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Doğrudan Yabancı Sermaye Yatırımı Girişlerinin Belirleyicilerine Teorik Bir Yaklaşım: Yükselen Piyasa Ekonomileri Üzerine

Year 2023, , 248 - 275, 20.06.2023
https://doi.org/10.12658/M0705

Abstract

Yapılacak analizde doğrudan yabancı yatırımların hangi faktörler tarafından belirlendiğini ortaya koymak için temel ve motivasyon faktörleri ayrımının yapıldığı bir teorik çerçeve ortaya koyulmuştur. Temel hipotez, temel faktör(ler) sağlandığı takdirde en az bir motivasyon faktörünü sağlayan ülkelere doğrudan yabancı yatırım girişi olacağıdır. Yükselen piyasa ekonomileri için doğrudan yabancı yatırımların girişini etkileyen faktörler 1996-2018 dönemi için Sistem Genelleştirilmiş Momentler Metodu ile analiz edilmiştir. Temel faktörler olan yönetişim kalitesi ve beşerî sermayedeki artışın doğrudan yabancı yatırımları artırdığı, fiziki altyapı ve finansal gelişimin ise doğrudan yabancı yatırımları azalttığı bulunmuştur. Fiziki altyapının temel faktör değil motivasyon faktörü olduğu göz önüne alınmakta, dolayısıyla yabancı yatırımcılar veya çok uluslu şirketler fiziki altyapısı yeterince gelişmemiş ülkeleri hedef almakta ve fiziki altyapı sektörüne doğrudan yabancı yatırım yapmaktadırlar. Benzer şekilde finansal gelişmişliğin temel faktör değil motivasyon faktörü olduğu, dolayısıyla yabancı yatırımcıların veya çok uluslu şirketler finansal sektörü yeterince gelişmemiş ülkeleri hedef almakta ve bu sektöre doğrudan yabancı yatırım yapmaktadırlar. Ayrıca, uluslararası ticaret ve tarife oranlarındaki artışın da doğrudan yabancı yatırım girişlerini artırdığı bulunmuştur.

References

  • Agarwal, J. P. (1980), Determinants of foreign direct investment: A survey, Weltwirtschaftliches Archiv, 116(4), 739-773.
  • Arellano, M. & Bond, S. (1991), Some tests of specification for panel data: Monte Carlo Evidence and an application to employment equations, The Review of Economic Studies, 58(2), 277-297.
  • Arellano, M. & Bover, O. (1995), Another look at the instrumental variable estimation of Error-Components Models, Journal of Econometrics, 68(1), 29-51.
  • Asiedu, E. (2002), On the determinants of foreign direct investment to developing
  • countries: Is Africa different?, World Development, 30(1), 107-119.
  • Asiedu, E. & Lien, D. (2011), Democracy, foreign direct investment and natural resources, Journal of International Economics, 84(1), 99-111.
  • Balasubramanyam, V. N., Salisu, M. & Sapsford, D. (1996), Foreign direct investment and growth in EP and is countries, The Economic Journal, 106, (434), 92-105.
  • Biglaiser, G. & DeRouen, K. (2004), The expansion of neoliberal economic reforms in Latin America, International Studies Quarterly, 48(3), 561-578.
  • Biglaiser, G. & Staats, J. L. (2010), Do political institutions affect foreign direct investment? A survey of US corporations in Latin America, Political Research Quarterly, 63(3), 508-522.
  • Blundell, R. & Bond, S. (1998), Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87(1), 115-143.
  • Buchanan, B. G., Le, Q. V. & Rishi, M. (2012), Foreign direct investment and institutional quality: Some empirical evidence, International Review of Financial Analysis, 21, 81-89.
  • Busse, M. & Hefeker, C. (2007), Political risk, institutions and foreign direct investment, European Journal of Political Economy, 23(2), 397-415.
  • Cantah, W. G., Wiafe, E. A. & Adams, A. (2013), Foreign direct investment and trade policy openness in Sub-Saharan Africa, MPRA Paper, No. 58074.
  • Cheng, L. K. & Kwan, Y. K. (2000), What are the determinants of the location of foreign direct investment? The Chinese Experience, Journal of International Economics, 51(2), 379-400.
  • Dunning, J. H. (2000), The eclectic paradigm as an envelope for economic and business theories of MNE activity, International Business Review, 9, 163- 190.
  • Erenberg, S. J. (1993), The real effects of public investment on private investment, Applied Economics, 23, 831-837.
  • Globerman, S. & Shapiro, D. (2002), Global foreign direct investment flows: The role of governance infrastructure, World Development, 30(11), 1899- 1919.
  • Globerman, S. & Shapiro, D. (2003), Governance infrastructure and US foreign direct investment, Journal of International Business Studies, 34(1), 19-39.
  • Gök, A. (2006), The role of governance on inward foreign direct investment (Doktora Tezi, Marmara Üniversitesi, İstanbul, Türkiye), YÖK Tez Merkezi (427473).
  • Humphreys, C. & Banerji, A. (Eds.) (2003), Better governance for development in the Middle East and North Africa: Enhancing inclusiveness and accountability, The World Bank.
  • Hymer, S. H. (1976), The international operations of national firms: A study of foreign direct investment (Vol. 14), Cambridge, MIT Press.
  • Jude, C. & Pop Silaghi, M. I. (1998), Foreign direct investment, employment creation and economic growth in CEE countries. An Open Issue, Development, Energy, Environment, Economics, 352-356.
  • Kandiero, T. & Chitiga, M. (2006), Trade openness and foreign direct investment in Africa: Economics, South African Journal of Economic and Management Sciences, 9(3), 355-370.
  • Khadaroo, A. J. & Seetanah, B. (2007, November), Transport infrastructure and FDI: Lessons from Sub Saharan African economies, In African Economic Conference (AEC), 13(3), 15-17).
  • Khan, M. A. (2007), Role of human capital in attracting foreign direct investment: A South Asian perspective, SAARC Journal HRD, 3(1), 5.
  • Kindelberger, C. P. (1969), American business abroad: Six lectures on direct investment, The International Executive, 11(2), 11-12.
  • Kinoshita, Y. (1998), Firm size and determinants of foreign direct investment, CERGE-EI Working Paper Series, No. 135.
  • Knickerbocker, F. T. (1973), Oligopolistic reaction and multinational enterprise, The International Executive, 15(2), 7-9.
  • Liargovas, P. G. & Skandalis, K. S. (2012), Foreign direct investment and trade openness: The case of developing economies, Social Indicators Research, 106(2), 323-331.
  • Loree, D. W. & Guisinger, S. E. (1995), Policy and non-policy determinants of US equity foreign direct investment, Journal of International Business Studies, 26(2), 281-299.
  • Lucas Jr, R. E. (1988), On the mechanics of economic development, Journal of Monetary Economics, 22(1), 3-42.
  • Magee, S. P. (1977), Information and the multinational corporation: An approproability thery of direct foreign investment, University of Chicago, Department of Economics and Graduate School of Business.
  • Mat, S. H. C. & Harun, M. (2012), The impact of infrastructure on foreign direct investment: The case of Malaysia, Procedia-Social and Behavioral Sciences, 65, 205-211.
  • Mengistu, A. A. & Adhikary, B. K. (2011), Does good governance matter for FDI inflows? Evidence from Asian Economies, Asia Pacific Business Review, 17(3), 281-299.
  • Noorbakhsh, F., Paloni, A. & Youssef, A. (2001), Human capital and FDI inflows to developing countries: New empirical evidence. World Development, 29(9), 1593-1610.
  • North, D. C. (1990), Institutions, institutional change and economic performance, Cambridge University Press.
  • OECD (2002), Foreign direct investment for development, OECD Publications Service.
  • Reuber, G., Crokellel, H., Emersen, M. & Gallias-Hamono, G. (1973), Private foreign investment in development, Development Centre of the OECD, Oxford.
  • Roodman, D. (2009), How to do xtabond2: An introduction to difference and system GMM in Stata, The Stata Journal, 9(1), 86-136.
  • Rugman, A. M. (1980), Internalization as a general theory of foreign direct investment: A re-appraisal of the literature, Review of World Economics, 116(2), 365-379.
  • Sekkat, K. & Varoudakis, M. A. V. (2004), Trade and foreign exchange liberalization, investment climate, and FDI in the MENA countries, World Bank, Middle East and North Africa, the Office of the Chief Economist.
  • Stein, E. ve Daude, C. (2001), Institutions, integration and the location of foreign direct investment, OECD Global Forum on International Investment, November 2001.
  • Stevens, G. V. (1969), US direct manufacturing investment to Latin America: Some economic and political determinants, Agency for International Development, Research Paper.
  • Vernon, R. (1966), International investment and international trade in the product cycle, The Quarterly Journal of Economics, 80(2), 190–207.
  • Walsh, J. P. & Yu, J., (2010), Determinants of foreign direct investment: A sectoral and institutional approach, IMF Working Paper, WP/10/187.
  • WDI (2020), World development indicators, The World Bank, Washington D.C. https://databank.worldbank.org/source/world-development-indicators
  • WGI (2020), Worldwide governance indicators, The World Bank, Washington D.C. https://databank.worldbank.org/source/worldwide-governance-indicators
  • Wheeler, D., & Mody, A. (1992), International investment location decisions: The case of US firms, Journal of International Economics, 33(1), 57–76.

A Theoretical Perspective for the Determinants of Foreign Direct Investment Inflows: The Case of Emerging Market Economies

Year 2023, , 248 - 275, 20.06.2023
https://doi.org/10.12658/M0705

Abstract

In the analysis to be made, a theoretical framework in which the base and motivation factors are distinguished to reveal by which factors determine the foreign direct investments. The basic hypothesis is that if the base factor(s) are provided, foreign direct investment flows to the countries that provide at least one motivation factor. The factors affecting the entry of foreign direct investments in emerging market economies have been analyzed by System Generalized Method of Moments over the period of 1996-2018. It has been found that increase in the quality of governance and human capital, which are the base factors, increase foreign direct investment, while increase in physical infrastructure and financial development decrease it. Physical infrastructure turned out to be a motivation factor, not a base factor, hence foreign investors or multinational companies target countries that have insufficient physical infrastructure and they make foreign direct investment in the sector of physical infrastructure. Financial development also turned out to be a motivation factor, not a base factor, hence foreign investors or multinational companies target countries that have undeveloped financial sector and they make foreign direct investment in the financial sector. It is found that increase in international trade and tariff rates increases foreign direct investment inflows.

References

  • Agarwal, J. P. (1980), Determinants of foreign direct investment: A survey, Weltwirtschaftliches Archiv, 116(4), 739-773.
  • Arellano, M. & Bond, S. (1991), Some tests of specification for panel data: Monte Carlo Evidence and an application to employment equations, The Review of Economic Studies, 58(2), 277-297.
  • Arellano, M. & Bover, O. (1995), Another look at the instrumental variable estimation of Error-Components Models, Journal of Econometrics, 68(1), 29-51.
  • Asiedu, E. (2002), On the determinants of foreign direct investment to developing
  • countries: Is Africa different?, World Development, 30(1), 107-119.
  • Asiedu, E. & Lien, D. (2011), Democracy, foreign direct investment and natural resources, Journal of International Economics, 84(1), 99-111.
  • Balasubramanyam, V. N., Salisu, M. & Sapsford, D. (1996), Foreign direct investment and growth in EP and is countries, The Economic Journal, 106, (434), 92-105.
  • Biglaiser, G. & DeRouen, K. (2004), The expansion of neoliberal economic reforms in Latin America, International Studies Quarterly, 48(3), 561-578.
  • Biglaiser, G. & Staats, J. L. (2010), Do political institutions affect foreign direct investment? A survey of US corporations in Latin America, Political Research Quarterly, 63(3), 508-522.
  • Blundell, R. & Bond, S. (1998), Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87(1), 115-143.
  • Buchanan, B. G., Le, Q. V. & Rishi, M. (2012), Foreign direct investment and institutional quality: Some empirical evidence, International Review of Financial Analysis, 21, 81-89.
  • Busse, M. & Hefeker, C. (2007), Political risk, institutions and foreign direct investment, European Journal of Political Economy, 23(2), 397-415.
  • Cantah, W. G., Wiafe, E. A. & Adams, A. (2013), Foreign direct investment and trade policy openness in Sub-Saharan Africa, MPRA Paper, No. 58074.
  • Cheng, L. K. & Kwan, Y. K. (2000), What are the determinants of the location of foreign direct investment? The Chinese Experience, Journal of International Economics, 51(2), 379-400.
  • Dunning, J. H. (2000), The eclectic paradigm as an envelope for economic and business theories of MNE activity, International Business Review, 9, 163- 190.
  • Erenberg, S. J. (1993), The real effects of public investment on private investment, Applied Economics, 23, 831-837.
  • Globerman, S. & Shapiro, D. (2002), Global foreign direct investment flows: The role of governance infrastructure, World Development, 30(11), 1899- 1919.
  • Globerman, S. & Shapiro, D. (2003), Governance infrastructure and US foreign direct investment, Journal of International Business Studies, 34(1), 19-39.
  • Gök, A. (2006), The role of governance on inward foreign direct investment (Doktora Tezi, Marmara Üniversitesi, İstanbul, Türkiye), YÖK Tez Merkezi (427473).
  • Humphreys, C. & Banerji, A. (Eds.) (2003), Better governance for development in the Middle East and North Africa: Enhancing inclusiveness and accountability, The World Bank.
  • Hymer, S. H. (1976), The international operations of national firms: A study of foreign direct investment (Vol. 14), Cambridge, MIT Press.
  • Jude, C. & Pop Silaghi, M. I. (1998), Foreign direct investment, employment creation and economic growth in CEE countries. An Open Issue, Development, Energy, Environment, Economics, 352-356.
  • Kandiero, T. & Chitiga, M. (2006), Trade openness and foreign direct investment in Africa: Economics, South African Journal of Economic and Management Sciences, 9(3), 355-370.
  • Khadaroo, A. J. & Seetanah, B. (2007, November), Transport infrastructure and FDI: Lessons from Sub Saharan African economies, In African Economic Conference (AEC), 13(3), 15-17).
  • Khan, M. A. (2007), Role of human capital in attracting foreign direct investment: A South Asian perspective, SAARC Journal HRD, 3(1), 5.
  • Kindelberger, C. P. (1969), American business abroad: Six lectures on direct investment, The International Executive, 11(2), 11-12.
  • Kinoshita, Y. (1998), Firm size and determinants of foreign direct investment, CERGE-EI Working Paper Series, No. 135.
  • Knickerbocker, F. T. (1973), Oligopolistic reaction and multinational enterprise, The International Executive, 15(2), 7-9.
  • Liargovas, P. G. & Skandalis, K. S. (2012), Foreign direct investment and trade openness: The case of developing economies, Social Indicators Research, 106(2), 323-331.
  • Loree, D. W. & Guisinger, S. E. (1995), Policy and non-policy determinants of US equity foreign direct investment, Journal of International Business Studies, 26(2), 281-299.
  • Lucas Jr, R. E. (1988), On the mechanics of economic development, Journal of Monetary Economics, 22(1), 3-42.
  • Magee, S. P. (1977), Information and the multinational corporation: An approproability thery of direct foreign investment, University of Chicago, Department of Economics and Graduate School of Business.
  • Mat, S. H. C. & Harun, M. (2012), The impact of infrastructure on foreign direct investment: The case of Malaysia, Procedia-Social and Behavioral Sciences, 65, 205-211.
  • Mengistu, A. A. & Adhikary, B. K. (2011), Does good governance matter for FDI inflows? Evidence from Asian Economies, Asia Pacific Business Review, 17(3), 281-299.
  • Noorbakhsh, F., Paloni, A. & Youssef, A. (2001), Human capital and FDI inflows to developing countries: New empirical evidence. World Development, 29(9), 1593-1610.
  • North, D. C. (1990), Institutions, institutional change and economic performance, Cambridge University Press.
  • OECD (2002), Foreign direct investment for development, OECD Publications Service.
  • Reuber, G., Crokellel, H., Emersen, M. & Gallias-Hamono, G. (1973), Private foreign investment in development, Development Centre of the OECD, Oxford.
  • Roodman, D. (2009), How to do xtabond2: An introduction to difference and system GMM in Stata, The Stata Journal, 9(1), 86-136.
  • Rugman, A. M. (1980), Internalization as a general theory of foreign direct investment: A re-appraisal of the literature, Review of World Economics, 116(2), 365-379.
  • Sekkat, K. & Varoudakis, M. A. V. (2004), Trade and foreign exchange liberalization, investment climate, and FDI in the MENA countries, World Bank, Middle East and North Africa, the Office of the Chief Economist.
  • Stein, E. ve Daude, C. (2001), Institutions, integration and the location of foreign direct investment, OECD Global Forum on International Investment, November 2001.
  • Stevens, G. V. (1969), US direct manufacturing investment to Latin America: Some economic and political determinants, Agency for International Development, Research Paper.
  • Vernon, R. (1966), International investment and international trade in the product cycle, The Quarterly Journal of Economics, 80(2), 190–207.
  • Walsh, J. P. & Yu, J., (2010), Determinants of foreign direct investment: A sectoral and institutional approach, IMF Working Paper, WP/10/187.
  • WDI (2020), World development indicators, The World Bank, Washington D.C. https://databank.worldbank.org/source/world-development-indicators
  • WGI (2020), Worldwide governance indicators, The World Bank, Washington D.C. https://databank.worldbank.org/source/worldwide-governance-indicators
  • Wheeler, D., & Mody, A. (1992), International investment location decisions: The case of US firms, Journal of International Economics, 33(1), 57–76.
There are 48 citations in total.

Details

Primary Language Turkish
Subjects Political Science (Other)
Journal Section Research Articles
Authors

Adem Gök This is me 0000-0002-3786-2507

Early Pub Date June 23, 2023
Publication Date June 20, 2023
Published in Issue Year 2023

Cite

APA Gök, A. (2023). Doğrudan Yabancı Sermaye Yatırımı Girişlerinin Belirleyicilerine Teorik Bir Yaklaşım: Yükselen Piyasa Ekonomileri Üzerine. İnsan Ve Toplum, 13(2), 248-275. https://doi.org/10.12658/M0705