The Effect of Institutional Governance Quality on Foreign Direct Invesment: A Research on Middle Income Countries

Year 2021, Issue: 60, 281 - 308, 25.12.2021

Esra Karpuz Özlem Sayılır

https://doi.org/10.18070/erciyesiibd.930284

Cited By: 2

Abstract

Foreign direct investments play an important role in increasing the economic prosperity and international competitiveness of countries in the global and liberal economy of the 21st century. This situation directs the developing economies, which recognize the importance of foreign direct investments, to produce and renew policies to attract investments to their countries. In this context, the aim of this study is to research the effect of institutional governance indicators defined by World Bank in the 20 middle income countries, in which Turkey is also included, for 2002-2018 period. The dependent variable of the study is the share of foreign direct investment inflows in the gross domestic product, while the independent variables are the control of corruption, government effectiveness, political stability and the absence of violence, regulatory quality, rule of law and voice and accountability. In the study, the relationship between variables is tested with panel data analysis by using annual data sets. According to the findings from the analysis, political stability and absence of violence and regulatory quality variables have a positive effect; government effectiveness has negative effect on foreign direct investment inflows. Besides, an increase in trade openness and domestic investment level increase countries’ foreign direct investment inflows.

Keywords

Foreign direct investment, Institutional governance, Middle income countries, Panel data analysis

Kurumsal Yönetişim Kalitesinin Doğrudan Yabancı Yatırımlar Üzerindeki Etkisi: Orta Gelirli Ülkeler Üzerine Bir Araştırma

Abstract

Doğrudan yabancı yatırımlar 21. yy global ve liberal ekonomisinde, ülkelerin ekonomik refah düzeyini ve uluslararası rekabet gücünü arttırabilmesinde önemli rol oynamaktadır. Bu durum, doğrudan yabancı yatırımların önemini fark eden gelişmekte olan ekonomileri, yatırımları ülkelerine çekmek için politikalar üretmeye ve yenilemeye yöneltmektedir. Bu bağlamda çalışmanın amacı, Dünya Bankası tarafından belirlenen kurumsal yönetişim göstergelerinin Türkiye’nin de dahil olduğu 20 orta gelirli ülkedeki doğrudan yabancı yatırım girişlerine etkisini 2002-2018 dönemi için araştırmaktır. Çalışmanın bağımlı değişkenini doğrudan yabancı yatırım girişlerinin gayrı safi yurtiçi hasıla içindeki payı, bağımsız değişkenlerini ise yolsuzluğun kontrolü, hükümetin etkililiği, politik istikrar ve şiddetin yokluğu, düzenleyici kalitesi, hukukun üstünlüğü ile ifade özgürlüğü ve hesap verilebilirlik oluşturmaktadır. Çalışmada yıllık veri setleri kullanılarak değişkenler arasındaki ilişki panel veri analizi ile test edilmektedir. Analizden elde edilen bulgulara göre, doğrudan yabancı yatırım girişleri üzerinde politik istikrar ve şiddetin yokluğu ile düzenleyici kalitesi değişkenleri pozitif; hükümetin etkililiği değişkeni ise negatif etkilidir. Ayrıca, kontrol değişkenleri olarak kullanılan ticarete açıklık ile yurtiçi yatırım düzeyindeki artış ülkelerin doğrudan yabancı yatırım girişlerini arttırmaktadır.

Keywords

Doğrudan yabancı yatırım, Kurumsal yönetişim, Orta gelirli ülkeler, Panel veri analizi

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