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The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group

Yıl 2017, Cilt: 3 Sayı: 3, 419 - 428, 01.09.2017

Öz

Even though there is an abundant literature analyzing the determinants of FDI, most of these studies have failed to isolate equity capital flows from other FDI financial components. The distinctive feature of equity capital flows, as compared to other components, is that they represent the initial investments into the host county. The main objective of this study is to investigate the main factors that attract equity capital inflows in the 23 Asia-Pacific countries by employing a dynamic panel data method for the period between 2006 and 2014. Our main findings reveal that CR index, GDP, and interest rates are positively correlated with equity capital investments into the Asian county group

Kaynakça

  • Aqeel, A., & Nishat, M. (2005). Determinants of foreign direct investment in Pakistan. The Pakistan Development Review, 43(4), 651-664.
  • Bandera, V.N., & White, J.T., (1968). U.S. direct investments and domestic markets in Europe. Economia Internazionale, 21, 117-133.
  • Bilgili, F., Tülüce Halıcı, N.S., & Doğan, İ. (2012). The determinants of FDI in Turkey: A Markov regime-switching approach. Economic Modeling, 29(4), 1161-1169.
  • Billington, N. (1999). The location of foreign direct investment: An empirical analysis. Applied Economics, 31, 65-76.
  • Blonigen, B.A. (1997). Firm-specific assets and the link between exchange rates and foreign direct investments. American Economic Review, 87, 447-465.
  • Campa, J. (1993). Entry of foreign firms in the United States under exchange rate uncertainty. The Review of Economics and Statistics, 75(4), 614-22.
  • Cassou, S.P. (1997). The link between tax rates and foreign direct investment. Applied Economics, 29, 1295-1301.
  • Chakrabarti, A. (2001).The determinants of foreign direct investments: Sensitivity analyses of cross Country regressions. Kyklos, 54 (1), 89-114
  • Culem, C.G. (1988). The locational determinants of foreign direct investments among industrialized countries. European Economic Review, 32, 885-904.
  • Dar, H.A., Presley, J.R., & Malik, S.H., (2004). Determinants of FDI inflows to Pakistan (1970 2003). Loughborough University, Economic Research Paper, No 04-20.
  • De Mello Jr., L.R. (1999). Foreign direct investment led-growth: Evidence from time series and panel data. Oxford Economic Papers, 51, 133-154.
  • Dunning, J. H. (1988). The eclectic paradigm of FDI: A restatement and some possible extensions. Journal of International Business Studies, 19(1), 1-31.
  • Dhakal, D., Nag, R., Pradhan, G., & Upadhyaya, K. (2010). Exchange rate volatility and foreign direct investment: Evidence from East Asian countries. International Business & Economic Research Journal, 9(7), 121-128.
  • Dunning, J. H. (1980). Toward an eclectic theory of international production: Some empirical test. Journal of International Business Studies, 11, 9-31.
  • Economic and Social Commission for Asia and the Pacific (ESCAP), Asia-Pacific Trade and Investment Report 2013, (available: http://www.unescap.org).
  • Erdal, F., & Tataoğlu, E. (2002). Locational determinants of foreign direct investment in an emerging market economy: Evidence from Turkey. Multinational Business Review, 10(1), 21-27.
  • Eşiyok, B. (2011). Determinants of foreign direct investment in Turkey: A panel study approach. MPRA Paper No 36568 (Munich Personal RePEc Archive).
  • ESE, Economic Survey of Europe (2001). Economic growth and foreign direct investment in the transition economies, http://www.unece.org.
  • Faroh, A., & Shen, H. (2015). Impact of interest rates on foreign direct investment: Case study Sierra Leone Economy. International Journal of Business Management and Economic Research, 6(1), 124-132.
  • Froot, K. A., & Stein, J. C. (1991). Exchange rates and foreign direct investment: An imperfect capital market approach. The Quarterly Journal of Economics, 106(4), 1191-1121.
  • Jaspersen, F., Aylward, A.H., & Knox, A. D. (2000). The effects of risks on private investments: Africa compared with other developing countries. In: Collier, P., Pattillo, C.(Eds.) Investment and Risk in Africa. St. Martin’s Press: New York, pp. 71-95.
  • Kar, M., & Tatlısöz, F. (2007). Türkiye’de Doğrudan Yabancı Sermaye Hareketlerini belirleyen Faktörlerin Ekonometrik Analizi [Econometric Analysis of Determinants of Foreign Direct Investments in Turkey]. Paper No 14 (Kahraman Maraş Sütçü İmam University, Faculty of Economics).
  • Kaya, V., & Yılmaz, Ö. (2003). Turkiyede Doğrudan Yatırımların Belirleyicileri [The Determinants of Foreign Direct Investments in Turkey]. Paper No 17 (Atatürk University, Faculty of Economics).
  • Kemsley, D. (1998). The effect of taxes on production location. Journal of Accounting Research, 36, 321-341.
  • Kravis, I.B., & Lipsey, R.E. (1982). The location of overseas production and production for export by US multinational firms. Journal of International Economics, 12, 201-223.
  • Lim, E. (2001). Determinants of, and the relationship between, foreign direct investment and growth: A summary of the recent literature, Middle Eastern Department, IMF Working Paper WP/01/175.
  • Night, D. (1985). The effect of political events on United States direct foreign investments: A pooled time-series cross-sectional analysis. Journal of International Business Studies, 16, 1-17.
  • Porcano, T.M., & Price, C.E. (1996). The effects of government tax and non-tax incentives on foreign direct investments. Multinational Business Review, 4, 9-20.
  • Sachs, J., & Sievers, S. (1998). FDI in Africa. Africa Competitive Report 1998. World Economic Forum, Geneva.
  • Sader, F. (1993). Privatization and foreign investment in the developing world. World Bank Working Paper No 1202.
  • Siddiqui, H.A.A., & Aumeboonsuke, V. (2014). Role of interest rate in attracting the FDI: Study on ASEAN 5 economy. International Journal of Technical Research and Applications, 2(3), 59-70.
  • Swenson, D.L. (1994). The impact of U.S. tax reform on foreign direct investment in the United States. Journal of Public Economics, 54, 243-266.
  • Tsai, P. (1994). Determinants of foreign direct investment and its impact on economic growth. Journal of Economic Development, 19, 137-163.
  • Tuman, J.P., & Emmert, C.F. (1999). Explaining Japanese foreign direct investment in Latin America, 1979-1992. Social Science Quarterly, 80, 539-555.
  • Tokunbo, S. O., &, Lloyd, A. A. (2009). Foreign direct investment and exchange rate volatility in Nigeria. International Journal of Applied Econometrics and Quantitative Studies, 9(2), 1-13.
  • Vergil, H., & Çeştepe, H. (2005). Döviz kuru değişkenliği ve yabancı doğrudan yatırım akımları:Turkiye örneği [The exchange rate volatility and foreign direct investments: A case study for Turkey]’ (Zonguldak Karaelmas University, Çaycuma, Faculty of Economics).
  • Wheeler, D., & Mody, A. (1992). International investment location decision: The case for U.S. firms. Journal of International Economics, 33, 57-76.
  • Yulin, N., & Reed, M.R., (1995). Locational determinants of U.S. foreign direct investment in food and kindred products. Agrobusiness, 11, 77-86.

The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group

Yıl 2017, Cilt: 3 Sayı: 3, 419 - 428, 01.09.2017

Öz

Kaynakça

  • Aqeel, A., & Nishat, M. (2005). Determinants of foreign direct investment in Pakistan. The Pakistan Development Review, 43(4), 651-664.
  • Bandera, V.N., & White, J.T., (1968). U.S. direct investments and domestic markets in Europe. Economia Internazionale, 21, 117-133.
  • Bilgili, F., Tülüce Halıcı, N.S., & Doğan, İ. (2012). The determinants of FDI in Turkey: A Markov regime-switching approach. Economic Modeling, 29(4), 1161-1169.
  • Billington, N. (1999). The location of foreign direct investment: An empirical analysis. Applied Economics, 31, 65-76.
  • Blonigen, B.A. (1997). Firm-specific assets and the link between exchange rates and foreign direct investments. American Economic Review, 87, 447-465.
  • Campa, J. (1993). Entry of foreign firms in the United States under exchange rate uncertainty. The Review of Economics and Statistics, 75(4), 614-22.
  • Cassou, S.P. (1997). The link between tax rates and foreign direct investment. Applied Economics, 29, 1295-1301.
  • Chakrabarti, A. (2001).The determinants of foreign direct investments: Sensitivity analyses of cross Country regressions. Kyklos, 54 (1), 89-114
  • Culem, C.G. (1988). The locational determinants of foreign direct investments among industrialized countries. European Economic Review, 32, 885-904.
  • Dar, H.A., Presley, J.R., & Malik, S.H., (2004). Determinants of FDI inflows to Pakistan (1970 2003). Loughborough University, Economic Research Paper, No 04-20.
  • De Mello Jr., L.R. (1999). Foreign direct investment led-growth: Evidence from time series and panel data. Oxford Economic Papers, 51, 133-154.
  • Dunning, J. H. (1988). The eclectic paradigm of FDI: A restatement and some possible extensions. Journal of International Business Studies, 19(1), 1-31.
  • Dhakal, D., Nag, R., Pradhan, G., & Upadhyaya, K. (2010). Exchange rate volatility and foreign direct investment: Evidence from East Asian countries. International Business & Economic Research Journal, 9(7), 121-128.
  • Dunning, J. H. (1980). Toward an eclectic theory of international production: Some empirical test. Journal of International Business Studies, 11, 9-31.
  • Economic and Social Commission for Asia and the Pacific (ESCAP), Asia-Pacific Trade and Investment Report 2013, (available: http://www.unescap.org).
  • Erdal, F., & Tataoğlu, E. (2002). Locational determinants of foreign direct investment in an emerging market economy: Evidence from Turkey. Multinational Business Review, 10(1), 21-27.
  • Eşiyok, B. (2011). Determinants of foreign direct investment in Turkey: A panel study approach. MPRA Paper No 36568 (Munich Personal RePEc Archive).
  • ESE, Economic Survey of Europe (2001). Economic growth and foreign direct investment in the transition economies, http://www.unece.org.
  • Faroh, A., & Shen, H. (2015). Impact of interest rates on foreign direct investment: Case study Sierra Leone Economy. International Journal of Business Management and Economic Research, 6(1), 124-132.
  • Froot, K. A., & Stein, J. C. (1991). Exchange rates and foreign direct investment: An imperfect capital market approach. The Quarterly Journal of Economics, 106(4), 1191-1121.
  • Jaspersen, F., Aylward, A.H., & Knox, A. D. (2000). The effects of risks on private investments: Africa compared with other developing countries. In: Collier, P., Pattillo, C.(Eds.) Investment and Risk in Africa. St. Martin’s Press: New York, pp. 71-95.
  • Kar, M., & Tatlısöz, F. (2007). Türkiye’de Doğrudan Yabancı Sermaye Hareketlerini belirleyen Faktörlerin Ekonometrik Analizi [Econometric Analysis of Determinants of Foreign Direct Investments in Turkey]. Paper No 14 (Kahraman Maraş Sütçü İmam University, Faculty of Economics).
  • Kaya, V., & Yılmaz, Ö. (2003). Turkiyede Doğrudan Yatırımların Belirleyicileri [The Determinants of Foreign Direct Investments in Turkey]. Paper No 17 (Atatürk University, Faculty of Economics).
  • Kemsley, D. (1998). The effect of taxes on production location. Journal of Accounting Research, 36, 321-341.
  • Kravis, I.B., & Lipsey, R.E. (1982). The location of overseas production and production for export by US multinational firms. Journal of International Economics, 12, 201-223.
  • Lim, E. (2001). Determinants of, and the relationship between, foreign direct investment and growth: A summary of the recent literature, Middle Eastern Department, IMF Working Paper WP/01/175.
  • Night, D. (1985). The effect of political events on United States direct foreign investments: A pooled time-series cross-sectional analysis. Journal of International Business Studies, 16, 1-17.
  • Porcano, T.M., & Price, C.E. (1996). The effects of government tax and non-tax incentives on foreign direct investments. Multinational Business Review, 4, 9-20.
  • Sachs, J., & Sievers, S. (1998). FDI in Africa. Africa Competitive Report 1998. World Economic Forum, Geneva.
  • Sader, F. (1993). Privatization and foreign investment in the developing world. World Bank Working Paper No 1202.
  • Siddiqui, H.A.A., & Aumeboonsuke, V. (2014). Role of interest rate in attracting the FDI: Study on ASEAN 5 economy. International Journal of Technical Research and Applications, 2(3), 59-70.
  • Swenson, D.L. (1994). The impact of U.S. tax reform on foreign direct investment in the United States. Journal of Public Economics, 54, 243-266.
  • Tsai, P. (1994). Determinants of foreign direct investment and its impact on economic growth. Journal of Economic Development, 19, 137-163.
  • Tuman, J.P., & Emmert, C.F. (1999). Explaining Japanese foreign direct investment in Latin America, 1979-1992. Social Science Quarterly, 80, 539-555.
  • Tokunbo, S. O., &, Lloyd, A. A. (2009). Foreign direct investment and exchange rate volatility in Nigeria. International Journal of Applied Econometrics and Quantitative Studies, 9(2), 1-13.
  • Vergil, H., & Çeştepe, H. (2005). Döviz kuru değişkenliği ve yabancı doğrudan yatırım akımları:Turkiye örneği [The exchange rate volatility and foreign direct investments: A case study for Turkey]’ (Zonguldak Karaelmas University, Çaycuma, Faculty of Economics).
  • Wheeler, D., & Mody, A. (1992). International investment location decision: The case for U.S. firms. Journal of International Economics, 33, 57-76.
  • Yulin, N., & Reed, M.R., (1995). Locational determinants of U.S. foreign direct investment in food and kindred products. Agrobusiness, 11, 77-86.
Toplam 38 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Research Article
Yazarlar

Burçak Polat

Yayımlanma Tarihi 1 Eylül 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 3 Sayı: 3

Kaynak Göster

APA Polat, B. (2017). The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group. Uluslararası Ekonomik Araştırmalar Dergisi, 3(3), 419-428.
AMA Polat B. The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group. UEAD. Eylül 2017;3(3):419-428.
Chicago Polat, Burçak. “The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group”. Uluslararası Ekonomik Araştırmalar Dergisi 3, sy. 3 (Eylül 2017): 419-28.
EndNote Polat B (01 Eylül 2017) The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group. Uluslararası Ekonomik Araştırmalar Dergisi 3 3 419–428.
IEEE B. Polat, “The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group”, UEAD, c. 3, sy. 3, ss. 419–428, 2017.
ISNAD Polat, Burçak. “The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group”. Uluslararası Ekonomik Araştırmalar Dergisi 3/3 (Eylül 2017), 419-428.
JAMA Polat B. The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group. UEAD. 2017;3:419–428.
MLA Polat, Burçak. “The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group”. Uluslararası Ekonomik Araştırmalar Dergisi, c. 3, sy. 3, 2017, ss. 419-28.
Vancouver Polat B. The Driving Factors in Equity Capital Investments: A Study of the Asia-Pacific Coutry Group. UEAD. 2017;3(3):419-28.