Economic and institutional determinants of foreign direct investment are analyzed for 29 OECD countries. In the study, twelve subcomponents are used such as investment profile, corruption, law and order, bureaucratic quality and government stability which can give information about political risk and institutional quality of the countries. According to results; main determinants of foreign direct investment in OECD countries are institutional factors like government stability, socioeconomic condition, investment profile, internal conflict, military in politics, religious tensions, law and order, ethnic tensions and bureaucratic quality rather than economic determinants. Our findings indicate that a good institutional structure plays an important role in attracting foreign direct investment in OECD countries
Acemoğlu, Daron (2009) Introduction to Modern Economic
Growth, Princeton University Press.
Acemoğlu, Daron ve Diğerleri (2003) “Institutional
Causes, Macroeconomic Symptoms Volatility, Crises and
Growth” Journal of Monetary Economics, 50, 49-123.
Acemoğlu, Daron ve Robinson, James (2012) Why
Nations Fail: The Origins of Power, Prosperity and Poverty,
New York: Crown Publishers.
Anghel, Brindusa (2005) “Do Institutions Affect
Foreign Direct Investment?” International Doctorate in
Economic Analysis, Universidad Autónoma de Barcelona,
http://idea.uab.es/abrindusa/research/paper_FDI_and_
institutions.pdf
Antonakakis, Nikolaos ve Tondl, Gabriele (2011)
“Do Determinants of FDI to Developing Countries Differ
among OECD Investors? Insights from Bayesian Model
Averaging” FIW Working Paper No. 76.
Azam vd. (2010) “Institutional and Macro Economic
Policy Factors on Foreign Direct Investment: South Asian
Countries Case” African Journal of Business Management,
5(11): 4306-4313.
Azemar, C. ve Desbordes, R. (2009) “Short-Run Strategies
For Attracting Foreign Direct Investment” Working
Papers 24, Department of Economics, University of
Glasgow.
Barrell, R. ve Pain, N. (1997) “Foreign Direct Investment,
Technological Change, and Economic Growth
within Europe” The Economic Journal, 107(445): 1770-
1786.
Bellak, C., Leibrecht, M. ve Riedl, A. (2008) “Labor
Costs and FDI Flows into Central and Eastern European
Countries: A Survey of the Literature and Empirical Evidence”
Structural Change and Economic Dynamics, 19(1):
17-37.
Benassy-Quere, Agnès; Coupet, Maylis ve Mayer,
Thierry (2007) “Institutional Determinants of Foreign
Direct Investment” The World Economy, 767-782.
Billington, N. (1999) “The Location of Foreign Direct
Investment: An Empirical Analysis” Applied Economics,
31: 65-76.
Busse, M. ve Hefeker, C. (2007) “Political Risk, Institutions
and Foreign Direct Investment” European Journal
of Political Economy, 23(2): 397-415.
Campos, N. F., Kinoshita ve Y. (2008) “Foreign Direct
Investment and Structural Reforms: Evidence from
Eastern Europe and Latin America” IMF Working Papers
08/26, International Monetary Fund.
Culem, C. (1988) “The Locational Determinants of
Direct Investments among Industrialized Countries” European
Economic Review, 32(4): 885-904.
Daniele, Vittorio ve Marani, Ugo (2006) “Do Institutions
Matter for FDI? A Comparative Analysis of the
MENA Countries” MPRA Paper No. 2426.
Dawson, John W. (2003) “Causality in the FreedomGrowth
Relationship” European Journal of Political Economy,
19: 479-495.
Dawson, John W. (2010) “Macroeconomic Volatility
and Economic Freedom-A Preliminary Analysis” Economic
Freedom of the World: 2010 Annual Report, 175-
185.
De Haan, Jakob ve Siermann, Clemens L. J. (1995)
“New Evidence on the Relationship Between Democracy
and Economic Growth”, Public Choice, 86(1-2): 175-198.
De Haan, Jakob ve Siermann, Clemens L. J. (1998)
“Further Evidence on the Relationship Between Economic
Freedom and Economic Growth”, Public Choice,
95(3-4): 363-380.
Del Bo, Chiara (2009) “Foreign Direct Investment,
Exchange Rate Volatility and Political Risk”, http://www.
etsg.org/ETSG2009/papers/delbo.pdf
Demirtaş, Gökhan ve Akçay, Selçuk (2006) “Kurum
sal Faktörlerin Doğrudan Yabancı Yatırımlar Üzerine Etkisi:
Ampirik Bir Kanıt” Gazi Üniversitesi İktisadi ve İdari
Bilimler Fakültesi Dergisi, 8/2, 15-33.
Easterly, William (2005) “National Policies and Economic
Growth: A Reappraisal”, P. Aghion ve S. Durlauf
(Ed.), Handbook of Economic Growth, 1A, Elsevier, B.V.
Edwards, S. (1990) “Capital Flows, Foreign Direct
Investment, and Debt-Equity Swaps in Developing Countries”
National Bureau of Economic Research, Working
Paper No 3497.
Gast, Michael ve Herrmann, Roland (2008) “Determinants
of Foreign Direct Investment of OECD Countries
1991-2001” International Economic Journal, 22(4):
509-524.
Gastanaga, Victor, Jeffrey Nugent ve Bistra, Pashamova
(1998) “Host Country Reforms and FDI Inflows:
How Much Difference Do They Make?” World Development,
26(7): 1299-1314.
Gedik, Melek Akdoğan (2013) “Determinants of Foreign
Direct Investment for OECD Countries: Evidence
from Dynamic Panel Data Analysis” British Journal of
Economics, Finance and Management Sciences, 7(2): 119-
140.
Grogan, Louise ve Moers, Luc (2001) “Growth Empirics
with Institutional Measures for Transition Countries”
Economic Systems, 25: 323-344.
Hall, Robert E. ve Jones, Charles I. (1999) “Why
Do Some Countries Produce So Much More Output per
Worker than Others?” The Quarterly Journal of Economics,
114(1): 1-50.
Hausmann, R. ve E. Fernandez-Arias (2000) “Foreign
Direct Investment: Good Cholesterol?” Inter-American
Development Bank, Research Department Working Paper
417, Washington D.C.
Khan, Mashrur Mustaque ve Akbar, Mashque Ibne
(2013) “The Impact of Political Risk on Foreign Direct
Investment” MPRA Paper No. 47283.
Knack, Stephen ve Keefer, Philip (1997) “Does Social
Capital Have an Economic Pay Off? A Cross-Country
Investigation” The Quarterly Journal of Economics, 112(4):
1251-1288.
Konings, J. ve Murphy, A. P. (2006) “Do Multinational
Enterprises Relocate Employment to Low-Wage Regions?
Evidence from European Multinationals” Review of
World Economics 142(2): 267-286.
Loree, D., Guisinger, S. E. (1995) “Policy and NonPolicy
Determinants of U.S. Equity Foreign Direct Investment”
Journal of International Business Studies, 26:
281-300.
Moore, M.O. (1993) “Determinants of German Manufacturing
Direct Investment in Manufacturing Industries”
Weltwirtschaftliches Archiv, 129: 120-137.
Moosa, Imad A. (2009) “The Determınants of Foreign
Direct Investment in Mena Countries: An Extreme
Bounds Analysis” Applied Economics Letters, 16: 1559-
1563.
Noorbakhsh, F., Paloni, A. ve Youssef, A. (2001) “Human
Capital and FDI Inflows to Developing Countries:
New Empirical Evidence” World Development, 29(9):
1593-1610.
PRS (2014) “International Country Risk Guide Methodology”
Schneider, Friedrich (1985) “Economic and Political
Determinants of Foreign Direct Investment” World Development,
13(2): 161-175.
Sekkat, Khalid ve Veganzones-Varoudakis, Marie-Ange
Veganzones (2004) “Trade and Foreign Exchange Liberalization,
Investment Climate and FDI in the MENA
Countries” Centre National de la Recherche Scientifique,
CERDI, Clermont Ferrand, France and World Bank,
Washington D.C., USA.
Sekkat, Khalid ve Veganzones-Varoudakis, Marie-Ange
Veganzones (2007) “Openness, Investment Climate,
and FDI in Developing Countries” Review of Development
Economics, 11(4): 607-620.
Sin, C.Y. ve Leung, W.F. (2001) “Impacts of FDI Liberalization
on Investment Inflows”, Applied Economics
Letters, 8: 253-256.
Stein Ernesto ve Daude, Christian (2001) “Institutions,
Integration, and the Location of Foreign Direct
Investment” Washington DC, United States: Inter-American
Development Bank.
Wheeler, David ve Mody, Ashoka (1992) “International
Investment Location Decisions: The Case of U.S.
Firms” Journal of International Economics, 33: 57-76.
Doğrudan Yabancı Sermaye Yatırımlarının Kurumsal Belirleyicileri: OECD Ülkeleri Örneği
Doğrudan yabancı sermaye yatırımlarının ekonomik ve kurumsal belirleyicileri 29 OECD ülkesi için analiz edilmiştir. Çalışmada politik riski oluşturan ve ülkelerin kurumsal kaliteleri hakkında bilgi veren hükümet istikrarı, yatırım profili, yolsuzluk, kanun ve düzen, bürokratik kalite gibi on iki alt bileşen kullanılmıştır. Elde edilen sonuçlara göre; OECD ülkelerinde doğrudan yabancı sermaye yatırımlarının temel belirleyicileri ekonomik göstergelerden ziyade hükümet istikrarı, sosyoekonomik durum, yatırım profili, iç karışıklık, askeriyenin politikaya etkisi, dinsel gerilimler, kanun ve düzen, etnik gerilimler ve bürokratik kalite gibi kurumsal göstergelerdir. Elde edilen bu sonuç, iyi bir kurumsal yapının OECD ülkelerinde doğrudan yabancı sermaye yatırımlarını çekmede önemli bir rol oynadığını ortaya koymaktadır
Acemoğlu, Daron (2009) Introduction to Modern Economic
Growth, Princeton University Press.
Acemoğlu, Daron ve Diğerleri (2003) “Institutional
Causes, Macroeconomic Symptoms Volatility, Crises and
Growth” Journal of Monetary Economics, 50, 49-123.
Acemoğlu, Daron ve Robinson, James (2012) Why
Nations Fail: The Origins of Power, Prosperity and Poverty,
New York: Crown Publishers.
Anghel, Brindusa (2005) “Do Institutions Affect
Foreign Direct Investment?” International Doctorate in
Economic Analysis, Universidad Autónoma de Barcelona,
http://idea.uab.es/abrindusa/research/paper_FDI_and_
institutions.pdf
Antonakakis, Nikolaos ve Tondl, Gabriele (2011)
“Do Determinants of FDI to Developing Countries Differ
among OECD Investors? Insights from Bayesian Model
Averaging” FIW Working Paper No. 76.
Azam vd. (2010) “Institutional and Macro Economic
Policy Factors on Foreign Direct Investment: South Asian
Countries Case” African Journal of Business Management,
5(11): 4306-4313.
Azemar, C. ve Desbordes, R. (2009) “Short-Run Strategies
For Attracting Foreign Direct Investment” Working
Papers 24, Department of Economics, University of
Glasgow.
Barrell, R. ve Pain, N. (1997) “Foreign Direct Investment,
Technological Change, and Economic Growth
within Europe” The Economic Journal, 107(445): 1770-
1786.
Bellak, C., Leibrecht, M. ve Riedl, A. (2008) “Labor
Costs and FDI Flows into Central and Eastern European
Countries: A Survey of the Literature and Empirical Evidence”
Structural Change and Economic Dynamics, 19(1):
17-37.
Benassy-Quere, Agnès; Coupet, Maylis ve Mayer,
Thierry (2007) “Institutional Determinants of Foreign
Direct Investment” The World Economy, 767-782.
Billington, N. (1999) “The Location of Foreign Direct
Investment: An Empirical Analysis” Applied Economics,
31: 65-76.
Busse, M. ve Hefeker, C. (2007) “Political Risk, Institutions
and Foreign Direct Investment” European Journal
of Political Economy, 23(2): 397-415.
Campos, N. F., Kinoshita ve Y. (2008) “Foreign Direct
Investment and Structural Reforms: Evidence from
Eastern Europe and Latin America” IMF Working Papers
08/26, International Monetary Fund.
Culem, C. (1988) “The Locational Determinants of
Direct Investments among Industrialized Countries” European
Economic Review, 32(4): 885-904.
Daniele, Vittorio ve Marani, Ugo (2006) “Do Institutions
Matter for FDI? A Comparative Analysis of the
MENA Countries” MPRA Paper No. 2426.
Dawson, John W. (2003) “Causality in the FreedomGrowth
Relationship” European Journal of Political Economy,
19: 479-495.
Dawson, John W. (2010) “Macroeconomic Volatility
and Economic Freedom-A Preliminary Analysis” Economic
Freedom of the World: 2010 Annual Report, 175-
185.
De Haan, Jakob ve Siermann, Clemens L. J. (1995)
“New Evidence on the Relationship Between Democracy
and Economic Growth”, Public Choice, 86(1-2): 175-198.
De Haan, Jakob ve Siermann, Clemens L. J. (1998)
“Further Evidence on the Relationship Between Economic
Freedom and Economic Growth”, Public Choice,
95(3-4): 363-380.
Del Bo, Chiara (2009) “Foreign Direct Investment,
Exchange Rate Volatility and Political Risk”, http://www.
etsg.org/ETSG2009/papers/delbo.pdf
Demirtaş, Gökhan ve Akçay, Selçuk (2006) “Kurum
sal Faktörlerin Doğrudan Yabancı Yatırımlar Üzerine Etkisi:
Ampirik Bir Kanıt” Gazi Üniversitesi İktisadi ve İdari
Bilimler Fakültesi Dergisi, 8/2, 15-33.
Easterly, William (2005) “National Policies and Economic
Growth: A Reappraisal”, P. Aghion ve S. Durlauf
(Ed.), Handbook of Economic Growth, 1A, Elsevier, B.V.
Edwards, S. (1990) “Capital Flows, Foreign Direct
Investment, and Debt-Equity Swaps in Developing Countries”
National Bureau of Economic Research, Working
Paper No 3497.
Gast, Michael ve Herrmann, Roland (2008) “Determinants
of Foreign Direct Investment of OECD Countries
1991-2001” International Economic Journal, 22(4):
509-524.
Gastanaga, Victor, Jeffrey Nugent ve Bistra, Pashamova
(1998) “Host Country Reforms and FDI Inflows:
How Much Difference Do They Make?” World Development,
26(7): 1299-1314.
Gedik, Melek Akdoğan (2013) “Determinants of Foreign
Direct Investment for OECD Countries: Evidence
from Dynamic Panel Data Analysis” British Journal of
Economics, Finance and Management Sciences, 7(2): 119-
140.
Grogan, Louise ve Moers, Luc (2001) “Growth Empirics
with Institutional Measures for Transition Countries”
Economic Systems, 25: 323-344.
Hall, Robert E. ve Jones, Charles I. (1999) “Why
Do Some Countries Produce So Much More Output per
Worker than Others?” The Quarterly Journal of Economics,
114(1): 1-50.
Hausmann, R. ve E. Fernandez-Arias (2000) “Foreign
Direct Investment: Good Cholesterol?” Inter-American
Development Bank, Research Department Working Paper
417, Washington D.C.
Khan, Mashrur Mustaque ve Akbar, Mashque Ibne
(2013) “The Impact of Political Risk on Foreign Direct
Investment” MPRA Paper No. 47283.
Knack, Stephen ve Keefer, Philip (1997) “Does Social
Capital Have an Economic Pay Off? A Cross-Country
Investigation” The Quarterly Journal of Economics, 112(4):
1251-1288.
Konings, J. ve Murphy, A. P. (2006) “Do Multinational
Enterprises Relocate Employment to Low-Wage Regions?
Evidence from European Multinationals” Review of
World Economics 142(2): 267-286.
Loree, D., Guisinger, S. E. (1995) “Policy and NonPolicy
Determinants of U.S. Equity Foreign Direct Investment”
Journal of International Business Studies, 26:
281-300.
Moore, M.O. (1993) “Determinants of German Manufacturing
Direct Investment in Manufacturing Industries”
Weltwirtschaftliches Archiv, 129: 120-137.
Moosa, Imad A. (2009) “The Determınants of Foreign
Direct Investment in Mena Countries: An Extreme
Bounds Analysis” Applied Economics Letters, 16: 1559-
1563.
Noorbakhsh, F., Paloni, A. ve Youssef, A. (2001) “Human
Capital and FDI Inflows to Developing Countries:
New Empirical Evidence” World Development, 29(9):
1593-1610.
PRS (2014) “International Country Risk Guide Methodology”
Schneider, Friedrich (1985) “Economic and Political
Determinants of Foreign Direct Investment” World Development,
13(2): 161-175.
Sekkat, Khalid ve Veganzones-Varoudakis, Marie-Ange
Veganzones (2004) “Trade and Foreign Exchange Liberalization,
Investment Climate and FDI in the MENA
Countries” Centre National de la Recherche Scientifique,
CERDI, Clermont Ferrand, France and World Bank,
Washington D.C., USA.
Sekkat, Khalid ve Veganzones-Varoudakis, Marie-Ange
Veganzones (2007) “Openness, Investment Climate,
and FDI in Developing Countries” Review of Development
Economics, 11(4): 607-620.
Sin, C.Y. ve Leung, W.F. (2001) “Impacts of FDI Liberalization
on Investment Inflows”, Applied Economics
Letters, 8: 253-256.
Stein Ernesto ve Daude, Christian (2001) “Institutions,
Integration, and the Location of Foreign Direct
Investment” Washington DC, United States: Inter-American
Development Bank.
Wheeler, David ve Mody, Ashoka (1992) “International
Investment Location Decisions: The Case of U.S.
Firms” Journal of International Economics, 33: 57-76.
Artan, S., & Hayaloğlu, P. (2015). Institutional Determinants of Foreign Direct Investment: Evidence from OECD Countries. Ege Academic Review, 15(4), 551-564.
AMA
Artan S, Hayaloğlu P. Institutional Determinants of Foreign Direct Investment: Evidence from OECD Countries. eab. Kasım 2015;15(4):551-564.
Chicago
Artan, Seyfettin, ve Pınar Hayaloğlu. “Institutional Determinants of Foreign Direct Investment: Evidence from OECD Countries”. Ege Academic Review 15, sy. 4 (Kasım 2015): 551-64.
EndNote
Artan S, Hayaloğlu P (01 Kasım 2015) Institutional Determinants of Foreign Direct Investment: Evidence from OECD Countries. Ege Academic Review 15 4 551–564.
IEEE
S. Artan ve P. Hayaloğlu, “Institutional Determinants of Foreign Direct Investment: Evidence from OECD Countries”, eab, c. 15, sy. 4, ss. 551–564, 2015.
ISNAD
Artan, Seyfettin - Hayaloğlu, Pınar. “Institutional Determinants of Foreign Direct Investment: Evidence from OECD Countries”. Ege Academic Review 15/4 (Kasım 2015), 551-564.
JAMA
Artan S, Hayaloğlu P. Institutional Determinants of Foreign Direct Investment: Evidence from OECD Countries. eab. 2015;15:551–564.
MLA
Artan, Seyfettin ve Pınar Hayaloğlu. “Institutional Determinants of Foreign Direct Investment: Evidence from OECD Countries”. Ege Academic Review, c. 15, sy. 4, 2015, ss. 551-64.
Vancouver
Artan S, Hayaloğlu P. Institutional Determinants of Foreign Direct Investment: Evidence from OECD Countries. eab. 2015;15(4):551-64.