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Doğrudan Yabancı Yatırımlar ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği

Year 2023, Volume: 10 Issue: 1, 225 - 244, 02.01.2023

Abstract

Doğrudan yabancı yatırımlar, ev sahibi ülkelerin tasarruf ve dış ticaret açıklarının kapatılmasına yardımcı olmanın yanı sıra, teknoloji ve yönetimsel becerilerin de ev sahibi ülkeye aktarılmasını sağlamaktadır. Böylelikle, uzun dönemli büyüme ve kalkınmanın önemli bir bileşeni olan toplam faktör verimliliğini etkileyebilmektedir. Bu yüzden, özellikle gelişmekte olan ülkeler uzun bir süredir çeşitli teşvikler sunarak doğrudan yabancı yatırımları ülkelerine çekmeye çalışmaktadırlar. Ancak, ilgili literatürde de görüldüğü gibi, doğrudan yabancı yatırımların toplam faktör verimliliği üzerine etkisi belirsizdir. Bu çalışmasının amacı, doğrudan yabancı yatırımların ev sahibi gelişmekte olan ülkelerde verimlilik üzerinde nasıl bir etkiye sahip olduğunun tespit edilmesidir. Bu bağlamda, kullanılan veri seti 17 adet gelişmekte olan ülkeden oluşmakta ve veri erişimi imkânlarına bağlı olarak 2002-2019 dönemi incelenmektedir. Çalışmanın sonucunda ise doğrudan yabancı yatırımların ev sahibi gelişmekte olan ülkelerin toplam faktör verimliliğine oldukça küçükte olsa olumsuz bir etkisi olduğu sonucuna varılmıştır. Ayrıca gelişmekte olan ülkeler, OECD ve BRICS gibi ülke gruplarına ve coğrafi bölgelere ayrılarak da incelenmiş ve veri setindeki OECD üyesi gelişmekte olan ülkeler ile, Güney Amerika bölgesinde yer alan gelişmekte olan ülkeler için de doğrudan yabancı yatırımların verimlilik üzerinde negatif ve anlamlı bir etkisi olduğu sonucu bulunmuştur. Diğer ülke grupları için, doğrudan dış yatırımların verimlilik üzerinde istatistiki olarak anlamlı etkisi bulunamamıştır.

References

  • Abdullah, M., & Chowdhury, M. (2020). Foreign Direct Investment and Total Factor Productivity: Any Nexus? Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, 14/2, 164-190.
  • Aitken, B. J., & Harrison, A. E. (1999). Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela. American Economic Review, American Economic Association, 89/3, 605-618.
  • Ayyagari, M., & Kosová, R. (2010). Does FDI Facilitate Domestic Entry? Evidence from the Czech Republic. Review of International Economics, 18/1, 14-29.
  • Azman-Saini, W., Baharumshah, A. Z., & Law, S. H. (2010). Foreign Direct Investment, Economic Freedom And Economic Growth: International Evidence. Economic Modelling, 27/5, 1079-1089.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data. John Wiley and Sons, Ltd.
  • Blalock, G., & Gertler, P. J. (2008). Welfare Gains from Foreign Direct Investment Through Technology Transfer to Local Suppliers. Journal of International Economics, 74/2, 402-421.
  • Blomstrom, M., & Persson, H. (1983). Foreign Investment And Spillover Efficiency In An Underdeveloped Economy: Evidence From The Mexican Manufacturing Industry. World Development, 11/6, 493-501.
  • Blomström, M., & Kokko, A. (1996). The Impact of Foreign Investment on Host Countries: A Review of the Empirical Evidence. World Bank Policy Research Working Paper No. 1745, 1-42.
  • Blomström, M., & Kokko, A. (2002). FDI and Human Capital: A Research Agenda. OECD Development Centre Working Papers 195, 1-19.
  • Borensztein, E., Gregorio, J. D., & Lee, J.-W. (1998). How Does Foreign Direct Investment Affect Economic Growth? Journal of International Economics, 45/1, 115-135.
  • Caves, R. E. (1974). Multinational Firms, Competition, And Productivity In Host-Country Markets. Economica, 41/162, 176-193.
  • Chatterjee, S., & Hadi, A. S. (2012). Regression Analysis by Example. New Jersey: 2012 by John Wiley & Sons, Inc.
  • Dass, M. G., & Jamal, A. (2018). Multinational Corporation and Foreign Direct Investment: An Implication for Third World States. Arts and Social Sciences Journal, 9/5, 1-4.
  • DPT. (2000). Doğrudan Yabancı Sermaye Yatırımları Özel İhtisas Komisyonu Raporu. Ankara: DPT: 2514 İK: 532.
  • Duce, M. (2003). Definitions of Foreign Direct Investment (FDI): A Methodological Note. Paper for the CGFS Working Group, Banco de Espana, 1-16.
  • Findlay, R. (1978). Relative Backwardness, Direct Foreign Investment, And The Transfer of Technology: A Simple Dynamic Model. The Quarterly Journal of Economics, 92/1, 1-16.
  • Globerman, S. (1979). Foreign Direct Investment And `Spillover' Efficiency Benefits In Canadian Manufacturing Industries. Canadian Journal of Economics, 12/1, 42-56.
  • Görg, H., & Greenaway, D. (2004). Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Direct Investment? The World Bank Research Observer, 19/2, 171-197.
  • Gujarati, D. N. (2003). Basic Econometrics. New York: McGraw-Hill/lrwin.
  • Herzer, D., & Donaubauer, J. (2018). The Long-Run Effect of Foreign Direct Investment on Total Factor Productivity in Developing Countries: A Panel Cointegration Analysis. Empirical Economics, Springer, 54/2, 309-342.
  • Howitt, P. (2004). Endogenous Growth, Productivity and Economic Policy: A Progress Report. Centre for the Study of Living Standards, 8, 3-15.
  • Hu, D., You, K., & Esiyok, B. (2021). Foreign Direct Investment among Developing Markets and Its Technological Impact on Host: Evidence from Spatial Analysis of Chinese Investment in Africa. Technological Forecasting and Social Change, 166, 1-21.
  • Hymer, S. (1970). The Efficiency (Contradictions) of Multinational Corporations. American Economic Review, American Economic Association, 60/2, 441-448.
  • Inklaar, R., & Timmer, M. P. (2013). Capital, labor and TFP in PWT8.0. Groningen Growth and Development Centre, University of Groningen, 1-38.
  • Karluk, S. R. (1983). Türkiye'de Yabancı Sermaye Yatırımları. İstanbul: Taştan Matbaası.
  • Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The Worldwide Governance Indicators: Methodology and Analytical Issues. Hague Journal on the Rule of Law, 3/2, 220-246.
  • Kawai, H. (2007). International Comparative Analysis of Economic Growth: Trade Liberalization and Productivity. The Developing Economies, 32/4, 373 - 397.
  • Keller, W., & Yeaple, S. R. (2003). Multinational Enterprises, International Trade, And Productivity Growth: Firm-Level Evidence From the United States. IMF Working Papers, 1-40.
  • Kim, Y. E., Loayza, N., & Balcazar, C. M. (2016). Productivity as the Key to Economic Growth and Development. World Bank Research and Policy Briefs, 1-4.
  • Kremer, M. (1993). Population Growth and Technological Change: One Million B.C. to 1990. The Quarterly Journal of Economics, 108/3, 681-716.
  • Li, C., & Tanna, S. (2019). The Impact Of Foreign Direct Investment On Productivity: New Evidence For Developing Countries. Economic Modelling, Elsevier, 80, 453-466.
  • Loko, B., & Diouf, M. A. (2009). Revisiting the Determinants of Productivity Growth: What’s New? IMF Working Paper, WP/09/225, 1-29.
  • Markusen, J. R., & Venables, A. J. (1999). Foreign Direct Investment As A Catalyst For Industrial Development. European Economic Review, 43/2, 335–356.
  • Mello, L. d. (1997). Foreign Direct Investment in Developing Countries: A Selective Survey. The Journal of Development Studies, 34/1, 1-34.
  • Moralles, H. F., & Moreno, R. (2020). FDI Productivity Spillovers And Absorptive Capacity In Brazilian Firms: A Threshold Regression Analysis. International Review of Economics and Finance, 70, 257-272.
  • Orji, A., Aza, G. C., Anthony-Orji, O. I., & Isaac, N. (2021). Foreign Direct Investment-Firm Productivity Nexus in West Africa: New Empirical Insights from Firm Level Data. Journal of Public Affairs, 1-9.
  • Sofuoğlu, E., & Kızılkaya, O. (2018). İş Gücü Verimliliği ve Doğrudan Yabancı Yatırımlar Arasındaki İlişki: Türkiye Ekonomisi İçin Ampirik Bir Analiz. Journal of Turkish Studies, 13/22, 505-518.
  • Stiroh, K. J. (2001). What Drives Productivity Growth? Economic Policy Review, 7/1, 37-59.
  • Tatoğlu, F. Y. (2020). İleri Panel Veri Analizi; Stata Uygulamalı. İstanbul: Beta Basım Yayım Dağıtım A.Ş.
  • Tran, N. H., & Le, C. D. (2019). Governance Quality, Foreign Direct Investment, And Entrepreneurship In Emerging Markets. Journal of Asian Business and Economic Studies, 26/2, 238-264.
  • UNCTAD. (2021). UNCTAD annual report. New York: United Nations.
  • UNDP. (2018). Toplam Faktör Verimliliği için Politika Çerçevesi Geliştirilmesine Destek Projesi Beyaz Kitap. T.C. Cumhurbaşkanlığı Strateji ve Bütçe Başkanlığı.
  • Yılmaz, Z., Özer, P., & Gümüşsoy, F. G. (2019). Türkiye’de Beşeri Sermayenin Ekonomik Büyüme Üzerindeki Etkisi: Gecikmesi Dağıtılmış Otoregresif Yaklaşımı. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 6/1, 1-16.
  • Wang, J.-Y., & Blomström, M. (1992). Foreign Investment And Technology Transfer. European Economic Review, 36/1, 137-155.
  • Wang, M., & Wong, M. C. (2009). Foreign Direct Investment and Economic Growth: The Growth Accounting Perspective. Economic Inquiry, 47/4, 701-710.
  • Woo, J. (2009). Productivity Growth And Technological Diffusion Through Foreign Direct Investment. Economic Inquiry, Western Economic Association International, 47/2, 226–248.
  • Zidouemba, P. R., & Elitcha, K. (2018). Foreign Direct Investment and Total Factor Productivity: Is There Any Resource Curse? Modern Economy, 9/3, 463-483.

Foreign Direct Investments and Total Factor Productivity: An Analysis of Emerging Markets

Year 2023, Volume: 10 Issue: 1, 225 - 244, 02.01.2023

Abstract

Foreign direct investments are critical for the host countries in transferring technology and managerial skills, in addition to providing funds under trade deficits and limited domestic savings. Thus, it can affect the total factor productivity, which is one of the main components of long-term growth and development. Therefore, emerging markets have long been trying to attract foreign direct investments into their countries by offering various incentives for a long time. However, given the existing literature on developing countries, the impacts of foreign direct investment on total factor productivity are not clear. Therefore, this study aims to analyze how foreign direct investments have an impact on the productivity level of the host emerging markets. The quantitative analysis covers 17 emerging market countries from 2002-2019. As the result of the panel data analysis, we have concluded that foreign direct investments have a very small negative effect on the total factor productivity of the host developing countries. When we analyzed the developing countries in the OECD and BRIC groups and checked for the relevance of the regions, we found that for the OECD member developing countries, and the developing countries located in Latin America the impact of FDI on TFP is negative and significant. For the other country groups and geographical locations, the impact of FDI on TFP is found insignificant.

References

  • Abdullah, M., & Chowdhury, M. (2020). Foreign Direct Investment and Total Factor Productivity: Any Nexus? Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, 14/2, 164-190.
  • Aitken, B. J., & Harrison, A. E. (1999). Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela. American Economic Review, American Economic Association, 89/3, 605-618.
  • Ayyagari, M., & Kosová, R. (2010). Does FDI Facilitate Domestic Entry? Evidence from the Czech Republic. Review of International Economics, 18/1, 14-29.
  • Azman-Saini, W., Baharumshah, A. Z., & Law, S. H. (2010). Foreign Direct Investment, Economic Freedom And Economic Growth: International Evidence. Economic Modelling, 27/5, 1079-1089.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data. John Wiley and Sons, Ltd.
  • Blalock, G., & Gertler, P. J. (2008). Welfare Gains from Foreign Direct Investment Through Technology Transfer to Local Suppliers. Journal of International Economics, 74/2, 402-421.
  • Blomstrom, M., & Persson, H. (1983). Foreign Investment And Spillover Efficiency In An Underdeveloped Economy: Evidence From The Mexican Manufacturing Industry. World Development, 11/6, 493-501.
  • Blomström, M., & Kokko, A. (1996). The Impact of Foreign Investment on Host Countries: A Review of the Empirical Evidence. World Bank Policy Research Working Paper No. 1745, 1-42.
  • Blomström, M., & Kokko, A. (2002). FDI and Human Capital: A Research Agenda. OECD Development Centre Working Papers 195, 1-19.
  • Borensztein, E., Gregorio, J. D., & Lee, J.-W. (1998). How Does Foreign Direct Investment Affect Economic Growth? Journal of International Economics, 45/1, 115-135.
  • Caves, R. E. (1974). Multinational Firms, Competition, And Productivity In Host-Country Markets. Economica, 41/162, 176-193.
  • Chatterjee, S., & Hadi, A. S. (2012). Regression Analysis by Example. New Jersey: 2012 by John Wiley & Sons, Inc.
  • Dass, M. G., & Jamal, A. (2018). Multinational Corporation and Foreign Direct Investment: An Implication for Third World States. Arts and Social Sciences Journal, 9/5, 1-4.
  • DPT. (2000). Doğrudan Yabancı Sermaye Yatırımları Özel İhtisas Komisyonu Raporu. Ankara: DPT: 2514 İK: 532.
  • Duce, M. (2003). Definitions of Foreign Direct Investment (FDI): A Methodological Note. Paper for the CGFS Working Group, Banco de Espana, 1-16.
  • Findlay, R. (1978). Relative Backwardness, Direct Foreign Investment, And The Transfer of Technology: A Simple Dynamic Model. The Quarterly Journal of Economics, 92/1, 1-16.
  • Globerman, S. (1979). Foreign Direct Investment And `Spillover' Efficiency Benefits In Canadian Manufacturing Industries. Canadian Journal of Economics, 12/1, 42-56.
  • Görg, H., & Greenaway, D. (2004). Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Direct Investment? The World Bank Research Observer, 19/2, 171-197.
  • Gujarati, D. N. (2003). Basic Econometrics. New York: McGraw-Hill/lrwin.
  • Herzer, D., & Donaubauer, J. (2018). The Long-Run Effect of Foreign Direct Investment on Total Factor Productivity in Developing Countries: A Panel Cointegration Analysis. Empirical Economics, Springer, 54/2, 309-342.
  • Howitt, P. (2004). Endogenous Growth, Productivity and Economic Policy: A Progress Report. Centre for the Study of Living Standards, 8, 3-15.
  • Hu, D., You, K., & Esiyok, B. (2021). Foreign Direct Investment among Developing Markets and Its Technological Impact on Host: Evidence from Spatial Analysis of Chinese Investment in Africa. Technological Forecasting and Social Change, 166, 1-21.
  • Hymer, S. (1970). The Efficiency (Contradictions) of Multinational Corporations. American Economic Review, American Economic Association, 60/2, 441-448.
  • Inklaar, R., & Timmer, M. P. (2013). Capital, labor and TFP in PWT8.0. Groningen Growth and Development Centre, University of Groningen, 1-38.
  • Karluk, S. R. (1983). Türkiye'de Yabancı Sermaye Yatırımları. İstanbul: Taştan Matbaası.
  • Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The Worldwide Governance Indicators: Methodology and Analytical Issues. Hague Journal on the Rule of Law, 3/2, 220-246.
  • Kawai, H. (2007). International Comparative Analysis of Economic Growth: Trade Liberalization and Productivity. The Developing Economies, 32/4, 373 - 397.
  • Keller, W., & Yeaple, S. R. (2003). Multinational Enterprises, International Trade, And Productivity Growth: Firm-Level Evidence From the United States. IMF Working Papers, 1-40.
  • Kim, Y. E., Loayza, N., & Balcazar, C. M. (2016). Productivity as the Key to Economic Growth and Development. World Bank Research and Policy Briefs, 1-4.
  • Kremer, M. (1993). Population Growth and Technological Change: One Million B.C. to 1990. The Quarterly Journal of Economics, 108/3, 681-716.
  • Li, C., & Tanna, S. (2019). The Impact Of Foreign Direct Investment On Productivity: New Evidence For Developing Countries. Economic Modelling, Elsevier, 80, 453-466.
  • Loko, B., & Diouf, M. A. (2009). Revisiting the Determinants of Productivity Growth: What’s New? IMF Working Paper, WP/09/225, 1-29.
  • Markusen, J. R., & Venables, A. J. (1999). Foreign Direct Investment As A Catalyst For Industrial Development. European Economic Review, 43/2, 335–356.
  • Mello, L. d. (1997). Foreign Direct Investment in Developing Countries: A Selective Survey. The Journal of Development Studies, 34/1, 1-34.
  • Moralles, H. F., & Moreno, R. (2020). FDI Productivity Spillovers And Absorptive Capacity In Brazilian Firms: A Threshold Regression Analysis. International Review of Economics and Finance, 70, 257-272.
  • Orji, A., Aza, G. C., Anthony-Orji, O. I., & Isaac, N. (2021). Foreign Direct Investment-Firm Productivity Nexus in West Africa: New Empirical Insights from Firm Level Data. Journal of Public Affairs, 1-9.
  • Sofuoğlu, E., & Kızılkaya, O. (2018). İş Gücü Verimliliği ve Doğrudan Yabancı Yatırımlar Arasındaki İlişki: Türkiye Ekonomisi İçin Ampirik Bir Analiz. Journal of Turkish Studies, 13/22, 505-518.
  • Stiroh, K. J. (2001). What Drives Productivity Growth? Economic Policy Review, 7/1, 37-59.
  • Tatoğlu, F. Y. (2020). İleri Panel Veri Analizi; Stata Uygulamalı. İstanbul: Beta Basım Yayım Dağıtım A.Ş.
  • Tran, N. H., & Le, C. D. (2019). Governance Quality, Foreign Direct Investment, And Entrepreneurship In Emerging Markets. Journal of Asian Business and Economic Studies, 26/2, 238-264.
  • UNCTAD. (2021). UNCTAD annual report. New York: United Nations.
  • UNDP. (2018). Toplam Faktör Verimliliği için Politika Çerçevesi Geliştirilmesine Destek Projesi Beyaz Kitap. T.C. Cumhurbaşkanlığı Strateji ve Bütçe Başkanlığı.
  • Yılmaz, Z., Özer, P., & Gümüşsoy, F. G. (2019). Türkiye’de Beşeri Sermayenin Ekonomik Büyüme Üzerindeki Etkisi: Gecikmesi Dağıtılmış Otoregresif Yaklaşımı. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 6/1, 1-16.
  • Wang, J.-Y., & Blomström, M. (1992). Foreign Investment And Technology Transfer. European Economic Review, 36/1, 137-155.
  • Wang, M., & Wong, M. C. (2009). Foreign Direct Investment and Economic Growth: The Growth Accounting Perspective. Economic Inquiry, 47/4, 701-710.
  • Woo, J. (2009). Productivity Growth And Technological Diffusion Through Foreign Direct Investment. Economic Inquiry, Western Economic Association International, 47/2, 226–248.
  • Zidouemba, P. R., & Elitcha, K. (2018). Foreign Direct Investment and Total Factor Productivity: Is There Any Resource Curse? Modern Economy, 9/3, 463-483.
There are 47 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Emine Beyza Satoglu 0000-0001-6299-8863

Oğuzhan Gümüş 0000-0002-4780-7472

Publication Date January 2, 2023
Submission Date September 16, 2022
Published in Issue Year 2023 Volume: 10 Issue: 1

Cite

APA Satoglu, E. B., & Gümüş, O. (2023). Doğrudan Yabancı Yatırımlar ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi, 10(1), 225-244.
AMA Satoglu EB, Gümüş O. Doğrudan Yabancı Yatırımlar ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği. OJEMS. January 2023;10(1):225-244.
Chicago Satoglu, Emine Beyza, and Oğuzhan Gümüş. “Doğrudan Yabancı Yatırımlar Ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği”. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi 10, no. 1 (January 2023): 225-44.
EndNote Satoglu EB, Gümüş O (January 1, 2023) Doğrudan Yabancı Yatırımlar ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği. Optimum Ekonomi ve Yönetim Bilimleri Dergisi 10 1 225–244.
IEEE E. B. Satoglu and O. Gümüş, “Doğrudan Yabancı Yatırımlar ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği”, OJEMS, vol. 10, no. 1, pp. 225–244, 2023.
ISNAD Satoglu, Emine Beyza - Gümüş, Oğuzhan. “Doğrudan Yabancı Yatırımlar Ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği”. Optimum Ekonomi ve Yönetim Bilimleri Dergisi 10/1 (January 2023), 225-244.
JAMA Satoglu EB, Gümüş O. Doğrudan Yabancı Yatırımlar ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği. OJEMS. 2023;10:225–244.
MLA Satoglu, Emine Beyza and Oğuzhan Gümüş. “Doğrudan Yabancı Yatırımlar Ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği”. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi, vol. 10, no. 1, 2023, pp. 225-44.
Vancouver Satoglu EB, Gümüş O. Doğrudan Yabancı Yatırımlar ve Toplam Faktör Verimliliği: Gelişmekte Olan Ülkeler Örneği. OJEMS. 2023;10(1):225-44.

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