ui̇i̇i̇d Uluslararası İktisadi ve İdari İncelemeler Dergisi 1307-9832 1307-9859 Kenan ÇELİK 10.18092/ulikidince.471099 ANALYSIS OF FOREIGN DIRECT INVESTMENT IN FOOD PRODUCT SECTOR IN TURKEY ANALYSIS OF FOREIGN DIRECT INVESTMENT IN FOOD PROUCT SECTOR IN TURKEY https://orcid.org/0000-0003-4978-5251 Çıtak Ferhat HITIT UNIVERSITY Duffy Patricia 01 01 2019 22 251 266 10 16 2018 12 12 2018 Copyright © 2008, Uluslararası İktisadi ve İdari İncelemeler Dergisi 2008 Uluslararası İktisadi ve İdari İncelemeler Dergisi

Thispaper analyzes the determinants of Foreign Direct Investment (FDI) in the foodproducts sector in Turkey. AnAutoregressive Distributed Lag (ARDL) model is applied to the monthly data overthe period of January 2009 to December 2016.In the model, FDI inflows are modeled as a function of the degreeof openness, exchange rate, export price, and wage rate. Theempirical results confirm there is an evidence of a long-run equilibriumrelationship among these variables in Turkey. Findings indicate that the degree ofopenness and export price have a positive sign and are statisticallysignificant, while the wage rate has a negative sign and is statisticallysignificant. The error correction term (ECT) of the estimated model is negative(0,92) and statistically significant whichindicates that deviations of actual FDI from the previous period’s shock will be convergedto the long-run equilibrium.

Bumakalede, Türkiye’ye gıda sektöründe yapılan doğrudan yabancı sermaye yatırımları, ARDLmetodu ile 2009-2016yılları arası dönemde aylık veriler kullanılarakanaliz edilmeye çalışılmıştır. Çalışmada; bağımlı değişken olarak doğrudan yabancısermaye yatırımları ve bağımsız değişkenler olarak da ticaret açıklığı,döviz kuru, ihracat fiyatı ve ücret oranı verilerinden yararlanılmıştır. Çalışmanın sonuçlarına göre, incelenen faktörlerden ticaretaçıklığı ve ihracat fiyatı gıda sektörüne yapılan yabancı sermaye yatırımlarını pozitif etkilerken, ücret oranı arttıkçayabancı sermaye yatırımları azaltmaktadır. Hata düzeltme teriminin katsayısı,istatistiki olarak anlamlı ve beklenildiği gibi negatiftir. Bu değer, kısadönemde meydana gelecekşoklar nedeniyle uzun dönemdemeydana gelen dengeden sapmanın %92’sinin birdönem sonra yani bir ay sonra dengeye yakınsayarakdüzeleceğini belirtmektedir. Son olarak, CUSUM ve CUSUMQtestlerinden elde edilen eğriler, %5 güven aralığı içerisindeolduğundan dolayı ARDL modeli analizinden elde edilenkatsayılar istikrarlıdır.

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