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DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ: ARDL SINIR TESTİ YAKLAŞIMI

Year 2016, Issue: 49, 63 - 77, 28.07.2016

Abstract

Bu çalışmanın amacı; Türkiye’de
demokrasi ve bazı makroekonomik göstergelerin doğrudan yabancı yatırımlar (DYY),
üzerindeki etkilerini 1991-2013 dönemi için ARDL sınır testi yaklaşımı
kullanarak incelemektir. Çalışmada kullanılan makroekonomik göstergeler kişi
başına reel gelir, cari açık oranı, faiz oranları, gayrisafi yurtiçi hasıla
(GSYİH) deflatörü, işgücü verimliliği ve kişi başına vergi miktarıdır.
Çalışmada ARDL Sınır Testi Yaklaşımı kullanılarak elde edilen bulgular şöyle
sıralanabilir: ı) Kişi başına reel
gelirdeki bir artış DYY’leri hem uzun hem de kısa dönemde pozitif
etkilemektedir; ıı) Demokrasi, işgücü verimliliği ve kişi başına vergi miktarındaki
bir artış hem uzun hem de kısa dönemde DYY’leri negatif etkilemektedir; ııı)
Cari açık oranının DYY’ler üzerindeki kısa dönemli etkisi istatistiki olarak
anlamlı değilken, uzun dönemde cari açık oranında bir artış DYY’leri negatif
etkilemektedir; ıv) Faiz artışı kısa dönemde DYY’leri pozitif etkilemekteyken, faiz
oranının DYY’ler üzerindeki uzun dönemli etkisi istatistiki olarak anlamlı
değildir; v) Son olarak enflasyonun DYY’ler üzerindeki etkisi hem uzun dönemde
hem de kısa dönemde istatistiki olarak anlamlı değildir.

References

  • ACARAVCI, Ali, BOZKURT, Cuma, ERDOĞAN, Sinan (2015), “MENA Ülkelerinde Demokrasi-Ekonomik Büyüme İlişkisi”, İşletme ve İktisat Çalışmaları Dergisi, 3(4), ss. 119-129.
  • ALP, Ali (2000), Finansın Uluslararasılaşması, Yapı Kredi Kültür Sanat Yayıncılık, İstanbul.
  • ASİEDU, Elizabeth, LİEN, Donald (2011), “ Democracy, Foreign Direct Investment and Natural Resources”, Journal of International Economics, 84, pp. 99-11.
  • Arbatlı, Elif.C (2011), “Economic Policies and FDI Inflows to Emerging Market Economies”. International Monetary Fund, , 11(192), pp. 1-25.
  • BAHMANİ-OSKOOEE, Mohsen and RAYMOND, Chi Wing NG (2002), “Long Run Demand for Money in Hong Kong: An Application of the ARDL Model”, International Journal of Business and Economics, 1(2), pp. 147–155.
  • BARRO, R. J. (1999), Inequality, Growth and Investment, NBER Working Paper Series Paper No: 7038. BUTKİEWİCZ, J.L. and YANİKKAYA, H. (2006), “ Institutional Quality and Economic Growth: Meintenance of the Rule of Law of Democratic Institutions, or Both?” Economic Modelling, 23, pp. 648-661.
  • BİLGİLİ, Faik, TÜLÜCE, N.S. Halıcı, DOĞAN, İbrahim (2012), “ The determinants of FDI in Turkey: A Markov Regime-Switching approach”, Economic Modelling, 29, pp. 1161-1169.
  • BROWN, R.L., DURBIN, J. and EVANS, J.M. (1975), “Techniques for Testing the Constancy of Regression Relationships over Time”, Journal of the Royal Statistical Society, 37(2), pp.149-192.
  • GRANGER, C.W.J., NEWBOLD, P. (1974), “ Spurious Regressions in Econometrics”, Journal of Econometrics, 2, pp.111-120.
  • DHAKAL, D., MİXON, F. and UPADHYAYA, K. (2007), "Foreign Direct Investment and Transition Economies: Empirical Evidence From A Panel Data Estimator", Economics Bulletin, 6(33), pp. 1-9.
  • DİCKEY, D. and FULLER, W.A. (1981), “ Likelihood Ratio Statistics for Autoregressive Time Series With a Unit Root”, Econometrica, 49, pp.1057-72.
  • DUNNİNG, J.H. (1974), Economic Analysis and the Multinational Enterprise, Allen & Unwin.
  • DUNNİNG, J.H. (1980), “Toward an Eclectic Theory of Internal Production: Some Empirical Test”, Journal of international Business Studies, 11, pp.9-31.
  • DUNNİNG, J.H. (1993), Multinational Enterprises and the Global Economy, Addison Wesley.
  • AL-EİTAN, GN. (2011), “A Dynamic Model for determining Inward Foreign Direct Investment in Jordan”, http://www.business.uwa.edu.au/__data/assets/pdf_file/0009/2198322/Al-Eitan-Gaith-Curtin.pdf.
  • ENGLE, R.F. & GRANGER, C.W.J. (1987),”Co-integration and error correction: representation, estimation and testing”, Econometrica, 55, pp.251–76.
  • ERDAL, Fuat, TATOĞLU, Ekrem (2002), “Locational Determinants of Foreign Direct Investment in an Emerging Market Economy: Evidence from Turkey”, Multinational Business Review, 10, pp.21-27.
  • ESE (Economic Survey of Europe) (2001), “ Economic growth and foreign direct investment in the transition economies”, http://www.unece.org/fileadmin/DAM/ead/pub/011/011c5.pdf, last checked on July 23, 2011.
  • EŞİYOK, B. Ali (1999), İmalat Sanayinde (Kamu-Özel Sektör Ayrımı Ekseninde Ücret ve Verimlilik Serilerinin İstatistiki ve Ekonometrik Bir Analizi, Türkiye Kalkınma Bankası Araştırma Müdürlüğü, Ankara.
  • HALICIOĞLU, Ferda (2001), “An Econometric Analysis of Foreign Direct Investment Flows into Turkey from Major Global Regions: 1975-1999”, International Conference in Economics V, Economic Research Center, Middle East Technical University, Ankara, 1-9.
  • KAR, Muhsin, TATLISÖZ, Fatma (2008), “Türkiye’de Doğrudan Yabancı Sermaye Hareketlerini Belirleyen Faktörlerin Ekonometrik Analizi”, KMU İİBF Dergisi, 14, s.23.
  • KARAGÖZ, K. (2007), “Türkiye’de Doğrudan Yabancı Yatırım Girişlerini Belirleyen Faktörler: 1970-2005”, e-Journal of Yasar University, 8(2), ss.1-15.
  • KOYUNCU, F.Turan. (2010), “Türkiye’de Seçilmiş Makroekonomik Değişkenlerin Doğrudan Yabancı Sermaye Yatırımları Üzerindeki Etkisinin Yapısal Var Analizi: 1990-2009 Dönemi”, Ekonomi Bilimleri Dergisi, 1, ss.55-62.
  • KUMAR, N. (1994), Multinational Enterprises and Industrial Organization, Sage Publications, New Delhi.
  • LEBE, Fuat, ERSUNGUR, Ş.Mustafa. (2011), “Türkiye’de Doğrudan Yabancı Sermaye Yatırımını Etkileyen Ekonomik Faktörlerin Ampirik Analizi”, Atatürk Ü. İİBF Dergisi, 10, ss.321-339.
  • LI, Quan (2009), “Democracy, Autocracy and Expropriation of Foreign Direct Investment”, Comparative Political Studies, 42 (8), pp.1098–1127.
  • LI, Quan, RESNICK, Adam, (2003), “Reversal of Fortunes: Democratic Institutions and FDI Inflows to Developing Countries”, International Organization, 57, pp.175–211.
  • 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, pp.169-210.
  • JOHANSEN, S. (1988), “Statistical Analysis of Cointegration Vectors”, Journal of Economic Dynamics and Control, 12, pp.231-254.
  • NARAYAN, P.K. (2005), “The Savings and Investment Nexus for China: Evidence from Cointegration Test”, Applied Economics. 91, pp.1979–1990.
  • NORTH, Douglass C., WEINGAST, Barry R. (1989), “Constitutions and Commitment: the Evolution of Institutions Governing Public Choice in Seventeenth-Century England”, Journal of Economic History, 49 (4), pp.803–832.
  • MOTTALEB, KA, KALIRAJAN, K. (2010), Determinants of Foreign Direct Investment in Developing Countries: A Comparative Analysis, ASARC Working Paper 13.
  • ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENTOECD (2015b), GDP per hour worked (indicator). https://data.oecd.org/ lprdty/labour-productivity-forecast.htm#indicator-chart, (14.07.2015).
  • ÖZER, H. ve T.B. SARAÇ (2008), “Türkiye’de Doğrudan Yabancı Sermaye Yatırımı Girişlerini Belirleyen Faktörler: (1980–2006)”, Uluslararası Sermaye Akımları ve Gelişmekte Olan Piyasalar, 24-27 Nisan, Bandırma.
  • ÖZMUCUR, S. (2003), “Wage and Productivity Differentials in Private and Public Manufacturing: The Case of Turkey”, Econ WPA Series, no: 0303002, (http://129.3.20.41/eps/io/papers/0303/0303002.pdf).
  • PESARAN, M. H., SHIN, Y. and SMITH, R. J. (2001), “Bounds Testing Approaches to the Analysis of Level Relationships”, Journal of Applied Econometrics, 16, pp.289 – 326.
  • PESARAN, M.H., SHIN, Y. (1999), “An Autoregressive Distributed Lag Modeling Approach to Cointegration Analysis” In: STROM, S., editor, Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, Ch. 11. Cambridge: Cambridge University Press.
  • PESARAN, M. H., SHIN, Y. and SMITH, R. J. (2000), “Structural Analysis of Vector Error Correction Models With Exogenous I(1) Variables”, Journal of Econometrics, 97, pp.293-343.
  • PHILLIPS, P.C.B. & PERRON, P. (1988), “Testing for a Unit Root in Time Series Regression”, Biometrika, 75, pp.335–346.
  • PISTORESI, B. (2000), “Investimenti Diretti Esteri e Fattori di Localizzazione: L'America Latinae il SudEst Asiatico”, Rivista di Politica Economica, 90, pp.27–44.
  • Sahoo, P. (2006). Foreign Direct Investment in South Asia: Policy, Trends, Impact and Determinants. ADB Institute Discussion paper No. 56.
  • SCHMITZ, A., BIERI, J. (1972), “EEC Tariffs and U.S. Direct Investment”, European Economic Review, 3, pp.259–270.
  • SIDDIQUI, H.A. Ahmed, AUMEBOONSUKE, Vesarach (2014), “Role of Interest Rate in Attracting the FDI: Study on Asean 5 Economy”, International Journal of Technical Research and Applications, 3, pp.59-70.
  • TAVARES J., WACZIARG R. (2001), “How Democracy Affects Growth”, European Economic Review, 45, pp.1341-1373.
  • TÜREDİ, Salih, TERZİ, Harun (2009), “Türkiye’de Kamu-Özel İmalat Sanayinde Ücret ve İşgücü Verimliliği İlişkisi”, Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 10(1), ss.144-162.
  • WHEELER, D., MODY, A. (1992), “International Investment Location Decisions: the Case of US Firms”, Journal of International Economics, 33, pp.57-76.
  • VIJAYAKUMAR, N., SRIDHARAN, P. and RAO, K.C.S. (2010), “Determinants of FDI in BRICS Countries: A Panel Analysis”, International Journal of Business Science and Applied Management, 5, pp.1-13.
  • WORLD BANK (2015), “World Development Indicators” http://databank.worldbank. org /data//reports.aspx?source=2&country=&series=NE.EXP. GNFS.ZS&period= (Erişim Tarihi: 11.08.2015).
  • YAPRAKLI, Sevda (2006), “Türkiye’de Doğrudan Yabancı Yatırımların Ekonomik Belirleyicileri Üzerine Ekonometrik Bir Analiz”, D.E.Ü.İ.İ.B.F. Dergisi. 21, ss.23-48.

DETERMINANTS OF FOREIGN DIRECT INVESTMENT: AN ARDL BOUND TESTING APPROACH

Year 2016, Issue: 49, 63 - 77, 28.07.2016

Abstract

The main purpose of this study is to
examine the effects of democracy and some macroeconomic indicators on foreign
direct investment in Turkey for period 1991-2013 by using  ARDL bound testing approach. The macroeconomic indicators which used in this study
are: real income per capita, interest rates, current account deficit ratio,
gross domestic product (GDP) deflator, labor productivity and the amount of tax
per capita. This study obtained the following findings using ARDL bound testing
approach: ı) An increase in the real income per capita  has positive effects on FDI in both long and
short term; ıı) An increase in the democracy, labor productivity and amount of
tax per capita have negative effects on FDI in both long and short term; ııı)
The short-term impact of the current account deficit ratio on FDI is not
statistically significant whereas an increase in the current account deficit ratio
has negative effects on FDI in long-term; ıv) An increase in the interest has
positive effects on FDI in short-term whereas the long-term impact of interest
rate on FDI is not statistically significant; v) Finally, The impact of
inflation on FDI is not statistically significant in both long and short term.

References

  • ACARAVCI, Ali, BOZKURT, Cuma, ERDOĞAN, Sinan (2015), “MENA Ülkelerinde Demokrasi-Ekonomik Büyüme İlişkisi”, İşletme ve İktisat Çalışmaları Dergisi, 3(4), ss. 119-129.
  • ALP, Ali (2000), Finansın Uluslararasılaşması, Yapı Kredi Kültür Sanat Yayıncılık, İstanbul.
  • ASİEDU, Elizabeth, LİEN, Donald (2011), “ Democracy, Foreign Direct Investment and Natural Resources”, Journal of International Economics, 84, pp. 99-11.
  • Arbatlı, Elif.C (2011), “Economic Policies and FDI Inflows to Emerging Market Economies”. International Monetary Fund, , 11(192), pp. 1-25.
  • BAHMANİ-OSKOOEE, Mohsen and RAYMOND, Chi Wing NG (2002), “Long Run Demand for Money in Hong Kong: An Application of the ARDL Model”, International Journal of Business and Economics, 1(2), pp. 147–155.
  • BARRO, R. J. (1999), Inequality, Growth and Investment, NBER Working Paper Series Paper No: 7038. BUTKİEWİCZ, J.L. and YANİKKAYA, H. (2006), “ Institutional Quality and Economic Growth: Meintenance of the Rule of Law of Democratic Institutions, or Both?” Economic Modelling, 23, pp. 648-661.
  • BİLGİLİ, Faik, TÜLÜCE, N.S. Halıcı, DOĞAN, İbrahim (2012), “ The determinants of FDI in Turkey: A Markov Regime-Switching approach”, Economic Modelling, 29, pp. 1161-1169.
  • BROWN, R.L., DURBIN, J. and EVANS, J.M. (1975), “Techniques for Testing the Constancy of Regression Relationships over Time”, Journal of the Royal Statistical Society, 37(2), pp.149-192.
  • GRANGER, C.W.J., NEWBOLD, P. (1974), “ Spurious Regressions in Econometrics”, Journal of Econometrics, 2, pp.111-120.
  • DHAKAL, D., MİXON, F. and UPADHYAYA, K. (2007), "Foreign Direct Investment and Transition Economies: Empirical Evidence From A Panel Data Estimator", Economics Bulletin, 6(33), pp. 1-9.
  • DİCKEY, D. and FULLER, W.A. (1981), “ Likelihood Ratio Statistics for Autoregressive Time Series With a Unit Root”, Econometrica, 49, pp.1057-72.
  • DUNNİNG, J.H. (1974), Economic Analysis and the Multinational Enterprise, Allen & Unwin.
  • DUNNİNG, J.H. (1980), “Toward an Eclectic Theory of Internal Production: Some Empirical Test”, Journal of international Business Studies, 11, pp.9-31.
  • DUNNİNG, J.H. (1993), Multinational Enterprises and the Global Economy, Addison Wesley.
  • AL-EİTAN, GN. (2011), “A Dynamic Model for determining Inward Foreign Direct Investment in Jordan”, http://www.business.uwa.edu.au/__data/assets/pdf_file/0009/2198322/Al-Eitan-Gaith-Curtin.pdf.
  • ENGLE, R.F. & GRANGER, C.W.J. (1987),”Co-integration and error correction: representation, estimation and testing”, Econometrica, 55, pp.251–76.
  • ERDAL, Fuat, TATOĞLU, Ekrem (2002), “Locational Determinants of Foreign Direct Investment in an Emerging Market Economy: Evidence from Turkey”, Multinational Business Review, 10, pp.21-27.
  • ESE (Economic Survey of Europe) (2001), “ Economic growth and foreign direct investment in the transition economies”, http://www.unece.org/fileadmin/DAM/ead/pub/011/011c5.pdf, last checked on July 23, 2011.
  • EŞİYOK, B. Ali (1999), İmalat Sanayinde (Kamu-Özel Sektör Ayrımı Ekseninde Ücret ve Verimlilik Serilerinin İstatistiki ve Ekonometrik Bir Analizi, Türkiye Kalkınma Bankası Araştırma Müdürlüğü, Ankara.
  • HALICIOĞLU, Ferda (2001), “An Econometric Analysis of Foreign Direct Investment Flows into Turkey from Major Global Regions: 1975-1999”, International Conference in Economics V, Economic Research Center, Middle East Technical University, Ankara, 1-9.
  • KAR, Muhsin, TATLISÖZ, Fatma (2008), “Türkiye’de Doğrudan Yabancı Sermaye Hareketlerini Belirleyen Faktörlerin Ekonometrik Analizi”, KMU İİBF Dergisi, 14, s.23.
  • KARAGÖZ, K. (2007), “Türkiye’de Doğrudan Yabancı Yatırım Girişlerini Belirleyen Faktörler: 1970-2005”, e-Journal of Yasar University, 8(2), ss.1-15.
  • KOYUNCU, F.Turan. (2010), “Türkiye’de Seçilmiş Makroekonomik Değişkenlerin Doğrudan Yabancı Sermaye Yatırımları Üzerindeki Etkisinin Yapısal Var Analizi: 1990-2009 Dönemi”, Ekonomi Bilimleri Dergisi, 1, ss.55-62.
  • KUMAR, N. (1994), Multinational Enterprises and Industrial Organization, Sage Publications, New Delhi.
  • LEBE, Fuat, ERSUNGUR, Ş.Mustafa. (2011), “Türkiye’de Doğrudan Yabancı Sermaye Yatırımını Etkileyen Ekonomik Faktörlerin Ampirik Analizi”, Atatürk Ü. İİBF Dergisi, 10, ss.321-339.
  • LI, Quan (2009), “Democracy, Autocracy and Expropriation of Foreign Direct Investment”, Comparative Political Studies, 42 (8), pp.1098–1127.
  • LI, Quan, RESNICK, Adam, (2003), “Reversal of Fortunes: Democratic Institutions and FDI Inflows to Developing Countries”, International Organization, 57, pp.175–211.
  • 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, pp.169-210.
  • JOHANSEN, S. (1988), “Statistical Analysis of Cointegration Vectors”, Journal of Economic Dynamics and Control, 12, pp.231-254.
  • NARAYAN, P.K. (2005), “The Savings and Investment Nexus for China: Evidence from Cointegration Test”, Applied Economics. 91, pp.1979–1990.
  • NORTH, Douglass C., WEINGAST, Barry R. (1989), “Constitutions and Commitment: the Evolution of Institutions Governing Public Choice in Seventeenth-Century England”, Journal of Economic History, 49 (4), pp.803–832.
  • MOTTALEB, KA, KALIRAJAN, K. (2010), Determinants of Foreign Direct Investment in Developing Countries: A Comparative Analysis, ASARC Working Paper 13.
  • ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENTOECD (2015b), GDP per hour worked (indicator). https://data.oecd.org/ lprdty/labour-productivity-forecast.htm#indicator-chart, (14.07.2015).
  • ÖZER, H. ve T.B. SARAÇ (2008), “Türkiye’de Doğrudan Yabancı Sermaye Yatırımı Girişlerini Belirleyen Faktörler: (1980–2006)”, Uluslararası Sermaye Akımları ve Gelişmekte Olan Piyasalar, 24-27 Nisan, Bandırma.
  • ÖZMUCUR, S. (2003), “Wage and Productivity Differentials in Private and Public Manufacturing: The Case of Turkey”, Econ WPA Series, no: 0303002, (http://129.3.20.41/eps/io/papers/0303/0303002.pdf).
  • PESARAN, M. H., SHIN, Y. and SMITH, R. J. (2001), “Bounds Testing Approaches to the Analysis of Level Relationships”, Journal of Applied Econometrics, 16, pp.289 – 326.
  • PESARAN, M.H., SHIN, Y. (1999), “An Autoregressive Distributed Lag Modeling Approach to Cointegration Analysis” In: STROM, S., editor, Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, Ch. 11. Cambridge: Cambridge University Press.
  • PESARAN, M. H., SHIN, Y. and SMITH, R. J. (2000), “Structural Analysis of Vector Error Correction Models With Exogenous I(1) Variables”, Journal of Econometrics, 97, pp.293-343.
  • PHILLIPS, P.C.B. & PERRON, P. (1988), “Testing for a Unit Root in Time Series Regression”, Biometrika, 75, pp.335–346.
  • PISTORESI, B. (2000), “Investimenti Diretti Esteri e Fattori di Localizzazione: L'America Latinae il SudEst Asiatico”, Rivista di Politica Economica, 90, pp.27–44.
  • Sahoo, P. (2006). Foreign Direct Investment in South Asia: Policy, Trends, Impact and Determinants. ADB Institute Discussion paper No. 56.
  • SCHMITZ, A., BIERI, J. (1972), “EEC Tariffs and U.S. Direct Investment”, European Economic Review, 3, pp.259–270.
  • SIDDIQUI, H.A. Ahmed, AUMEBOONSUKE, Vesarach (2014), “Role of Interest Rate in Attracting the FDI: Study on Asean 5 Economy”, International Journal of Technical Research and Applications, 3, pp.59-70.
  • TAVARES J., WACZIARG R. (2001), “How Democracy Affects Growth”, European Economic Review, 45, pp.1341-1373.
  • TÜREDİ, Salih, TERZİ, Harun (2009), “Türkiye’de Kamu-Özel İmalat Sanayinde Ücret ve İşgücü Verimliliği İlişkisi”, Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 10(1), ss.144-162.
  • WHEELER, D., MODY, A. (1992), “International Investment Location Decisions: the Case of US Firms”, Journal of International Economics, 33, pp.57-76.
  • VIJAYAKUMAR, N., SRIDHARAN, P. and RAO, K.C.S. (2010), “Determinants of FDI in BRICS Countries: A Panel Analysis”, International Journal of Business Science and Applied Management, 5, pp.1-13.
  • WORLD BANK (2015), “World Development Indicators” http://databank.worldbank. org /data//reports.aspx?source=2&country=&series=NE.EXP. GNFS.ZS&period= (Erişim Tarihi: 11.08.2015).
  • YAPRAKLI, Sevda (2006), “Türkiye’de Doğrudan Yabancı Yatırımların Ekonomik Belirleyicileri Üzerine Ekonometrik Bir Analiz”, D.E.Ü.İ.İ.B.F. Dergisi. 21, ss.23-48.
There are 49 citations in total.

Details

Journal Section Articles
Authors

Ergin Uzgören This is me

Güray Akalin This is me

Publication Date July 28, 2016
Published in Issue Year 2016 Issue: 49

Cite

APA Uzgören, E., & Akalin, G. (2016). DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ: ARDL SINIR TESTİ YAKLAŞIMI. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi(49), 63-77.
AMA Uzgören E, Akalin G. DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ: ARDL SINIR TESTİ YAKLAŞIMI. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. July 2016;(49):63-77.
Chicago Uzgören, Ergin, and Güray Akalin. “DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ: ARDL SINIR TESTİ YAKLAŞIMI”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 49 (July 2016): 63-77.
EndNote Uzgören E, Akalin G (July 1, 2016) DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ: ARDL SINIR TESTİ YAKLAŞIMI. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 49 63–77.
IEEE E. Uzgören and G. Akalin, “DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ: ARDL SINIR TESTİ YAKLAŞIMI”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 49, pp. 63–77, July 2016.
ISNAD Uzgören, Ergin - Akalin, Güray. “DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ: ARDL SINIR TESTİ YAKLAŞIMI”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 49 (July 2016), 63-77.
JAMA Uzgören E, Akalin G. DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ: ARDL SINIR TESTİ YAKLAŞIMI. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2016;:63–77.
MLA Uzgören, Ergin and Güray Akalin. “DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ: ARDL SINIR TESTİ YAKLAŞIMI”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 49, 2016, pp. 63-77.
Vancouver Uzgören E, Akalin G. DOĞRUDAN YABANCI YATIRIMLARIN BELİRLEYİCİLERİ: ARDL SINIR TESTİ YAKLAŞIMI. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2016(49):63-77.

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