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Foreign Direct Investments in Selected G-20 Countries: A Performance Analysis

Year 2023, Volume: 16 Issue: 1, 173 - 187, 30.06.2023
https://doi.org/10.37093/ijsi.1253174

Abstract

Foreign direct investment (FDI) is one of the instruments that plays an important role in the economic development and economic growth of countries. Apart from the physical capital and competitiveness they add to the countries, they are structures that contain many advantages such as employment, technology, management and the concept of supervision. They include a commitment to a long-term business effort in a foreign country. Therefore, where they prefer as a location depends on many criteria. This study focuses on measuring the performance of selected G-20 countries in terms of inward FDI flows. In this context, the factors affecting inward FDI flows in countries were compiled using literature and investment reports, and the collected data were evaluated by applying the COPRAS (Complex Proportional Assessment) method. The empirical findings show that the countries with the best performance in foreign direct investments are China, USA and India, respectively.

References

  • Abidin, I. S. Z., Haseeb, M., Azam, M., & İslam, R. (2015). Foreign direct investment, financial development, international trade and energy consumption: Panel data evidence from selected asean countries. International Journal of Energy Economics and Policy, 5(3), 841-850. https://www.econjournals.com/index.php/ijeep/article/view/1268/759
  • Albulescu, C. T., & Ianc, N. B. (2016). Fiscal policy, FDI and macroeconomic stabilization. Review of Economic and Business Studies, 9(2), 131–146. https://doi.org/10.1515/rebs-2016-0038
  • Altıntaş, F. F. (2021). Doğrudan yabancı yatırım performanslarının Multimoora yöntemi ile ölçülmesi: G7 grubu ülkeleri örneği. Pearson Journal of Social Sciences & Humanities, 6(16), 306-320.
  • Altuntaş, F., & Gök, M. Ş. (2020). Ülkelerin yatırım yapılabilirliklerinin değerlendirilmesi: TOPSIS ve COPRAS yöntemleri ile bir uygulama. Verimlilik Dergisi, 4, 41-64. https://doi.org/10.51551/verimlilik.550198
  • Arık, Ş., Akay, B., & Zanbak, M. (2014). Doğrudan yabancı yatırımları belirleyen faktörler: Yükselen piyasalar örneği. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 14(2), 97-110. https://dergipark.org.tr/tr/pub/ausbd/issue/15925/167475
  • Ayçin, E. (2019). Çok kriterli karar verme: Bilgisayar uygulamalı çözümler (1.bs.). Nobel Akademik Yayıncılık.
  • Bağcı, S. (2019). Vergi rekabetinin doğrudan yabancı yatırımlara etkisinin efektif ortalama kurumlar vergisi oranları ile analizi (Yayın No. 601766) [Doktora tezi, Gazi Üniversitesi]. Yüksek Öğretim Kurulu Başkanlığı Tez Merkezi
  • Behera, P., Tripathy, P., & Mishra, B. R. (2021). The directionality of outward FDI and its determinants: Findings from Asian Emerging Countries. Asian Economics Letters, 3(1). https://doi.org/10.46557/001c.25378
  • Bellak, C., & Leibrecht, M. (2009). Do low corporate income tax rates attract FDI? – Evidence from Central- and East European countries. Applied Economics, 41(21), 2691–2703. https://doi.org/10.1080/00036840701320217
  • Brima, S. (2015). Macroeconomic determinants of foreign direct investment in Sierra Leone: An empirical analysis. International Journal of Economics and Finance, 7(3), 123-133. https://doi.org/10.5539/ijef.v7n3p123
  • Buettner, T., & Ruf, M. (2007). Tax incentives and the location of FDI: Evidence from a panel of German multinationals. International Tax and Public Finance, 14(2), 151–164. https://doi.org/10.1007/s10797-006-8721-5
  • Chan, M. L., Hou, K., Li, X., & Mountain, D. C. (2014). Foreign direct investment and its determinants: A regional panel causality analysis. The Quarterly Review of Economics and Finance, 54(4), 579–589. https://doi.org/10.1016/j.qref.2013.07.004
  • Çütçü, İ., & Kan, E. (2018). Doğrudan yabancı sermaye yatırımlarını etkileyen faktörler: Türkiye örneği. Sakarya İktisat Dergisi, 7(3), 1-21. https://dergipark.org.tr/tr/pub/sid/issue/39672/453274
  • Denisia, V. (2010). Foreign direct investment theories: An ovierview of the main FDI theories. European Journal of Interdisciplinary Studies, 2(2), 104-110. https://ejist.ro/files/pdf/357.pdf
  • DPT. (2000, Mayıs). Doğrudan yabancı sermaye yatırımları özel ihtisas komisyonu raporu (Yayın No. 2514). Sekizinci Beş yıllık Kalkınma Planı. https://www.sbb.gov.tr/wp-content/uploads/2022/08/Dogrudan-Yabanci-Sermaye-Yatirimlari-OIK-Raporu.pdf
  • Dunning, J. H., & Lundan, S. M. (2008). Multinational enterprises and the global economy (2nd ed.). Edward Elgar Publishing.
  • Ela, M., & Yurtkuran, S. (2020). The effect of economic factors and corporate tax on foreign direct investment in Turkey. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 11, 65-79. https://doi.org/10.21076/vizyoner.730391
  • Giray, F., Tüzüntürk, S., & İnam, B. (2016). Foreign direct investment and corporate tax relationship in some EU member countries: Evidence before and after the 2007-2008 global financial crisis. Journal of Life Economics, 3(4), 31-48. https://doi.org/10.15637/jlecon.172
  • GTAI. (2021). FDI reporting 2021. 11 Şubat 2023’de erişim adresi https://www.gtai.de/en/meta/press/fdi-reporting
  • IMF. (2022). World economic outlook: Countering the cost-of-living crisis. IMF Publishing.
  • Kar, M., & Tatlısöz, F. (2008). Türkiye’de doğrudan yabancı sermaye hareketlerini belirleyen faktörlerin ekonometrik analizi. Karamanoğlu Mehmetbey Üniversitesi Sosyal ve Ekonomik Araştırmalar Dergisi, 10(14), 436-458. https://dergipark.org.tr/tr/pub/kmusekad/issue/10222/125672
  • Karimi, M. S., &Yusop, Z. (2009, March 26). FDI and economic growth in Malaysia (MPRA Paper No. 14999). Munich Personal RePEc Archive. https://mpra.ub.uni-muenchen.de/14999
  • Kersan-Škabić, I. (2015). The importance of corporate taxation for FDI attractiveness of southeast European countries. Panoeconomicus, 62(1), 105–122. https://doi.org/10.2298/pan1501105k
  • Mulliner, E., Smallbone, K., & Maliene, V. (2013). An assessment of sustainable housing affordability using a multiple criteria decision making method. Omega, 41(2), 270–279. https://doi.org/10.1016/j.omega.2012.05.002
  • Munongo, S., Akanbi, O. A., & Robinson, Z. (2017). Do tax incentives matter for investment? A literature review. Business and Economic Horizons, 13(2), 152–168. https://doi.org/10.15208/beh.2017.12
  • Musabeh, A., & Zouaoui, M. (2020). Policies and variables affecting FDI: A panel data analysis of North African Countries. İktisat Politikası Araştırmaları Dergisi - Journal of Economic Policy Researches, 7(1), 1–20. https://doi.org/10.26650/jepr635016
  • OECD & UNCTAD. (2022, November 14). Twenty-eighth report on G20 investment measures. 01 Şubat 2023’de erişim adresi https://www.oecd.org/investment/investment-policy/28th-OECD-UNCTAD-Report-on-G20-Investment-Measures.pdf
  • OECD (2023). FDI flows. 12 Şubat 2023’de erişim adresi https://data.oecd.org/fdi/fdi-flows.htm
  • Özbek, A. (2019). Çok kriterli karar verme yöntemleri (2.bs). Seçkin Yayıncılık.
  • Pamba, D. (2022). The Symmetric effects of Fiscal Policy on FDI Inflows: Evidence from South Africa. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4064880
  • Podvezko, V. (2011). The comparative analysis of MCDA methods SAW and COPRAS. Inžinerinė Ekonomika-Engineering Economics, 22(2), 134-146. https://doi.org/10.5755/j01.ee.22.2.310
  • Rădulescu, M., & Druica, E. (2014). The impact of fiscal policy on foreign direct investments: Empiric evidence from Romania. Economic Research-Ekonomska Istraživanja, 27(1), 86–106. https://doi.org/10.1080/1331677x.2014.947133
  • Ticaret Bakanlığı. (2023). G20. Türkiye Cumhuriyeti. 10 Şubat 2023’de erişim adresi https://ticaret.gov.tr/dis-iliskiler/cok-tarafli-ve-bolgesel-iliskiler/cok-tarafli-iliskiler/g20
  • Tsai, P. L. (1994). Determinants of foreign direct investment and its impact on economic growth, Journal of Economic Development, 19(1), 137-163.
  • UNCTAD. (1998). World investment report 1998 trends and determinants. United Nations Publications.
  • UNCTAD. (2022). World investment report 2022 international tax reforms and sustainable investment. United Nations Publications.
  • UNCTAD. (2023). Foreign direct investment: Inward and outward flows and stock. 12 Şubat 2023’de erişim adresi https://unctadstat.unctad.org/wds/TableViewer/tableView.aspx
  • Wei, W.(2005). China and India: Any diffence in their FDI perfomances. Journal of Asian Economies, 16(4), 719-736. https://doi.org/10.1016/j.asieco.2005.06.004
  • Zavadskas, E. K., & Kaklauskas, A. (1996). Multicriteria evaluation of building (Pastatų sistemotechninis įvertinimas). Technika.
  • Zavadskas, E. K., Kaklauskas, A., Banaitis, A., & Kvederyte, N. (2004). Housing credit access model: The case for Lithuania. European Journal of Operational Research, 155(2), 335–352. https://doi.org/10.1016/s0377-2217(03)00091-2

Seçilmiş G-20 Ülkelerinde Doğrudan Yabancı Yatırımlar: Bir Performans Analizi

Year 2023, Volume: 16 Issue: 1, 173 - 187, 30.06.2023
https://doi.org/10.37093/ijsi.1253174

Abstract

Doğrudan yabancı yatırımlar (DYY), günümüzde ülkelerin ekonomik kalkınma ve gelişmesinde önemli rol oynayan enstrümanlardan biridir. Ülkelere kattıkları fiziksel sermaye ve rekabet gücünün dışında istihdam, teknoloji, yönetim ve denetim anlayışı gibi çok sayıda avantajı içinde barındıran yapılardır. Yabancı bir ülkede uzun vadeli bir iş çabası taahhüdünü içerirler. Dolayısıyla lokasyon olarak nereyi tercih edecekleri çok sayıda kritere bağlıdır. Bu çalışmada seçilmiş G-20 ülkelerinin doğrudan yabancı yatırım girişleri konusunda performanslarının ölçülmesine odaklanılmıştır. Bu bağlamda ülkelerde doğrudan yabancı yatırım girişlerini etkileyen faktörler literatür ve yatırım raporları kullanılarak derlenmiş ve toplanan veriler COPRAS (Complex Proportional Assessment) metodu uygulanarak değerlendirilmiştir. Elde edilen ampirik bulgular doğrudan yabancı yatırımlar konusunda performansı en iyi ülkelerin sırası ile Çin, ABD ve Hindistan olduğunu göstermektedir.

References

  • Abidin, I. S. Z., Haseeb, M., Azam, M., & İslam, R. (2015). Foreign direct investment, financial development, international trade and energy consumption: Panel data evidence from selected asean countries. International Journal of Energy Economics and Policy, 5(3), 841-850. https://www.econjournals.com/index.php/ijeep/article/view/1268/759
  • Albulescu, C. T., & Ianc, N. B. (2016). Fiscal policy, FDI and macroeconomic stabilization. Review of Economic and Business Studies, 9(2), 131–146. https://doi.org/10.1515/rebs-2016-0038
  • Altıntaş, F. F. (2021). Doğrudan yabancı yatırım performanslarının Multimoora yöntemi ile ölçülmesi: G7 grubu ülkeleri örneği. Pearson Journal of Social Sciences & Humanities, 6(16), 306-320.
  • Altuntaş, F., & Gök, M. Ş. (2020). Ülkelerin yatırım yapılabilirliklerinin değerlendirilmesi: TOPSIS ve COPRAS yöntemleri ile bir uygulama. Verimlilik Dergisi, 4, 41-64. https://doi.org/10.51551/verimlilik.550198
  • Arık, Ş., Akay, B., & Zanbak, M. (2014). Doğrudan yabancı yatırımları belirleyen faktörler: Yükselen piyasalar örneği. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 14(2), 97-110. https://dergipark.org.tr/tr/pub/ausbd/issue/15925/167475
  • Ayçin, E. (2019). Çok kriterli karar verme: Bilgisayar uygulamalı çözümler (1.bs.). Nobel Akademik Yayıncılık.
  • Bağcı, S. (2019). Vergi rekabetinin doğrudan yabancı yatırımlara etkisinin efektif ortalama kurumlar vergisi oranları ile analizi (Yayın No. 601766) [Doktora tezi, Gazi Üniversitesi]. Yüksek Öğretim Kurulu Başkanlığı Tez Merkezi
  • Behera, P., Tripathy, P., & Mishra, B. R. (2021). The directionality of outward FDI and its determinants: Findings from Asian Emerging Countries. Asian Economics Letters, 3(1). https://doi.org/10.46557/001c.25378
  • Bellak, C., & Leibrecht, M. (2009). Do low corporate income tax rates attract FDI? – Evidence from Central- and East European countries. Applied Economics, 41(21), 2691–2703. https://doi.org/10.1080/00036840701320217
  • Brima, S. (2015). Macroeconomic determinants of foreign direct investment in Sierra Leone: An empirical analysis. International Journal of Economics and Finance, 7(3), 123-133. https://doi.org/10.5539/ijef.v7n3p123
  • Buettner, T., & Ruf, M. (2007). Tax incentives and the location of FDI: Evidence from a panel of German multinationals. International Tax and Public Finance, 14(2), 151–164. https://doi.org/10.1007/s10797-006-8721-5
  • Chan, M. L., Hou, K., Li, X., & Mountain, D. C. (2014). Foreign direct investment and its determinants: A regional panel causality analysis. The Quarterly Review of Economics and Finance, 54(4), 579–589. https://doi.org/10.1016/j.qref.2013.07.004
  • Çütçü, İ., & Kan, E. (2018). Doğrudan yabancı sermaye yatırımlarını etkileyen faktörler: Türkiye örneği. Sakarya İktisat Dergisi, 7(3), 1-21. https://dergipark.org.tr/tr/pub/sid/issue/39672/453274
  • Denisia, V. (2010). Foreign direct investment theories: An ovierview of the main FDI theories. European Journal of Interdisciplinary Studies, 2(2), 104-110. https://ejist.ro/files/pdf/357.pdf
  • DPT. (2000, Mayıs). Doğrudan yabancı sermaye yatırımları özel ihtisas komisyonu raporu (Yayın No. 2514). Sekizinci Beş yıllık Kalkınma Planı. https://www.sbb.gov.tr/wp-content/uploads/2022/08/Dogrudan-Yabanci-Sermaye-Yatirimlari-OIK-Raporu.pdf
  • Dunning, J. H., & Lundan, S. M. (2008). Multinational enterprises and the global economy (2nd ed.). Edward Elgar Publishing.
  • Ela, M., & Yurtkuran, S. (2020). The effect of economic factors and corporate tax on foreign direct investment in Turkey. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 11, 65-79. https://doi.org/10.21076/vizyoner.730391
  • Giray, F., Tüzüntürk, S., & İnam, B. (2016). Foreign direct investment and corporate tax relationship in some EU member countries: Evidence before and after the 2007-2008 global financial crisis. Journal of Life Economics, 3(4), 31-48. https://doi.org/10.15637/jlecon.172
  • GTAI. (2021). FDI reporting 2021. 11 Şubat 2023’de erişim adresi https://www.gtai.de/en/meta/press/fdi-reporting
  • IMF. (2022). World economic outlook: Countering the cost-of-living crisis. IMF Publishing.
  • Kar, M., & Tatlısöz, F. (2008). Türkiye’de doğrudan yabancı sermaye hareketlerini belirleyen faktörlerin ekonometrik analizi. Karamanoğlu Mehmetbey Üniversitesi Sosyal ve Ekonomik Araştırmalar Dergisi, 10(14), 436-458. https://dergipark.org.tr/tr/pub/kmusekad/issue/10222/125672
  • Karimi, M. S., &Yusop, Z. (2009, March 26). FDI and economic growth in Malaysia (MPRA Paper No. 14999). Munich Personal RePEc Archive. https://mpra.ub.uni-muenchen.de/14999
  • Kersan-Škabić, I. (2015). The importance of corporate taxation for FDI attractiveness of southeast European countries. Panoeconomicus, 62(1), 105–122. https://doi.org/10.2298/pan1501105k
  • Mulliner, E., Smallbone, K., & Maliene, V. (2013). An assessment of sustainable housing affordability using a multiple criteria decision making method. Omega, 41(2), 270–279. https://doi.org/10.1016/j.omega.2012.05.002
  • Munongo, S., Akanbi, O. A., & Robinson, Z. (2017). Do tax incentives matter for investment? A literature review. Business and Economic Horizons, 13(2), 152–168. https://doi.org/10.15208/beh.2017.12
  • Musabeh, A., & Zouaoui, M. (2020). Policies and variables affecting FDI: A panel data analysis of North African Countries. İktisat Politikası Araştırmaları Dergisi - Journal of Economic Policy Researches, 7(1), 1–20. https://doi.org/10.26650/jepr635016
  • OECD & UNCTAD. (2022, November 14). Twenty-eighth report on G20 investment measures. 01 Şubat 2023’de erişim adresi https://www.oecd.org/investment/investment-policy/28th-OECD-UNCTAD-Report-on-G20-Investment-Measures.pdf
  • OECD (2023). FDI flows. 12 Şubat 2023’de erişim adresi https://data.oecd.org/fdi/fdi-flows.htm
  • Özbek, A. (2019). Çok kriterli karar verme yöntemleri (2.bs). Seçkin Yayıncılık.
  • Pamba, D. (2022). The Symmetric effects of Fiscal Policy on FDI Inflows: Evidence from South Africa. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4064880
  • Podvezko, V. (2011). The comparative analysis of MCDA methods SAW and COPRAS. Inžinerinė Ekonomika-Engineering Economics, 22(2), 134-146. https://doi.org/10.5755/j01.ee.22.2.310
  • Rădulescu, M., & Druica, E. (2014). The impact of fiscal policy on foreign direct investments: Empiric evidence from Romania. Economic Research-Ekonomska Istraživanja, 27(1), 86–106. https://doi.org/10.1080/1331677x.2014.947133
  • Ticaret Bakanlığı. (2023). G20. Türkiye Cumhuriyeti. 10 Şubat 2023’de erişim adresi https://ticaret.gov.tr/dis-iliskiler/cok-tarafli-ve-bolgesel-iliskiler/cok-tarafli-iliskiler/g20
  • Tsai, P. L. (1994). Determinants of foreign direct investment and its impact on economic growth, Journal of Economic Development, 19(1), 137-163.
  • UNCTAD. (1998). World investment report 1998 trends and determinants. United Nations Publications.
  • UNCTAD. (2022). World investment report 2022 international tax reforms and sustainable investment. United Nations Publications.
  • UNCTAD. (2023). Foreign direct investment: Inward and outward flows and stock. 12 Şubat 2023’de erişim adresi https://unctadstat.unctad.org/wds/TableViewer/tableView.aspx
  • Wei, W.(2005). China and India: Any diffence in their FDI perfomances. Journal of Asian Economies, 16(4), 719-736. https://doi.org/10.1016/j.asieco.2005.06.004
  • Zavadskas, E. K., & Kaklauskas, A. (1996). Multicriteria evaluation of building (Pastatų sistemotechninis įvertinimas). Technika.
  • Zavadskas, E. K., Kaklauskas, A., Banaitis, A., & Kvederyte, N. (2004). Housing credit access model: The case for Lithuania. European Journal of Operational Research, 155(2), 335–352. https://doi.org/10.1016/s0377-2217(03)00091-2
There are 40 citations in total.

Details

Primary Language Turkish
Subjects Regional Development and Globalisation in International Economics, Quantitative Decision Methods , Import Export Management
Journal Section Articles
Authors

Betül İnam 0000-0002-6160-3740

Dilek Murat 0000-0002-5667-8094

Publication Date June 30, 2023
Submission Date February 19, 2023
Published in Issue Year 2023 Volume: 16 Issue: 1

Cite

APA İnam, B., & Murat, D. (2023). Seçilmiş G-20 Ülkelerinde Doğrudan Yabancı Yatırımlar: Bir Performans Analizi. International Journal of Social Inquiry, 16(1), 173-187. https://doi.org/10.37093/ijsi.1253174

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