Ülke Yönetişim Kalitesinin Uluslararası Portföy Yatırımları Üzerindeki Etkisi

Year 2020, Issue: 114, 181 - 210, 01.10.2020

Eyyüp Kaya Mine Aksoy

https://doi.org/10.33203/mfy.740324

Cited By: 1

Abstract

Bu çalışmada gelişmekte olan ülkeler için yönetişim kalitesinin uluslararası portföy yatırımları üzerindeki etkisi ele alınmıştır. Gelişmekte olan 18 ülke, 2002-2018 yılları için panel veri analizi yöntemiyle incelenmiştir. Analizler sonucunda, politik istikrar hariç yönetişim göstergeleri kalitesinin iyi olmasının uluslararası portföy yatırımlarını olumlu yönde etkilediği görülmüştür. İfade özgürlüğü ve hesap verebilirliğin portföy yatırımlarını en çok etkileyen değişken olduğu gözlemlenmiştir. İfade özgürlüğü ve hesap verebilirliği hükümet etkinliği takip etmiştir. Yolsuzluğun kontrolü, hukukun üstünlüğü ve düzenleyicilerin kalitesi sırasıyla portföy yatırımlarına etki eden diğer yönetişim göstergeleridir. Çalışmada kontrol değişkenleri olarak kullanılan doğrudan yabancı yatırımlar ve cari denge ile uluslararası portföy yatırımları arasında negatif; hisse senedi piyasa büyüklüğü ve borsa getirisi ile uluslararası portföy yatırımları arasında pozitif bir ilişki olduğu sonucuna ulaşılmıştır.

Keywords

Yönetişim, uluslararası portföy yatırımları, gelişmekte olan ülkeler, dünya yönetişim göstergeleri

Effect of Country Governance Quality on International Portfolio Investments

Abstract

Based on panel data analysis of 18 emerging market countries from 2002
to 2018, the impact of governance quality on international portfolio
investments was examined. As a result of the analysis, it was observed that the
quality of governance indicators, excluding political stability and absence of
violence, had a positive effect on international portfolio investments. In this
study, foreign direct investments, current account deficit, stock market size
and stock market returns were used as control variables. As a result of the
analysis, it was concluded that there is a negative relationship between
foreign direct investments, current account deficit and international portfolio
investments. There is also a positive relationship between stock market size,
stock market returns and international portfolio investments.

Keywords

Governance, international portfolio investments, emerging markets, world governance indicators

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