İMKB FİRMALARI İÇİN DOĞRUDAN YABANCI YATIRIM GİRİŞ VE ÇIKIŞ KARARININ BELİRLEYİCİLERİ

Öz

Bu çalışmanın amacı, 2008 yılındaki küresel ekonomik durgunluğa tanıklık etmeden önce, doğrudan yabancı yatırımın (DYY) belirleyicilerinin, halka açık şirketlerde giriş ve çıkışlar açısından farklılık gösterip göstermediğini incelemektir. Çok terimli probit modeli, firmaların yabancı yatırımı yapma, yabancı sermayeli olma ve aynı anda hem yabancı sermayeli olma hem de yabancı yatırım yapma davranışlarının belirleyicilerini analiz etmek için kullanılmıştır. Bulgular, bir firmanın yabancı yatırım faaliyetinde bulunma ihtimalinin firma büyüklüğü, yaş ve reklam yoğunluğu ile birlikte arttığını ve likidite ile azaldığını göstermektedir. Sektörde doğrudan yatırımcıların pazar payları ne kadar yüksek olursa, dalgalanma etkisi yoluyla diğer firmalarında doğrudan yabancı yatırım yapma oranı o kadar yüksektir. Buna ek olarak, yabancı yatırım yapma olasılığı finansal kısıtlarla birlikte artarken, yabancı sermayeli olma ihtimali karlılıkla artmakta ve sermaye yoğunluğu ile azalmaktadır. Ar-Ge yoğunluğu ne kadar yüksek olursa, bir firmanın her iki tipteki doğrudan yabancı yatırım faaliyetine aynı anda katılma ihtimali de o kadar yüksek olur. Sonuçlar imalat sanayi ve imalat sanayi dışı firmalar için ayrım gözetmemektedir.

Anahtar Kelimeler

• Doğrudan Yabancı Yatırım,Türkiye,Çok Terimli Probit

THE DETERMINANTS OF INWARD AND OUTWARD FDI BEHAVIOR FOR ISE-LISTED FIRMS

Öz

The aim of this paper is to examine whether or not the determinants of Foreign Direct Investment (FDI) differ in terms of inflows and outflows at firm level for publicly traded companies in Turkey just before witnessing 2008 global economic slowdown. A multinomial probit regression is used to analyze the determinants of inward, outward and both inward and outward FDI behavior of firms simultaneously. Findings suggest that the probability of a firm to engage in FDI activity increases with firm size, age and advertising intensity and decreases with liquidity. The higher the market share of FDI receivers in sectoral output, the more likely a firm will engage in FDI activity through spillover effects. Additionally, the probability to engage in outward FDI increases with financial constraints whereas the probability to receive inward FDI increases with profitability and decreases with capital intensity. The higher the R&D intensity, the more likely a firm is to engage in both types of FDI activity simultaneously. The results are mostly insensitive to manufacturing and non-manufacturing industry distinction.

Anahtar Kelimeler

• FDI,Turkey,Multinomial Probit

Kaynakça

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