEZ-ROBLES, B. (2003), Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America, European Journal of Political Economy, 19: 529-545.
  • BORIN, A., CRISTADORO, R., MATTEVI, E. (2014), Foreign Direct Investment and Institutional Quality, Questioni di Economia e Finanza (Occasional Papers), 230: 5-23.
  • BROWN, R.L., DURBIN, J., EVANS, J.M. (1975), Techniques for Testing the Consistency of Regression Relations over Time, Journal of the Royal Statistical Society, 37, 149-192.
  • BUCHANAN, B., VU LE, Q., RISHI, M. (2012), Foreign Direct Investment and Institutional Quality: Some Empirical Evidence, International Review of Financial Analysis, 21: 81-89.
  • BUSSE, M., HEFEKER, C. (2005), Political Risk, Institutions and Foreign Direct Investment, Hamburgisches Welt-Wirtschafts-Archiv (HWWA), Hamburg Institute of International Economics, Discussion Paper: 1-24.
  • CANDEMİR, A. (2009), Doğrudan Yabancı Sermaye Yatırımlarını Etkileyen Faktörler, Ege Akademik Bakış, 9(2): 659-675.
  • DAUDE, C., STEIN, E. (2007), The Quality of Institutions and Foreign Direct Investment, Economics and Politics, 19(3): 317-344.
  • DAWSON, J.W. (1998), Institutions, Investments and Growth: New Cross-Country and Panel Data Evidence, Economic Inquiry, 36: 603-619.
  • DICKEY, D.A., FULLER, W.A. (1981), Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root, Econometrica, 49:1057–1072.
  • DÜNYA BANKASI (2017), Dünya Gelişme Göstergeleri (Word Development Indicators) Veri Tabanı. 10. Eylül 2017 tarihinde http://databank.worldbank.org/data/home.aspx adresinden alındı.
  • EASTERLY, W. (2001), The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics. Cambridge: MIT Press.
  • ECHEVERRI, H.H., HAAR, J., BRETON, J.B.E. (2014), Foreign Direct Investment, Institutional Quality, Economic Freedom and Entrepreneurship in Emerging Markets, Journal of Business Research, 67: 1921-1932.
  • ENGLE, R.F., GRANGER, C.W.J. (1987), Co-integration and Error Correction: Representation, Estimation, and Testing, Econometrica: Journal of the Econometric Society, 251-276.
  • ESEW, N.G., YAROSON, E. (2014), Institutional Quality and Foreign Direct Investment (FDI) In Nigeria: A Prognosis, IOSR Journal of Humanities And Social Science, 19(6): 37-45
  • FUKUMI, A., NISHIJIMA, S. (2010), Institutional Quality and Foreign Direct Investment in Latin America and the Caribbean, Applied Economics, 42(14): 1857-1864
  • JOHANSEN, S. (1988), Statistical Analysis of Cointegration Vectors, Journal of Economic Dynamics and Control, 12(2-3): 231-254.
  • JOHANSEN, S., JUSELIUS, K. (1990), Maximum Likelihood Estimation and Inference on Cointegration—with Applications to the Demand for Money, Oxford Bulletin of Economics and Statistics, 52(2): 169-210.
  • KAR, M., TATLISOZ, F. (2008), Türkiye’de Doğrudan Yabancı Sermaye Hareketlerini Belirleyen Faktörlerin Ekonometrik Analizi, KMU İİBF Dergisi, 14: 1-23
  • KARIM, Z., ZAIDI, M.A.S., ISMAIL, M.A., KARIM, B.A. (2012), The Quality of Institutions and Foreign Direct Investment (FDI) in Malaysia, Asian Journal of Accounting and Governance, 3: 61-69.
  • KESKINGOZ, H., KARATAŞ, A.R. (2016), Yabancı Sermaye Yatırımları ile Cari işlemler Açığı İlişkisi ve Cari İşlemler Açığı için Politika Önerileri. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 5(3): 597-610.
  • NGUYEN, T.V.H., CAO, T. H.V. (2014), The Impact of Institutional Quality on Foreign Direct Investment (FDI) Inflows to Vietnam, 07 Ağustos 2017 tarihinde http://www.freit.org/WorkingPapers/Papers/ForeignInvestment/FREIT1127.pdf adresinden alındı.
  • OLSON, M. (1996), Big Bills Left on the Sidewalk: Why Some Nations are Rich and Others Poor, Journal of Economic Perspectives, 10: 3-24.
  • OZTURK, I., ACARAVCI, A. (2013), The Long-Run and Causal Analysis of Energy, Growth, Openness and Financial Development on Carbon Emissions in Turkey, Energy Economics, 36(1): 262-267.
  • ÖZŞAHİN Ş. (2016), Kurumsal Kalite Doğrudan Yabancı Yatırımlar İçin Ne Kadar Önemli? Türkiye Üzerine Ekonometrik Bir Analiz, Journal of Yaşar University, 11(44): 251-262.
  • PARK, H.J., FULLER, W.A. (1995), Alternative Estimators and Unit Root Tests for the Autoregressive Process, Journal Time Series Analysis, 16: 415–429.
  • PESARAN, M.H., SHIN, Y., SMITH, R.J. (2001), Bounds Testing Approaches to the Analysis of Level Relationships, Journal of Applied Econometrics, 16: 289–326.
  • ULUSLARARASI ÜLKE RİSK REHBERİ (2017) International Country Risk Guide (ICRG) Political Risk Services.
  • UNCTAD (1998), World Investment Report 1998-Trends and Determinants-, United Nations: New York and Cenova.

INSTITUTIONAL QUALITY, REAL INCOME AND FOREIGN DIRECT INVESTMENT RELATIONSHIP IN TURKEY

Yıl 2018, Cilt: 5 Sayı: 2, 132 - 145, 30.06.2018
https://doi.org/10.30798/makuiibf.409819

Öz



In this study, long-run relationships between institutional quality,
real income and foreign direct investment examined in terms of Turkey for the
period of 1990-2015 by using autoregressive distributed lag (ARDL) method. Results
are as follows: i) While stationarity analysis results provide the
preconditions for the ARDL cointegration test, ARDL bounds test results confirm
that there is a long-run relationship between variables. ii) Increasing in real
income and institutional quality positively affect foreign direct investment
inflows. iii) Any deviation from the long-run equilibrium between variables is
corrected about 84% for each period. The findings of this study emphasize that
institutional quality is matter for foreign direct investment inflows as well.
So, enhancing efforts of institutional quality encourage the foreign direct
investment inflows.

Kaynakça

  • ACARAVCI, A., OZTURK, I. (2010), On the Relationship between Energy Consumption, CO2 Emissions and Economic Growth in Europe, Energy, 35(12), 5412-5420.
  • AKPO, E.S., HASSAN, S. (2015), Institutional Quality Matter: An Empirical Investigation of Foreign Direct Investment in Nigeria, E-Journal of the Social Science Researches, 3:60-73
  • ARTAN, S., HAYALOĞLU, P. (2015), Doğrudan Yabancı Sermaye Yatırımlarının Kurumsal Belirleyicileri: OECD Ülkeleri Örneği, Ege Akademik Bakış, 15(4): 551-564.
  • ASAMOAH, M.E., ADJASIB, C.K.D., ALHASSAN, A.L. (2016), Macroeconomic Uncertainty, Foreign Direct Investment and Institutional Quality: Evidence from Sub-Saharan Africa, Economic Systems, 40: 612–621
  • BENGOA, M., SANCHEZ-ROBLES, B. (2003), Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America, European Journal of Political Economy, 19: 529-545.
  • BORIN, A., CRISTADORO, R., MATTEVI, E. (2014), Foreign Direct Investment and Institutional Quality, Questioni di Economia e Finanza (Occasional Papers), 230: 5-23.
  • BROWN, R.L., DURBIN, J., EVANS, J.M. (1975), Techniques for Testing the Consistency of Regression Relations over Time, Journal of the Royal Statistical Society, 37, 149-192.
  • BUCHANAN, B., VU LE, Q., RISHI, M. (2012), Foreign Direct Investment and Institutional Quality: Some Empirical Evidence, International Review of Financial Analysis, 21: 81-89.
  • BUSSE, M., HEFEKER, C. (2005), Political Risk, Institutions and Foreign Direct Investment, Hamburgisches Welt-Wirtschafts-Archiv (HWWA), Hamburg Institute of International Economics, Discussion Paper: 1-24.
  • CANDEMİR, A. (2009), Doğrudan Yabancı Sermaye Yatırımlarını Etkileyen Faktörler, Ege Akademik Bakış, 9(2): 659-675.
  • DAUDE, C., STEIN, E. (2007), The Quality of Institutions and Foreign Direct Investment, Economics and Politics, 19(3): 317-344.
  • DAWSON, J.W. (1998), Institutions, Investments and Growth: New Cross-Country and Panel Data Evidence, Economic Inquiry, 36: 603-619.
  • DICKEY, D.A., FULLER, W.A. (1981), Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root, Econometrica, 49:1057–1072.
  • DÜNYA BANKASI (2017), Dünya Gelişme Göstergeleri (Word Development Indicators) Veri Tabanı. 10. Eylül 2017 tarihinde http://databank.worldbank.org/data/home.aspx adresinden alındı.
  • EASTERLY, W. (2001), The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics. Cambridge: MIT Press.
  • ECHEVERRI, H.H., HAAR, J., BRETON, J.B.E. (2014), Foreign Direct Investment, Institutional Quality, Economic Freedom and Entrepreneurship in Emerging Markets, Journal of Business Research, 67: 1921-1932.
  • ENGLE, R.F., GRANGER, C.W.J. (1987), Co-integration and Error Correction: Representation, Estimation, and Testing, Econometrica: Journal of the Econometric Society, 251-276.
  • ESEW, N.G., YAROSON, E. (2014), Institutional Quality and Foreign Direct Investment (FDI) In Nigeria: A Prognosis, IOSR Journal of Humanities And Social Science, 19(6): 37-45
  • FUKUMI, A., NISHIJIMA, S. (2010), Institutional Quality and Foreign Direct Investment in Latin America and the Caribbean, Applied Economics, 42(14): 1857-1864
  • JOHANSEN, S. (1988), Statistical Analysis of Cointegration Vectors, Journal of Economic Dynamics and Control, 12(2-3): 231-254.
  • JOHANSEN, S., JUSELIUS, K. (1990), Maximum Likelihood Estimation and Inference on Cointegration—with Applications to the Demand for Money, Oxford Bulletin of Economics and Statistics, 52(2): 169-210.
  • KAR, M., TATLISOZ, F. (2008), Türkiye’de Doğrudan Yabancı Sermaye Hareketlerini Belirleyen Faktörlerin Ekonometrik Analizi, KMU İİBF Dergisi, 14: 1-23
  • KARIM, Z., ZAIDI, M.A.S., ISMAIL, M.A., KARIM, B.A. (2012), The Quality of Institutions and Foreign Direct Investment (FDI) in Malaysia, Asian Journal of Accounting and Governance, 3: 61-69.
  • KESKINGOZ, H., KARATAŞ, A.R. (2016), Yabancı Sermaye Yatırımları ile Cari işlemler Açığı İlişkisi ve Cari İşlemler Açığı için Politika Önerileri. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 5(3): 597-610.
  • NGUYEN, T.V.H., CAO, T. H.V. (2014), The Impact of Institutional Quality on Foreign Direct Investment (FDI) Inflows to Vietnam, 07 Ağustos 2017 tarihinde http://www.freit.org/WorkingPapers/Papers/ForeignInvestment/FREIT1127.pdf adresinden alındı.
  • OLSON, M. (1996), Big Bills Left on the Sidewalk: Why Some Nations are Rich and Others Poor, Journal of Economic Perspectives, 10: 3-24.
  • OZTURK, I., ACARAVCI, A. (2013), The Long-Run and Causal Analysis of Energy, Growth, Openness and Financial Development on Carbon Emissions in Turkey, Energy Economics, 36(1): 262-267.
  • ÖZŞAHİN Ş. (2016), Kurumsal Kalite Doğrudan Yabancı Yatırımlar İçin Ne Kadar Önemli? Türkiye Üzerine Ekonometrik Bir Analiz, Journal of Yaşar University, 11(44): 251-262.
  • PARK, H.J., FULLER, W.A. (1995), Alternative Estimators and Unit Root Tests for the Autoregressive Process, Journal Time Series Analysis, 16: 415–429.
  • PESARAN, M.H., SHIN, Y., SMITH, R.J. (2001), Bounds Testing Approaches to the Analysis of Level Relationships, Journal of Applied Econometrics, 16: 289–326.
  • ULUSLARARASI ÜLKE RİSK REHBERİ (2017) International Country Risk Guide (ICRG) Political Risk Services.
  • UNCTAD (1998), World Investment Report 1998-Trends and Determinants-, United Nations: New York and Cenova.
Toplam 32 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Araştırma Makaleleri
Yazarlar

Ali Acaravcı 0000-0002-6662-6175

Seyfettin Artan 0000-0003-4310-550X

Sinan Erdoğan 0000-0003-3491-8234

Tunay Bostan Göktürk Bu kişi benim 0000-0002-9231-161X

Yayımlanma Tarihi 30 Haziran 2018
Gönderilme Tarihi 26 Mart 2018
Yayımlandığı Sayı Yıl 2018 Cilt: 5 Sayı: 2

Kaynak Göster

APA Acaravcı, A., Artan, S., Erdoğan, S., Bostan Göktürk, T. (2018). TÜRKİYE’DE KURUMSAL KALİTE, REEL GELİR VE DOĞRUDAN YABANCI YATIRIMLAR İLİŞKİSİ. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 5(2), 132-145. https://doi.org/10.30798/makuiibf.409819