THE DETERMINANTS OF FOREIGN OWNERSHIP IN DIRECT INVESTMENTS: CASES OF TURKEY AND GERMANY

Abstract

The aim of this study is to find answers to the following research questions: which business-life and firm-unique factors have influences over foreign ownership concentration of inward FDI’s to Turkey as a developing country, and to Germany as a developed country? Multiple linear regression analysis method is used in this study. There are ten approaches about building ownership strategy in theoretical literature. Results of this research are as follows: “transaction cost approach” is valid for explaining foreign ownership concentration for both countries. Other than that, “bargaining power approach” is applicable to explain foreign ownership concentration of investments to Turkey, whereas “organizational competences approach” is applicable to explain foreign ownership concentration of investments to Germany.

Keywords: International Investment Decisions, Ownership Structure, Corporate Governance.

DOĞRUDAN YATIRIMLARDA YABANCI SAHİPLİK YOĞUNLUĞUNUN BELİRLEYİCİLERİ: TÜRKİYE VE ALMANYA ÖRNEKLERİ

Abstract

Bu araştırmanın amacı, gelişmekte olan bir ekonomi olarak Türkiye'ye yönelik ve gelişmiş bir ekonomi olarak Almanya’ya yönelik doğrudan yabancı yatırımlardaki yabancı sahiplik yoğunluğu, ev sahibi ülke ve kaynak ülkelerin ticaret hayatı ile ve yatırım çeken şirketler ile ilgili hangi faktörlerin etkisi altında değişmektedir? sorusuna cevap bulmaktır. Araştırmada çoklu doğrusal regresyon analizi kullanılmaktadır. Teorik alan yazında sahiplik stratejisinin oluşturulması ile ilgili on yaklaşım mevcuttur. Araştırma sonucunda her iki ülke için yabancı sahiplik yoğunluğunu açıklayan faktörlerin ortaya konulmasında “işlem maliyeti yaklaşımı”nın geçerli olduğu bulunmuştur. Bu yaklaşımdan başka Türkiye’ye yönelik yatırımlarda sahiplik yoğunluğunun açıklanmasında “pazarlık gücü yaklaşımı”nın, Almanya’ya yönelik yatırımlarda “örgütsel yeterlilikler” yaklaşımının geçerli olduğu bulunmuştur.

Anahtar Kelimeler: Uluslararası Yatırım Kararları, Sahiplik Yapısı, Kurumsal Yönetim.

Keywords

• Uluslararası Yatırım Kararları, Sahiplik Yapısı, Kurumsal Yönetim

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