INFRASTRUCTURE INVESTMENT AND INSTITUTIONALISM: AN AMPIRIC STUDY FOR DEVELOPING COUNTRIES

Abstract

The need for infrastructure in developing countries is much higher than in developed countries. On the other hand, more than one third of the resources spent on investments are lost due to inefficient processes. When there are institutional weaknesses in addition to financial inadequacies, simply finding resources for infrastructure investment is insufficient to solve the problem. Therefore, it is crucial to be able to make qualified and efficient infrastructure investments. In recent years, the idea that infrastructure investments should focus not only on the outcome but also on the process has been reflected in infrastructure governance. This study analyzes the impact of institutional development on infrastructure investments in developing countries using fixed effect panel data method. The level of governance, rule of law and control of corruption are included in the analysis as three different institutional indicators. According to the findings, an increase in the level of governance, control of corruption and rule of law positively affects infrastructure investments. Therefore, it is concluded that investment decisions taken in line with infrastructure governance will prevent public waste and provide efficient and quality infrastructure services.

Keywords

• infrastructure governance
• infrastructure investment
• fixed effect panel data

ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ

Abstract

Gelişmekte olan ülkelerde altyapı ihtiyacı, gelişmiş ülkelere kıyasla çok daha fazladır. Öte yandan, yatırımlara harcanan kaynakların üçte birinden fazlası verimsiz yürütülen süreçler nedeniyle kaybedilmektedir. Finansal yetersizliklerin yanında kurumsal zayıflıklar da söz konusu olduğunda altyapı yatırımı için yalnızca kaynak bulmak, sorunu çözmede yetersiz kalmaktadır. Bu nedenle, nitelikli ve verimli altyapı yatırımları yapabilmek oldukça önemlidir. Altyapı yatırımları gerçekleştirilirken yalnızca sonuca değil sürece de odaklanılması gerektiği düşüncesi son yıllarda altyapı yönetişimi başlığı altında karşılık bulmaktadır. Bu çalışma, gelişmekte olan ülkelerdeki kurumsal gelişmişliğin altyapı yatırımları üzerindeki etkisini sabit etkili panel veri yöntemi ile analiz etmektedir. Yönetişim düzeyi, hukukun üstünlüğü ve yolsuzluğun kontrolü üç farklı kurumsal gösterge olarak analize dâhil edilmiştir. Elde edilen bulgulara göre, yönetişim düzeyi, yolsuzluğun kontrolü ve hukukun üstünlüğünde meydana gelen artış altyapı yatırımlarını olumlu etkilemektedir. Buradan hareketle, altyapı yönetişimi doğrultusunda alınan yatırım kararlarının kamusal israfın önüne geçeceği, verimli ve nitelikli bir altyapı hizmeti sağlayacağı sonucuna varılmaktadır.

Keywords

• Altyapı yönetişimi
• altyapı yatırımları
• sabit etkili panel veri analizi

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