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THE IMPACT OF FOREIGN DIRECT INVESTMENT ON EXPORT OF HIGH-TECHNOLOGY PRODUCTS: THE ROLE OF FINANCIAL DEVELOPMENT AND REGULATORY QUALITY

Yıl 2020, Cilt: 23 Sayı: 44, 959 - 975, 31.12.2020
https://doi.org/10.31795/baunsobed.686447

Öz

This study aims to reveal whether financial development and regulatory efficiency have a noteworthy role in developing countries ' relationship between foreign direct investment and export of high-tech products. Rich panel data from 70 developing countries for the period 2002-2015 are used in the analysis to examine the relevant relationship. The Generalized Moments Method (GMM) is utilized in the study, since it allows to control the endogeneity relationship between variables. Findings shows that financial development and regulatory quality level affect the contribution of FDI on exports of high-tech products in developing countries. According to results, in countries where regulatory quality and financial development level are higher, FDI may contributes positively to export of high technology products. However, it couldn't be found any significant relationship for countries which have less regulatory quality and financial development level.

Kaynakça

  • Abedini, J. (2013). Heterogeneity of Trade Patterns in High-Tech Goods Across Established and Emerging Exporters: A Panel Data Analysis. Emerging Markets Finance and Trade, 49 (4), 4-21.
  • Acemoglu, D., Johnson, S., Robinson, J., & Thaicharoen, Y. (2003). Institutional causes, macroeconomic symptoms: volatility, crises and growth. Journal of monetary economics, 50(1), 49-123
  • Alemu, A. (2013). The Nexus between Technological Infrastructure and Export Competitiveness of High-tech Products in East Asian Economies. Journal of Economic Development, Management, IT, Finance and Marketing, 5(1),14-26.
  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2010). Does foreign direct investment promote growth? Exploring the role of financial markets on linkages. Journal of Development Economics, 91(2), 242-256.
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies (New York). 58(194), 277-297.
  • Beck, T. (2003). Financial Dependence and International Trade. Review of International Economics, 11, 296-316.
  • Bevan, A., Estrin, S., & Meyer, K. (2004). Foreign investment location and institutional development in transition economies. International business review, 13(1), 43-64.
  • Blalock, G., & Gertler, P. J. (2008). Welfare gains from Foreign Direct Investment through technology transfer to local suppliers. Journal of International Economics, 74 (2), 402-421.
  • Blomström, M., & Kokko, A. (1998). Multinational corporations and spillovers. Journal of Economic surveys, 12(3), 247-277.
  • Borensztein, E., De Gregorio, J., & Lee, J. W. (1998). How does foreign direct investment affect economic growth?. Journal of international Economics, 45(1), 115-135.
  • Braunerhjelm, P., & Thulin, P. (2008). Can countries create comparative advantages? R&D expenditures, high-tech exports and country size in 19 OECD countries, 1981–1999. International Economic Journal, 22(1), 95-111.
  • Buchanan, B. G., Le, Q. V., & Rishi, M. (2012). Foreign direct investment and institutional quality: Some empirical evidence. International Review of financial analysis, 21, 81-89.
  • Caves, R. E. (1974). Multinational firms, competition, and productivity in host-country markets. Economica, 41(162), 176-193.
  • Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative science quarterly, 35(1), 128-152.
  • Cuervo-Cazurra, A. (2008). The effectiveness of laws against bribery abroad. Journal of International Business Studies, 39(4), 634-651.
  • Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European economic review, 48(2), 285-306.
  • Findlay, R. (1978). Relative backwardness, direct foreign investment, and the transfer of technology: a simple dynamic model. The Quarterly Journal of Economics, 92(1), 1-16.
  • Gani, A. (2007). Governance and foreign direct investment links: evidence from panel data estimations. Applied economics letters, 14(10), 753-756.
  • Globerman, S., & Shapiro, D. (2002). Global foreign direct investment flows: The role of governance infrastructure. World development, 30(11), 1899-1919.
  • Haddad, M., Harrison, A. (1993). Are there positive spillovers from direct foreign investment? Evidence from panel data for Morocco. Journal of development economics, 42(1), 51-74.
  • Helpman, E. (2010). Labor market frictions as a source of comparative advantage, with implications for unemployment and inequality (No. w15764). National Bureau of Economic Research.
  • Hidalgo, C. A., & Hausmann, R. (2009). The building blocks of economic complexity. Proceedings of the national academy of sciences, 106(26), 10570-10575.
  • Jude, C., & Levieuge, G. (2015). Growth effect of FDI in developing economies: the role of institutional quality.
  • Karlsson, S., Lundin, N., Sjöholm, F., & He, P. (2009). Foreign firms and Chinese employment. World Economy, 32(1), 178-201
  • Kowalski, P. (2011). Comparative advantage and trade performance: Policy implications (No. 121). Paris: OECD Publishing.
  • Levchenko, A. A. (2007). Institutional quality and international trade. The Review of Economic Studies, 74(3), 791-819.
  • Liang, F. H. (2017). Does foreign direct investment improve the productivity of domestic firms? Technology spillovers, industry linkages, and firm capabilities. Research Policy, 46(1), 138-159.
  • Lipsey, R. E. (2004). Home-and host-country effects of foreign direct investment. In Challenges to globalization: Analyzing the economics (pp. 333-382). University of Chicago Press.
  • Liu, Z. (2008). Foreign direct investment and technology spillovers: theory and evidence. Journal of Development Economics. 85(1). 176-193.
  • Liu, X., & Zou, H. (2008). The impact of greenfield FDI and mergers and acquisitions on innovation in Chinese high-tech industries. Journal of World Business, 43(3), 352-364.
  • Mahmoodi, M., & Mahmoodi, E. (2016). Foreign direct investment, exports and economic growth: evidence from two panels of developing countries. Economic research-Ekonomska istraživanja, 29(1), 938-949.
  • Manova, K. (2008). Credit constraints, equity market liberalizations and international trade. Journal of International Economics, 76(1), 33-47.
  • Markusen, J. R., & Venables, A. J. (1999). Foreign direct investment as a catalyst for industrial development. European economic review, 43(2), 335-356.
  • Montobbio, F., & Rampa, F. (2005). The impact of technology and structural change on export performance in nine developing countries. World development, 33(4), 527-547.
  • Newman, C., Rand, J., Talbot, T., & Tarp, F. (2015). Technology transfers, foreign investment and productivity spillovers. European Economic Review, 76, 168-187.
  • Peres, M., Ameer, W., & Xu, H. (2018). The impact of institutional quality on foreign direct investment inflows: evidence for developed and developing countries. Economic research-Ekonomska istraživanja, 31(1), 626-644.
  • Porter, M. E. (1993). The competitive advantage of nations (pp. 73-93). Cambridge: Harvard Business School Management Programs.
  • Rajan, R., & Zingales L. (1998). Financial Dependence and Growth. American Economic Review, 88, 559–586.
  • Ridzuan, A., Ismail, N., & Che Hamat, A. (2017). Does foreign direct investment successfully lead to sustainable development in Singapore?. Economies, 5(3), 29.
  • Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The stata journal, 9(1), 86-136.
  • OECD. 2001. OECD Global Forum on International Investment new horizons for foreign direct investment. Paris:OECD
  • Seyoum, B. (2005). Determinants of levels of high technology exports an empirical investigation. Journal of Competitiveness Studies, 13(1), 64.
  • Smarzynska Javorcik, B. (2004). Does foreign direct investment increase the productivity of domestic firms? In search of spillovers through backward linkages. American economic review, 94(3), 605-627.
  • Tebaldi, E. (2011). The determinants of high-technology exports: A panel data analysis. Atlantic Economic Journal, 39(4), 343-353.
  • Topallı, N. (2015). Doğrudan yabancı yatırımlar, ekonomik büyüme ve yüksek teknoloji ihracatı arasında bir nedensellik ilişkisi. International Journal of Social Sciences and Education Research, 1(1), 277-285.
  • Wana Ismail, N. (2013). Innovation and high-tech trade in Asian countries. In Proceedings from International Conference on Recent Developments in Asian Trade Policy and Integration (pp. 1-19).
  • Ying, S., Miao, L., & Yibo, C. (2014). High-techproductsexport competitiveness, bric countries in US market: a comparative analysis. The Journal of Developing Areas, 195-218.
  • Zhang, K. H. (2001). Does foreign direct investment promote economic growth? Evidence from East Asia and Latin America. Contemporary economic policy, 19(2), 175-185.
  • Zhang, K. H. (2015). What drives export competitiveness? The role of FDI in Chinese manufacturing. Contemporary Economic Policy, 33(3), 499-512.
  • Zhang, Y., Cheng, Z., & He, Q. (2019). Time lag analysis of FDI spillover effect. International Journal of Emerging Markets, ahead-of-print(ahead-of-print). doi:10.1108/ijoem-03-2019-0225

Doğrudan Yabancı Yatırımların Yüksek Teknolojili Ürün İhracatına Etkisi: Finansal Gelişme ve Düzenleyici Kalitenin Rolü

Yıl 2020, Cilt: 23 Sayı: 44, 959 - 975, 31.12.2020
https://doi.org/10.31795/baunsobed.686447

Öz

Bu çalışma finansal gelişimin ve düzenleyici kalitenin, gelişmekte olan ülkelerin doğrudan yabancı yatırım ve yüksek teknoloji ürünlerin ihracatı arasındaki ilişkisinde dikkate değer bir rolü olup olmadığını ortaya koymayı amaçlamaktadır. İlgili ilişkiyi incelemek için, analizde 2002-2015 dönemi için gelişmekte olan 70 ülkenin zengin panel verileri kullanılmaktadır. Çalışmada değişkenler arasındaki endojenlik ilişkisinin kontrol edilmesini sağlayan Genelleştirilmiş Momentler Metodu (GMM) kullanılmaktadır. Bulgular, finansal gelişimin ve düzenleyici kalite seviyesinin, gelişmekte olan ülkelerde doğrudan yabancı yatırımların yüksek teknolojili ürün ihracatına katkısını etkilediğini göstermektedir. Sonuçlara göre, düzenleyici kalite ve finansal gelişme düzeyinin daha yüksek olduğu ülkelerde DYY, yüksek teknoloji ürünlerinin ihracatına olumlu katkıda bulunabilir. Ancak, Düzenleyici Kalitesi ve finansal gelişme düzeyi daha az olan ülkeler için anlamlı bir ilişki bulunamamıştır.

Kaynakça

  • Abedini, J. (2013). Heterogeneity of Trade Patterns in High-Tech Goods Across Established and Emerging Exporters: A Panel Data Analysis. Emerging Markets Finance and Trade, 49 (4), 4-21.
  • Acemoglu, D., Johnson, S., Robinson, J., & Thaicharoen, Y. (2003). Institutional causes, macroeconomic symptoms: volatility, crises and growth. Journal of monetary economics, 50(1), 49-123
  • Alemu, A. (2013). The Nexus between Technological Infrastructure and Export Competitiveness of High-tech Products in East Asian Economies. Journal of Economic Development, Management, IT, Finance and Marketing, 5(1),14-26.
  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2010). Does foreign direct investment promote growth? Exploring the role of financial markets on linkages. Journal of Development Economics, 91(2), 242-256.
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies (New York). 58(194), 277-297.
  • Beck, T. (2003). Financial Dependence and International Trade. Review of International Economics, 11, 296-316.
  • Bevan, A., Estrin, S., & Meyer, K. (2004). Foreign investment location and institutional development in transition economies. International business review, 13(1), 43-64.
  • Blalock, G., & Gertler, P. J. (2008). Welfare gains from Foreign Direct Investment through technology transfer to local suppliers. Journal of International Economics, 74 (2), 402-421.
  • Blomström, M., & Kokko, A. (1998). Multinational corporations and spillovers. Journal of Economic surveys, 12(3), 247-277.
  • Borensztein, E., De Gregorio, J., & Lee, J. W. (1998). How does foreign direct investment affect economic growth?. Journal of international Economics, 45(1), 115-135.
  • Braunerhjelm, P., & Thulin, P. (2008). Can countries create comparative advantages? R&D expenditures, high-tech exports and country size in 19 OECD countries, 1981–1999. International Economic Journal, 22(1), 95-111.
  • Buchanan, B. G., Le, Q. V., & Rishi, M. (2012). Foreign direct investment and institutional quality: Some empirical evidence. International Review of financial analysis, 21, 81-89.
  • Caves, R. E. (1974). Multinational firms, competition, and productivity in host-country markets. Economica, 41(162), 176-193.
  • Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative science quarterly, 35(1), 128-152.
  • Cuervo-Cazurra, A. (2008). The effectiveness of laws against bribery abroad. Journal of International Business Studies, 39(4), 634-651.
  • Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European economic review, 48(2), 285-306.
  • Findlay, R. (1978). Relative backwardness, direct foreign investment, and the transfer of technology: a simple dynamic model. The Quarterly Journal of Economics, 92(1), 1-16.
  • Gani, A. (2007). Governance and foreign direct investment links: evidence from panel data estimations. Applied economics letters, 14(10), 753-756.
  • Globerman, S., & Shapiro, D. (2002). Global foreign direct investment flows: The role of governance infrastructure. World development, 30(11), 1899-1919.
  • Haddad, M., Harrison, A. (1993). Are there positive spillovers from direct foreign investment? Evidence from panel data for Morocco. Journal of development economics, 42(1), 51-74.
  • Helpman, E. (2010). Labor market frictions as a source of comparative advantage, with implications for unemployment and inequality (No. w15764). National Bureau of Economic Research.
  • Hidalgo, C. A., & Hausmann, R. (2009). The building blocks of economic complexity. Proceedings of the national academy of sciences, 106(26), 10570-10575.
  • Jude, C., & Levieuge, G. (2015). Growth effect of FDI in developing economies: the role of institutional quality.
  • Karlsson, S., Lundin, N., Sjöholm, F., & He, P. (2009). Foreign firms and Chinese employment. World Economy, 32(1), 178-201
  • Kowalski, P. (2011). Comparative advantage and trade performance: Policy implications (No. 121). Paris: OECD Publishing.
  • Levchenko, A. A. (2007). Institutional quality and international trade. The Review of Economic Studies, 74(3), 791-819.
  • Liang, F. H. (2017). Does foreign direct investment improve the productivity of domestic firms? Technology spillovers, industry linkages, and firm capabilities. Research Policy, 46(1), 138-159.
  • Lipsey, R. E. (2004). Home-and host-country effects of foreign direct investment. In Challenges to globalization: Analyzing the economics (pp. 333-382). University of Chicago Press.
  • Liu, Z. (2008). Foreign direct investment and technology spillovers: theory and evidence. Journal of Development Economics. 85(1). 176-193.
  • Liu, X., & Zou, H. (2008). The impact of greenfield FDI and mergers and acquisitions on innovation in Chinese high-tech industries. Journal of World Business, 43(3), 352-364.
  • Mahmoodi, M., & Mahmoodi, E. (2016). Foreign direct investment, exports and economic growth: evidence from two panels of developing countries. Economic research-Ekonomska istraživanja, 29(1), 938-949.
  • Manova, K. (2008). Credit constraints, equity market liberalizations and international trade. Journal of International Economics, 76(1), 33-47.
  • Markusen, J. R., & Venables, A. J. (1999). Foreign direct investment as a catalyst for industrial development. European economic review, 43(2), 335-356.
  • Montobbio, F., & Rampa, F. (2005). The impact of technology and structural change on export performance in nine developing countries. World development, 33(4), 527-547.
  • Newman, C., Rand, J., Talbot, T., & Tarp, F. (2015). Technology transfers, foreign investment and productivity spillovers. European Economic Review, 76, 168-187.
  • Peres, M., Ameer, W., & Xu, H. (2018). The impact of institutional quality on foreign direct investment inflows: evidence for developed and developing countries. Economic research-Ekonomska istraživanja, 31(1), 626-644.
  • Porter, M. E. (1993). The competitive advantage of nations (pp. 73-93). Cambridge: Harvard Business School Management Programs.
  • Rajan, R., & Zingales L. (1998). Financial Dependence and Growth. American Economic Review, 88, 559–586.
  • Ridzuan, A., Ismail, N., & Che Hamat, A. (2017). Does foreign direct investment successfully lead to sustainable development in Singapore?. Economies, 5(3), 29.
  • Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The stata journal, 9(1), 86-136.
  • OECD. 2001. OECD Global Forum on International Investment new horizons for foreign direct investment. Paris:OECD
  • Seyoum, B. (2005). Determinants of levels of high technology exports an empirical investigation. Journal of Competitiveness Studies, 13(1), 64.
  • Smarzynska Javorcik, B. (2004). Does foreign direct investment increase the productivity of domestic firms? In search of spillovers through backward linkages. American economic review, 94(3), 605-627.
  • Tebaldi, E. (2011). The determinants of high-technology exports: A panel data analysis. Atlantic Economic Journal, 39(4), 343-353.
  • Topallı, N. (2015). Doğrudan yabancı yatırımlar, ekonomik büyüme ve yüksek teknoloji ihracatı arasında bir nedensellik ilişkisi. International Journal of Social Sciences and Education Research, 1(1), 277-285.
  • Wana Ismail, N. (2013). Innovation and high-tech trade in Asian countries. In Proceedings from International Conference on Recent Developments in Asian Trade Policy and Integration (pp. 1-19).
  • Ying, S., Miao, L., & Yibo, C. (2014). High-techproductsexport competitiveness, bric countries in US market: a comparative analysis. The Journal of Developing Areas, 195-218.
  • Zhang, K. H. (2001). Does foreign direct investment promote economic growth? Evidence from East Asia and Latin America. Contemporary economic policy, 19(2), 175-185.
  • Zhang, K. H. (2015). What drives export competitiveness? The role of FDI in Chinese manufacturing. Contemporary Economic Policy, 33(3), 499-512.
  • Zhang, Y., Cheng, Z., & He, Q. (2019). Time lag analysis of FDI spillover effect. International Journal of Emerging Markets, ahead-of-print(ahead-of-print). doi:10.1108/ijoem-03-2019-0225
Toplam 50 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm İktisat
Yazarlar

Seren Özsoy 0000-0001-6642-7195

Yayımlanma Tarihi 31 Aralık 2020
Gönderilme Tarihi 8 Şubat 2020
Kabul Tarihi 30 Eylül 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 23 Sayı: 44

Kaynak Göster

APA Özsoy, S. (2020). THE IMPACT OF FOREIGN DIRECT INVESTMENT ON EXPORT OF HIGH-TECHNOLOGY PRODUCTS: THE ROLE OF FINANCIAL DEVELOPMENT AND REGULATORY QUALITY. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 23(44), 959-975. https://doi.org/10.31795/baunsobed.686447

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