Foreign Direct Investments in the Context of Institutional Structures

Öz

Foreign direct investments are among the driving forces of economic growth and development, either directly or indirectly, based on their contribution to the international integration of countries. In addition, the effects of FDI on technology, knowledge transfer, and human capital keep the issue on the agenda of academic studies and policymakers. This paper investigates the impact of different factors representing institutional structures on FDI using the panel-corrected standard errors (PCSE) estimator. The study includes the period 1996-2022 and E20+1 countries. The findings prove that efficient economic, legal and political institutional structures significantly and powerfully affect FDI inflows. In this context, the governance index, which includes the control of corruption, government effectiveness, political stability, quality of regulation, the rule of law, voice and accountability, the health index and the financial freedom index are found to be variables with a high impact on FDI. According to another study finding, a more economically liberal tax system also incentivises FDI, although it has a lower impact. The study's findings on macroeconomic variables show that increases in real per capita income, labour force and trade openness are associated with FDI growth.

Anahtar Kelimeler

• Institutional Structures
• Foreign Direct Investment
• Financial Freedom

Kurumsal Yapılar Bağlamında Doğrudan Yabancı Yatırımlar

Öz

Doğrudan yabancı yatırımlar, doğrudan veya ülkelerin uluslararası entegrasyonuna katkı sağlayarak dolaylı bir şekilde ekonomik büyüme ve kalkınmanın itici güçleri arasında yer almaktadır. Bununla birlikte, doğrudan yabancı yatırımların, teknoloji ve bilgi transferi ile beşerî sermaye üzerindeki etkileri, akademik çalışmacılar ve politika yapıcılar tarafında konuya olan ilgiyi daha da artırmaktadır. Bu makalede, kurumsal yapıları yansıtan farklı faktörlerin doğrudan yabancı yatırımlar üzerindeki etkisi panel düzeltilmiş standart hatalar (PCSE) tahmincisi kullanılarak araştırılmaktadır. Çalışma, 1996-2022 dönemini ve E20+1 ülkelerini içermektedir. Bulgular, güçlü ekonomik, hukuki ve politik kurumsal yapıların doğrudan yabancı yatırım girişlerini anlamlı ve güçlü bir şekilde artırdığına dair kanıtlar sunmaktadır. Bu kapsamda, yolsuzluğun kontrolünü, kamunun etkinliğini, siyasi istikrarı, regülasyon kalitesini, hukukun üstünlüğünü, ifade özgürlüğünü ve hesap verilebilirliği içeren yönetişim endeksi ile sağlık ve finansal özgürlük endeksleri doğrudan yabancı yatırımlar üzerinde etki gücü yüksek değişkenler olarak tespit edilmiştir. Çalışmanın bir diğer bulgusuna göre, etki gücü daha düşük olmakla birlikte, ekonomik olarak daha özgürlükçü bir vergi sistemi de doğrudan yabancı yatırımları teşvik edici etkiye sahiptir. Makroekonomik değişkenlere yönelik bulgular ise reel kişi başı gelir düzeyindeki, işgücündeki ve ticari açıklıktaki artışların doğrudan yabancı yatırımlardaki artışla ilişkili olduğunu göstermektedir.

Anahtar Kelimeler

• Kurumsal Yapılar
• Doğrudan Yabancı Yatırım
• Finansal Özgürlük

Kaynakça

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