FİNANSAL GELİŞME İLE YABANCI YATIRIMLAR ARASINDAKİ İLİŞKİDE UFRS’NİN MODERATÖR ETKİSİ: GELİŞMEKTE OLAN ÜLKELER ÜZERİNE BİR ANALİZ

Year 2021, , 52 - 68, 31.07.2021

Fahrettin Pala , Abdulkadir Barut

https://doi.org/10.17130/ijmeb.832585

Abstract

Çalışmanın amacı, 34 gelişmekte olan ülke ekonomileri için 2010-2018 yılları arasındaki verileri kullanarak, finansal gelişme ve yabancı yatırımlar arasındaki ilişkide Uluslararası Finansal Raporlama Standartlarının (UFRS) moderatör etkisinin olup olmadığını incelemektir. Bu amaç doğrultusunda veri seti iki kaynaktan elde edilmiştir. Makroekonomik veriler ile doğrudan yabancı yatırımlar Dünya Bankası kalkınma göstergelerinden, finansal gelişme verileri Uluslararası Para Fonu ödemeler dengesi ve finansal gelişim veri kümelerinden elde edilmiştir. UFRS verileri ise UFRS’nin kullanılmasını zorunlu kılan ve/veya buna izin veren ekonomiler için bir, yerel muhasebe kullanımını zorunlu kılan ekonomiler içinde sıfır değeri verilen bir kukla değişken yazarlar tarafından oluşturulmuştur. Dönem olarak 2018 yılına kadar alınmasının nedeni ise özellikle finansal gelişme verilerinin 2018 yılına kadar olmasıdır. Verilerin analizinde panel veri analizi yöntemi kullanılmıştır. Analiz sonuçları, 9 alt indeksin ortalamasından oluşan finansal gelişme indeksinin ve UFRS standartlarının doğrudan yabancı yatırımlar üzerindeki etkisinin pozitif yönlü olduğu tespit edilmiştir. Diğer yandan finansal gelişmenin alt indeksleri incelendiğinde 4 alt indeksin; finansal kurum indeksi, finansal piyasalara erişim, finansal kurum verimlilik indeksi ve finansal kurumlara erişim ile doğrudan yabancı yatırımlar arasında pozitif ve anlamlı bir ilişki olduğu tespit edilmiştir. Aynı şekilde finansal kurum alt indeksi hariç, diğer tüm indekslerde; finansal gelişme, finansal piyasalar indeksi, finansal piyasa derinlik indeksi, finansal piyasa verimlilik indeksi, finansal piyasalara erişim, finansal kurum derinlik indeksi, finansal kurum verimlilik indeksi ve finansal kurumlara erişim ile UFRS standartlarının doğrudan yabancı yatırımlar üzerindeki etkisinin pozitif yönlü olduğu tespit edilmiştir. Finansal gelişme ve finansal gelişme alt indeksleri ve URFS standartlarının çarpımından oluşan moderatör etkinin ise olmadığı tespit edilmiştir. Diğer bir ifade ile UFRS standartlarının finansal gelişme ve doğrudan yabancı yatırımlar arasındaki ilişkide moderatör etkisinin olmadığı tespit edilmiştir.

Keywords

Finansal Gelişme, Doğrudan Yabancı Yatırımlar,, UFRS, Gelişmekte Olan Ülkeler, Moderatör Etki

THE MODERATOR EFFECT OF IFRS IN THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND FOREIGN INVESTMENTS: AN ANALYSIS ON DEVELOPING COUNTRIES

Abstract

The aim of the study is to examine whether International Financial Reporting Standards (IFRS) have a moderating effect on the relationship between financial development and foreign investments, using data between 2010 and 2018 for 34 developing country economies. For this purpose, the data set was obtained from two sources. Macroeconomic data and foreign direct investments are obtained from World Bank development indicators, financial development data are obtained from International Monetary Fund balance of payments and financial development data sets. IFRS data was created by the authors of a dummy variable that is given a value of zero for economies that require and / or allow the use of IFRS, and a zero for economies that require the use of local accounting. The reason for the period until 2018 is that the financial development data are until 2018. Panel data analysis method was used in analyzing the data. The results of the analysis revealed that the financial development index consisting of the average of 9 sub-indices and the IFRS standards had a positive effect on foreign direct investments. On the other hand, when the sub-indices of financial development are examined, it is determined that there is a positive and significant relationship between 4 sub-indices; financial institution index, access to financial markets, financial institution productivity index and access to financial institutions and foreign direct investments. Likewise, except for the financial institution sub-index, in all other indices; Financial development, financial markets index, financial market depth index, financial market efficiency index, access to financial markets, financial institution depth index, financial institution efficiency index and access to financial institutions and IFRS standards have been found to have a positive effect on foreign direct investments. The moderator effect, which consists of the product of financial development and financial development sub-indices and URFS standards, was not found. In other words, it has been determined that IFRS standards do not have a moderator effect on the relationship between financial development and foreign direct investments.

Keywords

Financial Development, Foreign Direct Investments, IFRS, Developing Countries, Moderator Effect

References

• Abzari, M., Zarei, F. & Esfahani, S.S. (2011). Analyzing The Link between Financial Development and Foreign Direct Investment among D-8 Group of Countries. International Journal of Economics and Finance, 3(6), 148-156.
• Adetula, D.T., Nwobu, O. & Owolabi, F. (2014). International financial reporting standards and foreign direct investment in Nigeria, International Journal of Commerce, Business and Management (IJCBM), 3 (3), 446-449.
• Agbloyor, E. K., Abor, J., Adjasi, C. K. D. & Yawson, A. (2013). Exploring the causality links between financial market and foreign direct investment in Africa. Research in International Busines and Finance, 28, 118-134.
• Ajibade, A. T., Okere, W., Isiaka, M. A. & Mabinuori, O. (2019). International Financial Reporting Standard (IFRS) Adoption and Foreign Direct Investments (FDI): A Comparative Analysis of Nigeria and Ghana. Asian Journal of Economics, Business and Accounting, 11(2), 1-10.
• Akisik, O. (2020). The impact of financial development, IFRS, and rule of LAW on foreign investments: A cross-country analysis. International Review of Economics and Finance, 69, 815–838.
• Anyanvu, J. C. (2011). Determinants of foreign direct investment inflows to Africa, 1980-2007. African Development Bank Group Working Paper, 136, 1-31.
• Aslan, A., Altınöz, B. & Esmeray, M. (2019). Finansal Gelişmenin Doğrudan Yabancı Yatırımlar Üzerindeki Etkisi: Türkiye Örneği. Uluslararası Yönetim İktisat ve İşletme Dergisi, 15(3), 649-659.
• Bascom, W. O. (1994). The economics of financial reform in developing countries. New York: St. Martin’s Press.
• Beneish, M. D., Miller B. P. & Yohn T. L. (2010). IFRS adoption and cross border investment in equity and debt markets. Working Paper. https://papers.ssrn.com/sol3/papers.cfm? abstract_id=1403451, (Erişim Tarihi: 15.09.2020).
• Calderon, C.& Liu, L. (2003). The direction of causality between financial development and economic growth. Journal of Development Economics, 72(1), 321–334.
• Choong, C.K. & Lim, K.P. (2009). Foreign direct investment, financial development, and economic growth: the case of Malaysia. Macroeconomics and Finance in Emerging Market Economies, 2 (1), 13-30.
• Dellis, K. (2018). Financial development and FDI inflows. Bank of Greece Working Paper, 254, 1-60. https://www.bankofgreece.gr/Publications/Paper2018254.pdf.
• Desbordes, R. & Wei, S.J. (2017). The Effects of Financial Development on Foreign Direct Investment. NBER Working Paper No. 23309.
• Doğan, D. (2019). SmartPLS ile Veri Analizi. Ankara: ZET Yayınları.
• Dutta, N. & Roy, S. (2011). Foreign Direct İnvestment, Financial Development and Political Risks. The Journal of Developing Areas, 44(2), 303-327.
• Emeni, F.K. (2014). Foreign direct investments and international financial reporting standards adoption in Africa. Ushus Journal of Business Management, 13 (3), 27-41.
• Errunza, V. (2001). Foreign portfolio equity investments, financial liberalization, and economic development. Review of International Economics, 9(4), 703–726.
• Farooque, O.A., Yarram S. R. & Khandaker, S. (2009).International evidence on governance and foreign direct investment interactions, Singapore economic review conference, 06-08 August 2009.
• Felek, Ş., Yayla, N. & Çağlar, A. (2018). Türkiye’de AB Doğrudan Yatırımları, Finansal Gelişme ve Ekonomik Büyüme İlişkisine ARDL Yaklaşımı. UİİİD-IJEAS, 20, 63-82.
• Gordon, L. A., Loeb, M. P. & Zhu, W. (2012). The impact of IFRS adoption on foreign direct investment. Journal of Accounting and Public Policy, 31, 374-398.
• Haller, A. & Walton, P. J. (1998). Country differences and harmonization. In P. J. Walton, A. Haller, & B. Raffaournier (Eds.), International accounting (pp. 1–30). United Kingdom: International Thomson Business Press.
• Islam, M.A., Khan, M.A., Popp, J., Sroka, W. & Olah, J. (2020). Financial Development and Foreign Direct Investment-The Moderating Role of Quality Institutions. Sustainability, 12 (3556), 1-22.
• Jinadu, O., Ojeka, S.A. & Ogundana, O.M. (2016). IFRS Adoption and Foreign Direct Investment: Evidence from Nigerian Quoted Firms. Mediterranean Journal of Social Sciences, 7(2), 99-105.
• Lane, P. R. & Milesi-Ferretti, G. M. (2008). International investment patterns. The Review of Economics and Statistics, 90(3), 538-549.
• Levine, R. (2002). Bank-based or market-based financial systems: Which is better? Journal of Financial Intermediation, 11, 398–428.
• Manawadu, I., Azmi, A.C. & Mohamed, A. (2019). Moderating effect of IFRS adoption on FDI and conditional accounting conservatism in South Asia. Journal of Accounting in Emerging Economies, (9(1), 51-74.
• M´arquez-Ramos, L. (2008). The Effect of IFRS Adoption on Trade and Foreign Direct Investments. International Trade and Finance Association: International Trade and Finance Association, Working Papers, 19.
• Martin, P. & Rey, H. (2004). Financial super-markets: Size matters for asset trade. Journal of International Economics, 64, 335–361.
• Nwosa, P. I. & Emma-Ebere, O. O. (2017). The impact of financial development on Foreign Direct Investment in Nigeria. Journal of Management and Social Sciences, 6(1), 181-197.
• Otchere, I. K., Soumare, I. & Yurougou, P. (2011). FDI and financial market development in Africa. https://onlinelibrary.wiley.com/doi/abs/10.1111/twec.12277, Erişim Tarihi: 14.09.2020.
• Pagano, M. (1993). Financial markets and growth: An overview. European Economic Review, 37(2-3), 613–622.
• Perry, J. & Nolke, A. (2006). The political economy of international accounting standards. Review of International Political Economy, 13(4), 559–586.
• Prameswari, S., Subroto, B. & Rahman, A. (2016). The Moderating Effect of IFRS Convergence on the Relationship between Accounting Conditional Conservatism and Stock Price Crash Risk: Indonesian Evidence. Research Journal of Finance and Accounting, 7(12), 87-95.
• Rajan, R., & Zingales, L. (2001). The great reversals: The politics of financial development in the 20th century. Working Paper No. 8178. Cambridge, MA: National Bureau of Economic Research.
• Rajan, R. R., & Zingales, L. (1998). Financial dependence and growth. The American Economic Review, 88(3), 559-586.
• Saudragan, S.M., & Diga, J. G. (1997). Financial reporting in emerging capital markets: Characteristics and policy issues. Accounting Horizons, 11(2), 41-65.
• Şahin, S. & Ege, I. (2015). Financial Development and FDI in Greece and Neighbouring Countries: A Panel Data Analysis. Procedia Economics and Finance, 24, 583-588.