Spatial Determinants of Foreign Direct Investment: Evidence from OECD Countries

Öz

The direct foreign investment movements (FDIM) often discussed through determinants, are notable in the literature for being primarily examined in terms of their economic aspects. However, it is observed that the importance of the spatial concept, a significant determinant of DFIM, is not adequately emphasized. The main purpose of the study, which focuses on this identified gap, is to determine the extent of the interaction between DFIM movements and spatial dynamics. In this regard, the spatial complex, regarded as a sociocultural foundation, is elaborated with its geographical and institutional dimensions. In the study, the spatial determinants of DFIM are investigated for OECD countries using the System Generalized Method of Moments (GMM) for the period 2001-2017. The results indicate that spatial dynamics play a decisive role in FDIM movements, with institutional indicators, in particular, exerting a higher level of influence.

Anahtar Kelimeler

• Foreign Direct Investment
• Space
• Sociocultural Structure

Doğrudan Yabancı Sermaye Yatırımlarının Mekânsal Belirleyicileri: OECD Ülkeleri Örneği

Öz

Belirleyicileri üzerinden sıklıkla ele alınan doğrudan yabancı sermaye yatırımlarının (DYSY), literatürde genellikle ekonomik yönüyle incelendiği dikkat çekmektedir. Diğer yandan, DYSY üzerinde önemli bir belirleyici olan mekânın önemine yeterince değinilmediği fark edilmektedir. Bahsi geçen eksikliğe odaklanan çalışmanın temel amacı, DYSY hareketleri ile mekânsal dinamikler arasında gerçekleşen etkileşimin boyutunu belirlemektir. Bu doğrultuda, sosyokültürel bir zemin olarak ele alınan mekân kompleksi; coğrafi ve kurumsal yönleriyle işlenmektedir. Çalışmada, DYSY’nin mekânsal belirleyicileri, OECD ülkeleri açısından; Sistem Genelleştirilmiş Momentler Yöntemi (GMM) kullanılarak, 2001-2017 dönemi için incelenmiştir. Ulaşılan sonuçlar neticesinde, mekânsal dinamiklerin DYSY hareketleri üzerinde belirleyici oldukları; özellikle kurumsal göstergelerin daha yüksek düzeyde etkide bulundukları tespit edilmiştir.

Anahtar Kelimeler

• Doğrudan Yabancı Sermaye Yatırımları
• Mekân
• Sosyokültürel Yapı

Kaynakça

1. Arellano, M. ve Bover, O. (1995), “Another Look at the Instrumental Variable Estimation of Error-Components Models”, Journal of Econometrics, C. 68, S. 1: 29-51.
2. Artan, S. ve Hayaloğlu, P. (2015), “Doğrudan Yabancı Sermaye Yatırımlarının Kurumsal Belirleyicileri: OECD Ülkeleri Örneği”, Ege Akademik Bakış, C. 15, S. 4: 551-564.
3. Baltagi, B. H. (2005), Econometric Analysis of Panel Data, 3. Baskı, Chichester: John Wiley & Sons.
4. Belgibayeva, A. ve Plekhanov, A. (2019), “Does Corruption Matter for Sources of Foreign Direct Investment?”, Review of World Economics, C. 155, S. 4: 487-510.
5. Blonigen, B. A., Davies R. B., Waddell, G. R. ve Naughton H. T. (2007), “FDI in Space: Spatial Autoregressive Relationships in Foreign Direct Investment”, European Economic Review, C. 51, S. 5: 1303-1325.
6. Blundell, R. ve Bond, S. (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, C. 87, S. 1: 115-143.
7. Buckley, P. J. (1988), “The Limits of Explanation: Testing the Internalization Theory of the Multinational Enterprise”, Journal of International Business Studies, C. 19, S. 2: 181-193.
8. Büyüköztürk, Ş. (2008), Sosyal Bilimler İçin Veri Analizi El Kitabı, 9. Baskı, Ankara: Pegem Akademi.

9. Çavuşgil, S. T., Knight, G. ve Riesenberger, J. R. (2008), International Business Strategy, Management and The New Realities, New Jersey: Pearson Education Edition.
10. Daniels, J. P. ve Ruhr, M. (2014), “Transportation Costs and US Manufacturing FDI”, Review of International Economics, C. 22, S. 2: 299-309.
11. Dawley, S. (2011), “Transnational Corporations and Local and Regional Development”, (Ed. A. Pike, A. Rodriguez-Pose ve J. Tomaney) Handbook of Local and Regional Development, London: Routledge Handbooks: 394-412.
12. Drabek, Z. ve Payne, W. (2002), “The Impact of Transparency on Foreign Direct Investment”, Journal of Economic Integration, C. 17, S. 4: 777-810.
13. Dumludağ, D. (2010b), “The Quality of Institutions and Multinational Corporation: The Political Economy of Foreign Direct Investment in Turkey”, (Ed. T. Çetin ve F. Yılmaz), Understanding the Process of Economic Change in Turkey: An Institutional Approach, New York: Nova Science Publishers: 143-170.
14. Dumludağ, D. (2014), “Kurumlar, Kurumsal Değişim ve Ekonomik Kalkınma”, (Ed. A. F. Aysan ve D. Dumludağ), Kalkınmada Yeni Yaklaşımlar, Ankara: İmge Kitabevi: 15-37.
15. Dumludağ, D. ve Şükrüoğlu D. (2007), “The Impact of Macroeconomic and Institutional Variables on Foreign Direct Investment Flows in Emerging Markets”, Marmara Üniversitesi İ.İ.B.F. Dergisi, C. 23, S. 2: 133-166.
16. Dunning, J. H. (1980), “Toward an Eclectic Theory of International Production: Some Empirical Tests”, Journal of International Business Studies, C. 11, S. 1: 9-31.
17. Dunning, J. H. (1998), “Globalization and The New Geography of Foreign Direct Investment”, Oxford Development Studies, C. 26, S. 1: 47-69.
18. Eden, L. ve Miller, S. R. (2004), “Distance Matters: Liability of Foreignness, Institutional Distance and Ownership Strategy”, Advances in International Management, C. 16: 187–221.
19. Fraser Institute (2023), “Economic Freedom”, https://www.fraserinstitute.org/economic-freedom/dataset, (Erişim tarihi: 29.05.2023).
20. Ghoshal, S. ve Bartlett, C. A. (1990), “The Multinational Corporation as An Interorganizational Network”, The Academy of Management Review, C. 15, S. 4: 603-625.
21. Google Maps (t.y.), https://www.google.com/maps/, (Erişim tarihi: 30.05.2023).
22. Göver, Z. T. (2005), “Doğrudan Yabancı Yatırımların Uluslar Arası Ticarete Etkileri: Türkiye Değerlendirmesi”, T.C. Başbakanlık Hazine Müsteşarlığı Araştırma ve İnceleme Dizisi, C. 40: 1-12.
23. Gujarati, D. N. ve Porter, D. C. (2009), Basic Econometrics, 5. Baskı, New York: McGraw-Hill.
24. Harrington, J. W. ve Warf, B. (1995), Industrial Location Principle, Practice, & Policy, London ve New York: Routledge.
25. Harris, M. N., Matyas, L. ve Sevestre, P. (2008), “Dynamic Models for Short Panels”, (Ed. L. Matyas ve P. Sevestre), The Econometrics of Panel Data Fundamentals and Recent Developments in Theory and Practice, Berlin: Springer-Verlag: 249-278.
26. Holmes Jr., R. M., Miller T., Hitt, M. A. ve Salmador M. P. (2013), “The Interrelationships Among Informal Institutions, Formal Institutions, and Inward Foreign Direct Investment”, Journal of Management, C. 39, S. 2: 531-566.
27. Hong, S., Lee, J., Oh, F. D. ve Shin D. S. (2023), “Religion and Foreign Direct Investment”, International Business Review, C. 32, S. 1: 1-20.
28. Kadi, O. (1999), Economic Freedom & Foreign Direct Investment the Arab World Case, Yüksek Lisans Tezi, Eastern Michigan Univesity, Michigan.
29. Kotler, P., Jatusripitak, S. ve Maesincee, S. (2000). Ulusların Pazarlanması (Ulusal Refahı Oluşturmada Stratejik Bir Yaklaşım), (Çev: A. Buğdaycı), İstanbul: Türkiye İş Bankası Külltür Yayınları.
30. Leff, N. H. (1964), “Economic Development Through Bureaucratic Corruption”, Nathaniel The American Behavioral Scientist, C. 8, S. 3: 8-14.
31. Limao, N. ve Venables, A. J. (2001), “Infrastructure, Geographical Disadvantage, Transport Costs, and Trade”, The World Bank Economic Review, C. 15, S. 3: 451-479.
32. Markusen, J. R. ve Venables, A. J. (1999), “Foreign Direct Investments as A Catalyst for Industrial Development”, European Economic Review, C. 43, S. 2: 335-356.
33. Meyer, K. E. (2001), “Institutions, Transaction Costs, and Entry Mode Choice in Eastern Europe”, Journal of International Business Studies, C. 32, S. 2: 357-367.
34. Meyer, K. E. (2004), “Perspectives on Multinational Enterprises in Emerging Economies”, Journal of International Business Studies, C. 35, S. 4: 259-276.
35. Meyer, K. E., Mudambi, R. ve Narula, R. (2011), “Multinational Enterprises and Local Contexts: The Opportunities and Challenges of Multiple Embeddedness”, Journal of Management Studies, C. 48, S. 2: 235-252.
36. Meyer, K. E. ve Nguyen, H. V. (2005), “Foreign Investment Strategies and Sub-national Institutions in Emerging Markets: Evidence from Vietnam”, Journal of Management Studies, C. 42, S. 1: 63-93.
37. North, D. C. (2010), Kurumlar, Kurumsal Değişim ve Ekonomik Performans, (Çev: G. Ç Güven), İstanbul: Sabancı Üniversitesi.
38. OECD. (2002), Foreign Direct Investment for Development Maximising Benefits Minimising Costs, Paris: OECD Publications.
39. OECD (2023a), “About, Our Global Reach”, https://www.oecd.org/about/, (Erişim tarihi: 29.05.2023).
40. OECD (2023b), “Average Wages”, https://data.oecd.org/earnwage/average-wages.htm, (Erişim adresi: 29.05.2023).
41. OECD (2023c), “Gross Domestic Product”, https://data.oecd.org/searchresults/?q=gdp, (Erişim tarihi: 30.05.2023).
42. Pamuk, Ş. (2015), Türkiye’nin 200 Yıllık İktisadi Tarihi, 5. Baskı, İstanbul: Türkiye İş Bankası Kültür Yayınları.
43. Redding, S. ve Venables, A. J. (2004), Economic Geography and International Inequality, Journal of International Economics, C. 62, S. 1: 53-82.
44. Rodriguez-Pose, A. (2013), “Do Institutions Matter for Regional Development?”, Regional Studies, C. 47, S. 7, 1034-1047.
45. Rodriguez-Pose, A. (2020), “Institutions and The Fortunes of Territories. Regional Science Policy & Practice”, C. 12, S. 3: 371-386.
46. Roodman, D. (2009), “How to Do xtabond2: An Introduction to Difference and System GMM in Stata”, The Stata Journal, C. 9, S. 1: 86-136.
47. Sen, A. (2004), Özgürlükle Kalkınma, (Çev: Y. Alogan), İstanbul: Ayrıntı Yayınları.
48. Siriopoulos, C., Tsagkanos, A., Svingou, A. ve Daskalopoulos, E. (2021), “Foreign Direct Investment in GCC Countries: The Essential Influence of Governance and the Adoption of IFRS”, Journal of Risk and Financial Management, C. 14, S. 6: 1-13.
49. Stein, E. ve Daude, C. (2001), “Institutions, Integration and The Location of Foreign Direct Investment”, (Towards Competitiveness: The Institutional Path’da sunulan çalışma), Chıle: Annual Meetings of the Board of Governors, Inter-American Development Bank and Inter-American Investment Corporation.
50. Storper, M. (2018), “Separate Worlds? Explaining The Current Wave of Regional Economic Polarization”, Journal of Economic Geography, C. 18, S. 2: 247-270.
51. Tümertekin, E. ve Özgüç, N. (2020), Ekonomik Coğrafya Küreselleşme ve Kalkınma, 17. Baskı, İstanbul: Çantay Kitabevi.
52. UN (2023), “Popular Statistical Tables, Country (Area) and Regional Profiles”, https://data.un.org/, (Erişim tarihi: 30.05.2023).
53. UNCTAD. (1998), World Investment Report 1998 Trends and Determinants, New York ve Geneva: United Nations Publications.
54. UNCTAD. (1999), Foreign Direct Investment and Development, New York ve Geneva: United Nations Publications. UNCTAD (2023), “Foreign Direct Investment: Inward and Outward Flows and Stock Annual”, https://unctadstat.unctad.org/datacentre/dataviewer/US.FdiFlowsStock, (Erişim tarihi: 29.05.2023).
55. Yavan, N. (2006), Türkiye’de Doğrudan Yabancı Yatırımların Lokasyon Seçimi Üzerine Uygulamalı Bir Araştırma, Doktora Tezi, Ankara Üniversitesi, Ankara.
56. Yavan, N. (2009), “The Location Choice of Foreign Direct Investment Within Turkey: An Empirical Analysis” European Planning Studies, C. 18, S. 10: 1675-1705.
57. Yerdelen Tatoğlu, F. (2023), İleri Panel Veri Analizi Stata Uygulamalı, 5. Baskı, İstanbul: Beta Yayınları.
58. Yeung, H. W-C. (2000), “Organizing ‘The Firm’ in Industrial Geography I: Networks, Institutions and Regional Development”, Progress in Human Geography, C. 24, S. 2: 301-315.
59. Yeung, H. W-C. (2001), “Regulating ‘The Firm’ and Sociocultural Practices in Industrial Geography II”, Progress in Human Geography, C. 25, S. 2: 293-302.
60. Walsh, J. B. ve Yu, J. (2010), “Determinants of Foreign Direct Investment: A Sectoral and Institutional Approach”, IMF Working Paper, 10/187.
61. WB (2023a), “GDP Per Capita (PPP)”, https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD, (Erişim tarihi: 30.05.2023).
62. WB (2023b), “Worldwide Governance Indicators”, https://www.govindicators.org/, (Erişim tarihi: 29.05.2023).
63. White, H. (1980), “A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity”, Econometrica, C. 48, S. 4: 817-838.
64. Windmeijer, F. (2005), “A Finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators”, Journal of Econometrics, C. 126, S. 1: 25-51.
65. Zaheer, S. (1995), “Overcoming the Liability of Foreignness”, The Academy of Management Journal, C. 38, S. 2: 341-363.