Doğrudan Yabancı Yatırımlar içinKurumların Önemi: Gelişmekte OlanÜlkeler Üzerine Ekonometrik Bir Analiz

Öz

Doğrudan yabancı sermaye yatırımı, gelişmekte olan ekonomilerde ekonomik gelişmeyi tetikleyen sermaye akışının en güvenilir unsurlarından biri olarak kabul edilmektedir. Literatürde doğrudan yabancı yatırımların belirleyicileri üzerine çok sayıda çalışma mevcuttur. Ancak son yıllarda konuyla ilgili literatür, doğrudan yabancı sermaye yatırımlarının ekonomik belirleyicilerinin yanı sıra kurumsal belirleyicileri üzerinde yoğunlaşmaktadır. Bu çalışmanın amacı, özellikle son dönemde en çok yabancı sermaye yatırımı çeken 20 gelişmekte olan ülkeye ait kurumsal göstergelerin doğrudan yabancı yatırımlarla ilişkisini incelemektir. Bu amaçla bu ülkelerin 1990-2014 dönemine ait beş farklı kurumsal kalite göstergesinden, temel bileşenler analizi yöntemiyle oluşturulan kurumsal kalite endeksi ile doğrudan yabancı sermaye yatırımları arasındaki ilişki Westerlund (2007) ECM eşbütünleşme testi ile incelenmiştir. Panel AMG yöntemi ile elde edilen uzun dönem katsayılarına göre, modele dahil edilen 20 gelişmekte olan ülkenin kurumsal kalite düzeyi, doğrudan yabancı yatırım oranlarını pozitif yönde etkilemektedir.

Anahtar Kelimeler

• Doğrudan Yabancı Yatırımlar, Kurumsal Kalite, Gelişmekte Olan Ülkeler, Westerlund ECM.

The Importance of Institutions for Foreign Direct Investments: An Empirical Analysis on Developing Countries

Öz

Foreign direct investment is considered as one of the most reliable component of capital flows that trigger economic development in developing countries. Literature on the economic determinants of foreign direct investments is quite large. Recently, the related literature has also begun to focus on the institutional determinants of foreign direct investments. This study aims to analyze the possible relationship between institutional indicators and foreign direct investments in 20 top-ranked developing countries in attracting foreign direct investments. With this aim, an institutional quality index consisting of five different institutional quality indicators is developed via principal components analysis, and the mentioned relationship is analyzed by Westerlund (2007) ECM cointegration test. The longrun coefficients estimated by panel AMG methodology indicate that the level of institutional quality statistically affects foreign direct investments positively

Anahtar Kelimeler

• Foreign Direct Investment, Institutional Quality, Developing Countries, Westerlund ECM.

Kaynakça

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