Effects of Ecological Footprint and Financial Development on Foreign Direct Investments in MSCI Countries

Öz

This study investigates the impact of environmental pressures and financial development on foreign direct investment (FDI) in MSCI countries. Using annual data for 1997–2018, FDI is employed as the dependent variable, while financial development, ecological footprint and GDP are included as key explanatory and control variables. Relationships among the variables are examined through the Panel Granger Causality Test and estimated using the Augmented Mean Group (AMG) estimator. At the panel level, a significant relationship is found only between GDP and FDI. Country-level results reveal that financial development is significantly associated with FDI in 10 MSCI countries, while ecological footprint is significantly related to FDI in 5 MSCI countries. Overall, the findings highlight that investment-attracting capacity depends on country-specific financial and environmental conditions.

Anahtar Kelimeler

• Foreign Direct Investment
• Financial Development
• Ecological Footprint
• MSCI Countries
• Augmented Average Group Estimator

MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ

Öz

Çalışma, çevresel baskılar ve finansal gelişmenin doğrudan yabancı yatırımlar (DYY) üzerindeki etkisini MSCI ülkeleri örnekleminde incelemektedir. 1997–2018 dönemine ait yıllık verilerle, DYY bağımlı; finansal gelişme, ekolojik ayak izi ve GSYH ise bağımsız ve kontrol değişkenleri olarak modele dahil edilmiştir. Değişkenler arasındaki ilişkiler Panel Granger nedensellik testi ve Artırılmış Ortalama Grup (AMG) tahmincisiyle analiz edilmiştir. Panel düzeyinde yalnızca GSYH ile DYY arasında anlamlı bir ilişki bulunmuştur. Ülke bazında ise 10 ülkede finansal gelişme ile DYY arasında, 5 ülkede ekolojik ayak izi ile DYY arasında anlamlı ilişkiler tespit edilmiştir. Bulgular, finansal derinleşme ve çevresel performansın yatırım çekme kapasitesinin ülkelere göre farklılaştığını göstermektedir.

Anahtar Kelimeler

• Doğrudan Yabancı Yatırım
• Finansal Gelişim
• Ekolojik Ayak İzi
• MSCI Ülkeleri
• Arttırılmış Ortalama Grup Tahmincisi (AMG)

Kaynakça

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