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

Yıl 2017, Sayı: 627, 73 - 85, 01.05.2017

Gülbahar Üçler

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

• ACEMOĞLU, Daron and James ROBİNSON; (2013), Why Nations Fail: The Origins of Power, Prosperity and Poverty, New York: Crown Publishers
• AMAL, Mohamed, Bruno Thiago TOMIO and Henrique RABOCH; (2010), “Determinants of Foreign Direct Investment in Latin America”, GCG: Journal of Globalization, Competitiveness and Governability, 4(3): pp.116–33.
• 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
• ARTAN, Seyfettin ve Pınar HAYALOĞLU; (2015), “Doğrudan Yabancı Sermaye Yatırımlarının Kurumsal Belirleyicileri: OECD Ülkeleri Örneği”, Ege Akademik Bakış, Cilt: 15, Sayı: 4, ss.551- 564.
• BEKAERT, Geert, Campbell R. HARVEY and Christian LUNDBLAD; (2006), “Growth Volatility and Financial Liberalization”, Journal of International Money and Finance, 25(3), pp.370-403.
• BÉNASSY-QUÉRÉ, Agnès, Maylis COUPET and Thierry MAYER; (2005), “Institutional Determinants of Foreign Direct Investment”, CEPII, Working Paper, No: 2005-05.
• BENGOA, Marta and Blanca SANCHEZ-ROBLES; (2003), “Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America”, European Journal of Political Economy, Vol. 19, No:3, pp. 529–545.
• BISSOON, Ourvashi; (2011), “Can Better Institutions Attract More Foreign Direct Investment (Fdi)? Evidence from Developing Countries”, International Conference On Applied Economics, No: 82, pp.142-158.
• BREUSCH, T.S and A.R. PAGAN; (1980), “The Lagrange Multiplier Test and Its Applications to Model Specification Tests in Econometrics”. Review of Economic Studies, 47, pp.239-53.
• CAETANO, Josè and António CALEIRO; (2009), “Economic Freedom and Foreign Direct Investment: How Different are the MENA Countries from the EU? ”, Economics Working Papers No:02, University of Évora, Department of Economics, Portugal
• CHAIB, Bounoua and Matallah SIHAM; (2014), “The Impact of Institutional Quality in Attracting Foreign Direct Investment in Algeria”, Topics in Middle Eastern and African Economies, Vol: 16, No: 2, pp.142-163.
• CLAGUE, Christopher, Philip KEEFER, Stephen KNACK and Mancur OLSON; (1999), Contract Intensive Money: Contract Enforcement, Property Rights, and Economic Performance ,Journal of Economic Growth, Volume:4, Issue:2, pp.185-211.
• DEMİRTAŞ, Gökhan ve Selçuk AKÇAY; (2006), “Kurumsal Faktörlerin Doğrudan Yabancı Yatırımlar Üzerine Etkisi: Ampirik Bir Kanıt”, Gazi Üniversitesi İİBF Dergisi, Vol. 8, No. 2, ss. 15-34.
• DANIELE, Vittorio and Ugo MARANI; (2006), “Do Institutions Matter for FDI? A Comparative Analysis of the MENA Countries” MPRA Paper, No. 2426.
• DEBAB, Nassima and Ali AL MANSOOR; (2011), “Determinants and Impact of FDI on Bahrain’s Economy”, Research Journal of Internatıonal Studıes, Vol:21,pp.26-40.
• EBERHARDT, Markus and Stephan BOND; (2009), “Crosssection Dependence in Nonstationary Panel Models: A Novel Estimator”, MPRA Paper, No. 17692.
• EDISON, Hali J., Ross LEVINE, Luca RICCI and Torsten
• SLOK; (2002), “International Financial Integration and Economic Growth”, IMF Working Paper, WP/02/145.
• ESEW, Ntim G. and Emilia YAROSON; (2014), “Institutional Quality and Foreign Direct Investment (FDI) In Nigeria: A Prognosis”, IOSR Journal Of Humanities and Social Science (IOSRJHSS), Vol:19, Issue:6, pp.37-45.
• FURUOKA, Fumitaka; (2011), “Is GDP in Asean Countries Stationary ? New Evidence From Panel Unit Root Test”, Economic Bulletin, Volume:31, No: 2, pp.1391-1400.
• GLOBERMAN, Steven and Daniel SHAPIRO; (2002), “Global Foreign Direct Investment Flows : The Role of Governance Infrastructure”, World Development, Vol:30(11), pp.1899-1919.
• GLOBERMAN, Steven and Daniel SHAPIRO ; (2003), “Governance Infrastructure and U.S. Foreign Direct Investment”, Journal of International Business Studies, Vol:34, No:1, pp.19-39.
• GULOGLU Bulent and Mehmet IVRENDI; (2008), Output Fluctations: Transitory or Permanent? The Case Of Latin America, Applied Economics Letters, Vol: 17, No:4, pp.381-386.
• HERIOT, Kirk C., John THEIS and Noel D. CAMPBELL; (2008), “Foreign Direct Investment and Economic Freedom: An Empirical Investigation”, Columbus State University and University of Central Arkansas.
• JENSEN, Nathan and Fiona McGILLIVRAY; (2005), “Federal Institutions and Multinational Investors: Federalism, Government Credibility, and Foreign Direct Investment” International Interactions, Vol:31, No:4, pp. 303-325.