THE IMPACT OF FOREIGN DIRECT INVESTMENT INFLOWS ON ENVIRONMENTAL POLLUTION: EVIDENCE FROM THE TOP FDI-RECIPIENT COUNTRIES

Yıl 2025, Sayı: Sayı:71 (EYS'25 Özel Sayısı), 213 - 225, 29.12.2025

Sinem Soyhan , Çetin Görür , Muhammed Şükrü Mollavelioğlu

Öz

This study examines the effects of foreign direct investment (FDI) inflows on environmental pollution by taking as a sample the 20 countries that received the highest levels of FDI in 2023. The main objective of the study is to determine whether FDI generates a “pollution haven” or a “pollution halo” effect in these countries. To this end, a panel data set covering the period 1990–2023 is employed, and the analyses are conducted using the CCEMG and AMG estimators, which account for cross-section dependence and slope heterogeneity. The panel results indicate that FDI does not have a statistically significant effect on carbon emissions and that neither hypothesis is validated at the overall panel level. By contrast, strong and consistent evidence is found that per capita GDP and energy consumption increase emissions at the panel level. Country-specific analyses reveal that the environmental effects of FDI differ markedly in both direction and magnitude. The emission-increasing effects observed in Singapore and Canada, together with the emission-reducing effect identified in Switzerland, clearly confirm this heterogeneity. This variation indicates that the environmental outcomes of investment depend on country-specific economic structures, energy profiles, and regulatory frameworks, and it constitutes the study’s original contribution to the literature.

Anahtar Kelimeler

Foreign Direct Investment , Pollution Haven , Pollution Halo , Economic Growth , Energy Consumption

DOĞRUDAN YABANCI YATIRIM GİRİŞLERİNİN ÇEVRESEL KİRLİLİĞE ETKİSİ: EN ÇOK YATIRIM ALAN ÜLKELERDEN KANITLAR

Öz

çevresel kirlilik üzerindeki etkilerini incelemektedir. Araştırmanın temel amacı, doğrudan yabancı yatırımların bu ülkelerde “kirlilik cenneti” mi yoksa “kirlilik halesi” mi oluşturduğunu ortaya koymaktır. Bu kapsamda 1990–2023 dönemine ait panel veri seti kullanılmış ve analizler, yatay kesit bağımlılığı ile eğim heterojenliğini dikkate alan CCEMG ve AMG tahmincileriyle gerçekleştirilmiştir. Panel sonuçları, doğrudan yabancı yatırımların karbon emisyonları üzerinde istatistiksel olarak anlamlı bir etkisinin bulunmadığını ve her iki hipotezin de panel genelinde doğrulanmadığını göstermektedir. Buna karşın, panel genelinde kişi başına düşen GSYİH ve enerji tüketiminin emisyonları artırdığı yönünde güçlü ve tutarlı bulgulara ulaşılmaktadır. Ülke bazlı analizler, doğrudan yabancı yatırımların çevresel etkilerinin yön ve büyüklük açısından belirgin biçimde farklılaştığını ortaya koymaktadır. Singapur ve Kanada’daki artış yönlü etkiler ile İsviçre’deki azaltıcı etki, bu farklılaşmayı açık biçimde doğrulamaktadır. Bu farklılaşma, yatırımın çevresel sonuçlarının ülkelere özgü ekonomik yapı, enerji profili ve düzenleyici çerçeveye bağlı olarak değiştiğini göstermekte ve çalışmanın özgün katkısını oluşturmaktadır.

Anahtar Kelimeler

Doğrudan Yabancı Yatırım , Kirlilik Cenneti , Kirlilik Halesi , Ekonomik Büyüme , Enerji Tüketimi

Kaynakça

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