İMKB FİRMALARI İÇİN DOĞRUDAN YABANCI YATIRIM GİRİŞ VE ÇIKIŞ KARARININ BELİRLEYİCİLERİ

Year 2017, Volume: 19 Issue: 4, 579 - 601, 06.04.2018

Yeşim Üçdoğruk Gürel Çağnur Balsarı Berna Kırkulak Uludağ

https://doi.org/10.16953/deusosbil.364290

Abstract

Bu çalışmanın amacı, 2008 yılındaki küresel
ekonomik durgunluğa tanıklık etmeden önce, doğrudan yabancı yatırımın (DYY) belirleyicilerinin,
halka açık şirketlerde giriş ve çıkışlar açısından farklılık gösterip
göstermediğini incelemektir. Çok terimli probit modeli, firmaların yabancı
yatırımı yapma, yabancı sermayeli olma ve aynı anda hem yabancı sermayeli olma
hem de yabancı yatırım yapma davranışlarının belirleyicilerini analiz etmek
için kullanılmıştır. Bulgular, bir firmanın yabancı yatırım faaliyetinde
bulunma ihtimalinin firma büyüklüğü, yaş ve reklam yoğunluğu ile birlikte
arttığını ve likidite ile azaldığını göstermektedir. Sektörde doğrudan
yatırımcıların pazar payları ne kadar yüksek olursa, dalgalanma etkisi yoluyla
diğer firmalarında doğrudan yabancı yatırım yapma oranı o kadar yüksektir. Buna
ek olarak, yabancı yatırım yapma olasılığı finansal kısıtlarla birlikte artarken,
yabancı sermayeli olma ihtimali karlılıkla artmakta ve sermaye yoğunluğu ile
azalmaktadır. Ar-Ge yoğunluğu ne kadar yüksek olursa, bir firmanın her iki
tipteki doğrudan yabancı yatırım faaliyetine aynı anda katılma ihtimali de o
kadar yüksek olur. Sonuçlar imalat sanayi ve imalat sanayi dışı firmalar için
ayrım gözetmemektedir.

Keywords

Doğrudan Yabancı Yatırım, Türkiye, Çok Terimli Probit

THE DETERMINANTS OF INWARD AND OUTWARD FDI BEHAVIOR FOR ISE-LISTED FIRMS

Abstract

The aim of this paper is to examine whether
or not the determinants of Foreign Direct Investment (FDI) differ in terms of
inflows and outflows at firm level for publicly traded companies in Turkey just
before witnessing 2008 global economic slowdown. A multinomial probit
regression is used to analyze the determinants of inward, outward and both
inward and outward FDI behavior of firms simultaneously. Findings suggest that
the probability of a firm to engage in FDI activity increases with firm size,
age and advertising intensity and decreases with liquidity. The higher the
market share of FDI receivers in sectoral output, the more likely a firm will
engage in FDI activity through spillover effects. Additionally, the probability
to engage in outward FDI increases with financial constraints whereas the
probability to receive inward FDI increases with profitability and decreases
with capital intensity. The higher the R&D intensity, the more likely a
firm is to engage in both types of FDI activity simultaneously. The results are
mostly insensitive to manufacturing and non-manufacturing industry distinction.

Keywords

FDI, Turkey, Multinomial Probit

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