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THE EFFECT OF CORRUPTION AND COUNTRY RISK ON FDI INFLOWS: EMPIRICAL EVIDENCE FROM DEVELOPING COUNTRIES

Yıl 2018, Sayı: 21, 151 - 172, 04.04.2018
https://doi.org/10.18092/ulikidince.370653

Öz

The aim of this study
is to empirically analyze the effect of corruption and country risk on foreign
direct investment (FDI) inflows. The study was carried out using the data of 49
developing countries for the 2002–2015 period. Relationships between the
variables were investigated by static and dynamic panel data methods. This
empirical analysis revealed the following general findings: i) a decline in
corruption and country risk positively affects FDI inflows; ii) financial risk,
which is a component of country risk, has no significant effect on FDI inflows,
whereas a fall in the level of economic and political risk accelerates FDI
inflows; iii) FDI inflows are most sensitive to economic risk. Based on these
results, it can be said that developing countries can attract more FDI by
creating a quality institutional structure, effectively fighting corruption,
and creating sound macroeconomic policies that improve the investment climate
and reduce cost, uncertainty, and risk perception.

Kaynakça

  • Abed, T. G. and Davoodi, H. R. (2000). Corruption, Structural Reforms, and Economic Performance in the Transition Economies. IMF Working Paper (00/132).
  • Akay, Ç. E. (2015). Dinamik Panel Veri Modelleri, Selahattin Güriş (Ed.). In Stata ile Panel Veri Modelleri (1 Baskı), İstanbul: DER Yayınları.
  • Akbar, A., Imdadullah, M., Ullah, A. M. and Aslam, M. (2011). Determinants of Economic Growth in Asian Countries: A Panel Data Perspective. Pakistan Journal of Social Sciences, 31(1), 145-157.
  • Akçay S. (2001). Is Corruption an obstacle for foreign investors in developing countries?: a cross-country evidence. Yapı kredi Economic Review, 12, 27-34.
  • Alemu, M. A. (2012). Effects of Corruption on FDI Inflow in Asian Economies. Seoul Journal of Economics, 25(4), 387-412.
  • Ali, M.A., Asfand, A.Y.K., Bakhtiyar, B.K., and Hammad, R.H.A. (2014). Financial Risk and Foreign Direct Investment: Evidence from Pakistan Economy. International Journal of Business Management and Economic Studies, 1(1), 52-68.
  • Alimi, R. S. (2015). Financial deepening and economic growth: A System GMM Panel Analysis with application to 7 SSA countries. Munich Personal RePEc Archive, 1-12.
  • Al-Jaifi, A., Abdullah, H. A. N. and Regupathi, A. Risks and Foreign Direct Investment Inflows: Evidence from Yemen. Jurnal Pengurusan, 46, 89 – 97.
  • Al-Sadiq, A. (2009). The Effects of Corruption on FDI Inflows. Cato Journal, 29(2), 267-294.
  • Amundsen, I. (1999). “Political Corruption: An Introduction to the Issues”, Chr. Michelsen Institute Development Studies and Human Rights, Working Paper Series, No. 7, s. 1-33.
  • Ardiyanto, F. (2012). Foreign Direct Investment and Corrruption (Unpublished doctoral dissertation). Colorado State University, Fort Collins, Colorado.
  • Arellano, M. and Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
  • Arellano, M. and Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51.
  • Azam, M. and Ahmad, S. A. (2013). The Effects of Corruption on Foreign Direct Investment Inflows: Some Empirical Evidence from Less Developed Countries. Journal of Applied Sciences Research, 9(6), 3462-3467.
  • Azam, M. and Khattak, N. R. (2009). Social and Political Factors Effects on Foreign Direct Investment in Pakistan (1971-2005). Gomal Un iversity Journal of Research, 25(1), 46-50 47.
  • Baek, K. and Qian, X. (2011). An analysis on political risks and the flow of foreign direct investment in developing and industrialized economies. Economics, Management and Financial Markets, 6(4), 60-91.
  • Balboa, J. and Medalla, M. E. (2006). Anti-Corruption and Governance: The Philippine Experience. APEC Study Center Consortium Conference, 1-28, Ho Chi Minh City, Viet Nam.
  • Baltagi H. B. (2005), Econometric Analysis of Panel Data (3th Ed.). New york: John Wiley & Sons.
  • Baltagi, B. H. and P. X. Wu (1999). Unequally Spaced Panel Data Regressions With AR(1) Disturbances. Econometric Theory, 15, 814-823.
  • Barassi, R. M. and Zhou, Y. (2012). The effect of corruption on FDI: A parametric and non-parametric analysis. European Journal of Political Economy, 28, 302–312.
  • Baum, F. C. (2006). An Introduction to Modern Econometrics Using Stata (First Ed.). Texas: Stata Press Publication.
  • Bhargava, A., Franzini, L., and Narendranathan, W. (1982). Serial Correlation and Fixed Effect Model. The Review of Economic Studies, 49(4), 533-549.
  • Blundell, R. and Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. doi. 10.1016/S0304-4076(98)00009-8
  • Bond, R. S. (2002). Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice. Cemmap working paper, CWP09/02.
  • Bond, R. S., Hoeffler, A. and Temple, J. (2001). GMM Estimation of Empirical Growth Models. CEPR Discussion Paper Series, No. 3048, 1-33.
  • Borensztein, E., Gregorio, D. J. and Lee, J-W. (1998). “How does foreign direct investment affect economic growth?. Journal of International Economics, 45, 115–135.
  • Brada, J., Drabek, Z. and Perez, M. (2012). The Effect of Home-country and Host-country Corruption on Foreign Direct Investment. Review of Development Economics, 16(4), 640-663.
  • Bun, G. J. M. and Windmeijer, F. (2009). The weak instrument problem of the system GMM estimator in dynamic panel data models. UVA Econometrics, Discussion Paper, 01, 1-47.
  • Busse, M. and Hefeker, C. (2007). Political risk, institutions and foreign direct investment. European Journal of Political Economy, 23(2), 397-415. doi. 10.1016/j.ejpoleco.2006.02.003
  • Carstensen, K. and Toubal, F. (2004). Foreign direct investment in Central and Eastern European countries: A dynamic panel analysis. Journal of Comparative Economics, 32(1), 3-22.
  • Castro, C. and Nunes, P. (2013). Does Corruption Inhibit Foreign Direct Investment?. Politica / Revista de Ciencia Politica, 51(1), 61-83.
  • Choi, W-S. and Samy, Y. (2008). Reexamining the Effect of Democratic Institutions on Inflows of Foreign Direct Investment in Developing Countries. Foreign Policy Analysis, 4(1), 83-103.
  • Desbordes, R. (2009). Global and Diplomatic Political Risks and Foreign Direct Investment. ECONOMICS & POLITICS, 22(1), 92-125. DOI: 10.1111/j.1468-0343.2009.00353.x
  • Duasa, J. and Kassim, H. J. (2009). Foreign Portfolio Investment and Economic Growth in Malaysia. The Pakistan Development Review, 48(2), 109-123.
  • Egger, P. and Winner, H. (2005). Evidence on corruption as an incentive for foreign direct investment. European Journal of Political Economy, 21, 932– 952.
  • Elekwa, P., Anıebo, C. and Ogu, C. (2016). Does Foreign Portfolio Investment Affect Employment Growth in Nigeria?. Journal of Economics and Sustainable Development, 7(12), 81-84.
  • Elleuch, N.M., Jaouadi, I.Z. and Jaouadi, S. (2015). Examination of impact of political and country risk on foreign direct investment inflows in Tunisia. European Academic Research, 2(11), 14434-14445.
  • Fahad, Y. A. and Ahmed, M. (2016). The Impact of Corruption on Foreign Direct Investment (FDI) in Post-Conflict Countries: A Panel Causality Test. Journal of Advanced Social Research, 6(3), 01-12.
  • Gujarati, N. D. (2003), Basic Econometrics (4th Ed.). New York: McGraw Hill Educations.
  • Gupta, P. and Singh, A. (2016). Determinants of Foreign Direct Investment Inflows in BRICS Nations: A Panel Data Analysis. Emerging Economy Studies, 2(2), 181-198.
  • Habib, M. and Zurawicki, L. (2002). Corruption and Foreign Direct Investment. Journal of International Business Studies, 33(2), 291-307.
  • Hayakawa, K., Kimura, F. and Lee, H. (2011). How does country risk matter for FDI. Institute of Developing Economies. Paper, (281).
  • Helmy, E. H. (2013). The impact of corruption on FDI: is MENA an exception?. International Review of Applied Economics, 27(4), 491-514. DOI:10.1080/02692171.2012.752445
  • Hill, R. C., Griffiths, W. E., and Lim, G. C. (2011). Principles of Econometrics (4th ed.). United States of America: John Wiley & Sons.
  • Hossain, S. (2016). Foreign direct investment (FDI) and corruption: Is it a major hindrance for encouraging inward FDI?. African Journal of Business Management, 10(10), 256-269.
  • Hsiao, C. (2003). Analysis of Panel Data (2th ed.). Cambridge: Cambridge University Press.
  • IMF (2008). Globalization: A Brief Overview, Issue 02/08. Erişim Adresi: https://www.imf.org/ external/np/exr/ib/2008/pdf/053008.pdf
  • IMF (2014). The Role of Country Concentration in the International Portfolio Investment Positions for the European Union Members. IMF Working Paper 14/74.
  • Jadlav, P. (2012). Determinants of foreign direct investment in BRICS economies: Analysis of economic, institutional and political factor. Procedia- Social and Behavioral Sciences, 37, 5 - 14.
  • Jiménez, A. (2011). Political risk as a determinant of Southern European FDI in neighboring developing countries. Emerging Markets Finance and Trade, 47(4), 59-74.
  • Kariuki, C. (2015). The determinants of foreign direct investment in the African Union. Journal of Economics, Business and Management, 3(3), 346-351. doi. 10.7763/JOEBM.2015.V3.207
  • Kendall, T. and Zhou, Y. (2009). The Impact of Corruption on FDI. Erişim Adresi: https://editorialex press.com/cgibin/conference/download.cgi?db_name=serc2009&paper_id=212.
  • Lee, H. H. and Rajan, S. R. (2009). Cross-border Investment Linkages among APEC Economies: The Case of Foreign Direct Investment. Asia-Pacific Economic Cooperation Policy Support Unit.
  • Li, H. and Zhang, J. (2007). Do High Birth Rates Hamper Economic Growth?. The Review of Economics and Statistics, 89(1), 110–117.
  • Li, Q. and Resnick, A. (2003). Reversal of Fortunes: Democratic Institutions and Foreign Direct Investment Inflows to Developing Countries. International Organization, 57, 175–211.
  • Lopez-M.-A. (1999). Large Capital Flows Causes, Consequences, and Policy Responses. Finance and Development, 36(3). Maddala G. S (2001). Introductions to Econometrics (3th Ed.). England, John Wiley & Sons.
  • Meldrum, H. (2000). Country risk and foreign direct investment. Business Economics, 35(1), 33-40.
  • Midoun, S. and Zairi, B. (2015). Country Risk Components Effects On Algeria Attractiveness for foreign direct investment (1990-2012). El-Bahith Review, 15, 19-30.
  • Musonera, E. (2008). Country risk factors: An empirical study of FDI determinants in SSA. Journal of International Management Studies, 3(1), 1-9.
  • Ohlsson, H. M. (2007). Impact of corruption on FDI – A cross country analysis (Unpublished Master’s Thesis), Jönköping University, Jönköping.
  • Pal, P. (2006). Foreign Portfolio Investment, Stock Market and Economic Development: A Case Study of India. Annual Conference on Development and Change Mission: Promoting Development in a Globalized World, 1-24, Sao Paulo, Brazil.
  • Pfister (2010). The Effect of Social Trust and Economic Growth (Unpublished Master Thesis), Aarhus University, Aarhus, Denmark.
  • Popescu, H. G. (2014). FDI and Economic Growth in Central and Eastern Europe. Sustainability, 6, 8149-8163, doi:10.3390/su6118149
  • Prasad, E., Rogoff, K., Wei, J. S. and Köse, A. M. (2003), Effects of Financial Globalization on Developing Countries: Some Empirical Evidence. IMF Occasional Paper 220.
  • PRS (2014). International Country Risk Guide Methodology. East Syracuse, NY: PRS Group.
  • Quazi, M. R. (2014). Corruption and Foreign Direct Investment in East Asia and South Asia: An Econometric Study. International Journal of Economics and Financial Issues, 4(2), 231-242.
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THE EFFECT OF CORRUPTION AND COUNTRY RISK ON FDI INFLOWS: EMPIRICAL EVIDENCE FROM DEVELOPING COUNTRIES

Yıl 2018, Sayı: 21, 151 - 172, 04.04.2018
https://doi.org/10.18092/ulikidince.370653

Öz

Bu çalışmanın
amacı, yolsuzluk ve ülke riskinin doğrudan yabancı yatırım (DYY) girişleri
üzerindeki etkisini ampirik olarak analiz etmektir. Gelişmekte olan 49 ülkenin
2002-2015 dönemine ait verileri kullanılarak yapılan çalışmada, değişkenler
arasındaki ilişkiler statik ve dinamik panel veri yöntemleri ile
araştırılmıştır. Ampirik analizin ortaya koyduğu genel bulgulara göre; i)
yolsuzluk ve ülke riskindeki azalma DYY girişlerini yönde pozitif
etkilemektedir. ii) ülke riskinin bileşenlerinden finansal risk DYY girişleri
üzerinde anlamlı etki yaratmazken, ekonomik ve politik risk düzeyindeki azalma DYY
girişlerini hızlandırmaktadır. iii) DYY girişleri en çok ekonomik riske karşı
duyarlıdır. Bu sonuçlardan hareketle, gelişmekte olan ülkelerin daha fazla DYY
çekebilmelerinin kaliteli bir kurumsal yapının oluşturularak yolsuzluklarla
etkin biçimde mücadele edilmesinin yanı sıra, yatırım ortamını iyileştirici,
maliyet, belirsizlik ve risk algısını azaltıcı sağlam makroekonomik politikalar
yoluyla mümkün olabileceği ifade edilebilir.

Kaynakça

  • Abed, T. G. and Davoodi, H. R. (2000). Corruption, Structural Reforms, and Economic Performance in the Transition Economies. IMF Working Paper (00/132).
  • Akay, Ç. E. (2015). Dinamik Panel Veri Modelleri, Selahattin Güriş (Ed.). In Stata ile Panel Veri Modelleri (1 Baskı), İstanbul: DER Yayınları.
  • Akbar, A., Imdadullah, M., Ullah, A. M. and Aslam, M. (2011). Determinants of Economic Growth in Asian Countries: A Panel Data Perspective. Pakistan Journal of Social Sciences, 31(1), 145-157.
  • Akçay S. (2001). Is Corruption an obstacle for foreign investors in developing countries?: a cross-country evidence. Yapı kredi Economic Review, 12, 27-34.
  • Alemu, M. A. (2012). Effects of Corruption on FDI Inflow in Asian Economies. Seoul Journal of Economics, 25(4), 387-412.
  • Ali, M.A., Asfand, A.Y.K., Bakhtiyar, B.K., and Hammad, R.H.A. (2014). Financial Risk and Foreign Direct Investment: Evidence from Pakistan Economy. International Journal of Business Management and Economic Studies, 1(1), 52-68.
  • Alimi, R. S. (2015). Financial deepening and economic growth: A System GMM Panel Analysis with application to 7 SSA countries. Munich Personal RePEc Archive, 1-12.
  • Al-Jaifi, A., Abdullah, H. A. N. and Regupathi, A. Risks and Foreign Direct Investment Inflows: Evidence from Yemen. Jurnal Pengurusan, 46, 89 – 97.
  • Al-Sadiq, A. (2009). The Effects of Corruption on FDI Inflows. Cato Journal, 29(2), 267-294.
  • Amundsen, I. (1999). “Political Corruption: An Introduction to the Issues”, Chr. Michelsen Institute Development Studies and Human Rights, Working Paper Series, No. 7, s. 1-33.
  • Ardiyanto, F. (2012). Foreign Direct Investment and Corrruption (Unpublished doctoral dissertation). Colorado State University, Fort Collins, Colorado.
  • Arellano, M. and Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
  • Arellano, M. and Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51.
  • Azam, M. and Ahmad, S. A. (2013). The Effects of Corruption on Foreign Direct Investment Inflows: Some Empirical Evidence from Less Developed Countries. Journal of Applied Sciences Research, 9(6), 3462-3467.
  • Azam, M. and Khattak, N. R. (2009). Social and Political Factors Effects on Foreign Direct Investment in Pakistan (1971-2005). Gomal Un iversity Journal of Research, 25(1), 46-50 47.
  • Baek, K. and Qian, X. (2011). An analysis on political risks and the flow of foreign direct investment in developing and industrialized economies. Economics, Management and Financial Markets, 6(4), 60-91.
  • Balboa, J. and Medalla, M. E. (2006). Anti-Corruption and Governance: The Philippine Experience. APEC Study Center Consortium Conference, 1-28, Ho Chi Minh City, Viet Nam.
  • Baltagi H. B. (2005), Econometric Analysis of Panel Data (3th Ed.). New york: John Wiley & Sons.
  • Baltagi, B. H. and P. X. Wu (1999). Unequally Spaced Panel Data Regressions With AR(1) Disturbances. Econometric Theory, 15, 814-823.
  • Barassi, R. M. and Zhou, Y. (2012). The effect of corruption on FDI: A parametric and non-parametric analysis. European Journal of Political Economy, 28, 302–312.
  • Baum, F. C. (2006). An Introduction to Modern Econometrics Using Stata (First Ed.). Texas: Stata Press Publication.
  • Bhargava, A., Franzini, L., and Narendranathan, W. (1982). Serial Correlation and Fixed Effect Model. The Review of Economic Studies, 49(4), 533-549.
  • Blundell, R. and Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. doi. 10.1016/S0304-4076(98)00009-8
  • Bond, R. S. (2002). Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice. Cemmap working paper, CWP09/02.
  • Bond, R. S., Hoeffler, A. and Temple, J. (2001). GMM Estimation of Empirical Growth Models. CEPR Discussion Paper Series, No. 3048, 1-33.
  • Borensztein, E., Gregorio, D. J. and Lee, J-W. (1998). “How does foreign direct investment affect economic growth?. Journal of International Economics, 45, 115–135.
  • Brada, J., Drabek, Z. and Perez, M. (2012). The Effect of Home-country and Host-country Corruption on Foreign Direct Investment. Review of Development Economics, 16(4), 640-663.
  • Bun, G. J. M. and Windmeijer, F. (2009). The weak instrument problem of the system GMM estimator in dynamic panel data models. UVA Econometrics, Discussion Paper, 01, 1-47.
  • Busse, M. and Hefeker, C. (2007). Political risk, institutions and foreign direct investment. European Journal of Political Economy, 23(2), 397-415. doi. 10.1016/j.ejpoleco.2006.02.003
  • Carstensen, K. and Toubal, F. (2004). Foreign direct investment in Central and Eastern European countries: A dynamic panel analysis. Journal of Comparative Economics, 32(1), 3-22.
  • Castro, C. and Nunes, P. (2013). Does Corruption Inhibit Foreign Direct Investment?. Politica / Revista de Ciencia Politica, 51(1), 61-83.
  • Choi, W-S. and Samy, Y. (2008). Reexamining the Effect of Democratic Institutions on Inflows of Foreign Direct Investment in Developing Countries. Foreign Policy Analysis, 4(1), 83-103.
  • Desbordes, R. (2009). Global and Diplomatic Political Risks and Foreign Direct Investment. ECONOMICS & POLITICS, 22(1), 92-125. DOI: 10.1111/j.1468-0343.2009.00353.x
  • Duasa, J. and Kassim, H. J. (2009). Foreign Portfolio Investment and Economic Growth in Malaysia. The Pakistan Development Review, 48(2), 109-123.
  • Egger, P. and Winner, H. (2005). Evidence on corruption as an incentive for foreign direct investment. European Journal of Political Economy, 21, 932– 952.
  • Elekwa, P., Anıebo, C. and Ogu, C. (2016). Does Foreign Portfolio Investment Affect Employment Growth in Nigeria?. Journal of Economics and Sustainable Development, 7(12), 81-84.
  • Elleuch, N.M., Jaouadi, I.Z. and Jaouadi, S. (2015). Examination of impact of political and country risk on foreign direct investment inflows in Tunisia. European Academic Research, 2(11), 14434-14445.
  • Fahad, Y. A. and Ahmed, M. (2016). The Impact of Corruption on Foreign Direct Investment (FDI) in Post-Conflict Countries: A Panel Causality Test. Journal of Advanced Social Research, 6(3), 01-12.
  • Gujarati, N. D. (2003), Basic Econometrics (4th Ed.). New York: McGraw Hill Educations.
  • Gupta, P. and Singh, A. (2016). Determinants of Foreign Direct Investment Inflows in BRICS Nations: A Panel Data Analysis. Emerging Economy Studies, 2(2), 181-198.
  • Habib, M. and Zurawicki, L. (2002). Corruption and Foreign Direct Investment. Journal of International Business Studies, 33(2), 291-307.
  • Hayakawa, K., Kimura, F. and Lee, H. (2011). How does country risk matter for FDI. Institute of Developing Economies. Paper, (281).
  • Helmy, E. H. (2013). The impact of corruption on FDI: is MENA an exception?. International Review of Applied Economics, 27(4), 491-514. DOI:10.1080/02692171.2012.752445
  • Hill, R. C., Griffiths, W. E., and Lim, G. C. (2011). Principles of Econometrics (4th ed.). United States of America: John Wiley & Sons.
  • Hossain, S. (2016). Foreign direct investment (FDI) and corruption: Is it a major hindrance for encouraging inward FDI?. African Journal of Business Management, 10(10), 256-269.
  • Hsiao, C. (2003). Analysis of Panel Data (2th ed.). Cambridge: Cambridge University Press.
  • IMF (2008). Globalization: A Brief Overview, Issue 02/08. Erişim Adresi: https://www.imf.org/ external/np/exr/ib/2008/pdf/053008.pdf
  • IMF (2014). The Role of Country Concentration in the International Portfolio Investment Positions for the European Union Members. IMF Working Paper 14/74.
  • Jadlav, P. (2012). Determinants of foreign direct investment in BRICS economies: Analysis of economic, institutional and political factor. Procedia- Social and Behavioral Sciences, 37, 5 - 14.
  • Jiménez, A. (2011). Political risk as a determinant of Southern European FDI in neighboring developing countries. Emerging Markets Finance and Trade, 47(4), 59-74.
  • Kariuki, C. (2015). The determinants of foreign direct investment in the African Union. Journal of Economics, Business and Management, 3(3), 346-351. doi. 10.7763/JOEBM.2015.V3.207
  • Kendall, T. and Zhou, Y. (2009). The Impact of Corruption on FDI. Erişim Adresi: https://editorialex press.com/cgibin/conference/download.cgi?db_name=serc2009&paper_id=212.
  • Lee, H. H. and Rajan, S. R. (2009). Cross-border Investment Linkages among APEC Economies: The Case of Foreign Direct Investment. Asia-Pacific Economic Cooperation Policy Support Unit.
  • Li, H. and Zhang, J. (2007). Do High Birth Rates Hamper Economic Growth?. The Review of Economics and Statistics, 89(1), 110–117.
  • Li, Q. and Resnick, A. (2003). Reversal of Fortunes: Democratic Institutions and Foreign Direct Investment Inflows to Developing Countries. International Organization, 57, 175–211.
  • Lopez-M.-A. (1999). Large Capital Flows Causes, Consequences, and Policy Responses. Finance and Development, 36(3). Maddala G. S (2001). Introductions to Econometrics (3th Ed.). England, John Wiley & Sons.
  • Meldrum, H. (2000). Country risk and foreign direct investment. Business Economics, 35(1), 33-40.
  • Midoun, S. and Zairi, B. (2015). Country Risk Components Effects On Algeria Attractiveness for foreign direct investment (1990-2012). El-Bahith Review, 15, 19-30.
  • Musonera, E. (2008). Country risk factors: An empirical study of FDI determinants in SSA. Journal of International Management Studies, 3(1), 1-9.
  • Ohlsson, H. M. (2007). Impact of corruption on FDI – A cross country analysis (Unpublished Master’s Thesis), Jönköping University, Jönköping.
  • Pal, P. (2006). Foreign Portfolio Investment, Stock Market and Economic Development: A Case Study of India. Annual Conference on Development and Change Mission: Promoting Development in a Globalized World, 1-24, Sao Paulo, Brazil.
  • Pfister (2010). The Effect of Social Trust and Economic Growth (Unpublished Master Thesis), Aarhus University, Aarhus, Denmark.
  • Popescu, H. G. (2014). FDI and Economic Growth in Central and Eastern Europe. Sustainability, 6, 8149-8163, doi:10.3390/su6118149
  • Prasad, E., Rogoff, K., Wei, J. S. and Köse, A. M. (2003), Effects of Financial Globalization on Developing Countries: Some Empirical Evidence. IMF Occasional Paper 220.
  • PRS (2014). International Country Risk Guide Methodology. East Syracuse, NY: PRS Group.
  • Quazi, M. R. (2014). Corruption and Foreign Direct Investment in East Asia and South Asia: An Econometric Study. International Journal of Economics and Financial Issues, 4(2), 231-242.
  • Quazi, R., Vemuri, V. and Soliman, M. (2014). Impact of Corruption on Foreign Direct Investment in Africa. International Business Research, 7(4), 1-10.
  • Ramcharran, H. (1999). Foreign direct investment and country risk: Further empirical evidence. Global Economic Review, 28(3), 49-59.
  • Ravi, P. S. (2015). Does Corruption in a Country Affect the Foreign Direct Investment? A Study of Rising Economic Super Powers China and India. Open Journal of Social Sciences, 3, 99-104.
  • Sanjo, Y. (2012). Country risk, country size, and tax competition for foreign direct investment. International Review of Economics & Finance, 21(1), 292-301.
  • Sedik, W. M. (2012). The Impact of Country Risk and New Institutional Economics on Foreign Direct Investment: A Panel Data Analysis for Middle East and North Africa Region. The 16th Meeting of the International Society for New Institutional Economics, University of Southern California, USA.
  • Shapiro, A. (1999), Multinational Financial Management (6th Ed.). London: Prentice Hall.
  • Soto, M. (2009). System GMM Estimation with A Small Number of Individuals. Erişim Adresi: http//citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.465.9928&rep=rep1&type=pdf.
  • Söderbom, M. (2011). Econometrics II, Lecture 6: Panel Data Part I. Erişim Adresi: http://www. soderbom.net/metrix2/lec6_7.pdf
  • Tatoğlu, F. Y. (2012), Panel Veri Ekonometrisi (1. Baskı), İstanbul: Beta Yayınevi.
  • Teixeira, C. A. A. and Guimarães, L. (2015). Corruption and FDI: Does the Use of Distinct Proxies for Corruption Matter?. Journal of African Business, 16(1-2), 159-179.
  • Tokunova, S. Y. (2014). A Comparative Study on the Effects of Corruption on FDI (Unpublished Master Thesis), Erasmus University, Rotterdam.
  • Topal, H. M. and Gül, S. Ö. (2016). The Effect of Country Risk on Foreign Direct Investment: A Dynamic Panel Data Analysis for Developing Countries. Journal of Economics Library, 3(1), 141-155.
  • Vijayakumar, N., Perumal, S. and Rao, K. C. (2010). Determinants of FDI in BRICS countries: A panel analysis. International Journal of Business Science and Applied Management, 5(3), 1-13.
  • Wei, J. S. (1997). Why is Corruption so Much More Taxing than Tax? Arbitrariness Kills. NBER Working Paper Series No. 6255, 1-17.
  • White, C.M. and Fan, M. (2006). Risk And Foreign Direct İnvestment (First Ed.). New York: Palgrave Macmillan.
  • World Bank (2000), Governance and Anticorruption (Chapter 6), The Quality of Growth, New York: Oxford University Press Inc. Worldbank (2017). Combating Fraud and Corruption. www.ifc.org/wps/wcm/connect/Topics ExtContent/IFCExternal CorporateSite/ACHome/, 18.04.2017. www.transparency.org/what-is-corruption/#define, 18.04.2017.
  • Wyk, V. J. and Lal, K. A. (2008). Risk and FDI Flows to Developing Countries. SAJEMS, 11(4), 511-528.
Toplam 83 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm MAKALELER
Yazarlar

Salih Türedi

Yayımlanma Tarihi 4 Nisan 2018
Yayımlandığı Sayı Yıl 2018 Sayı: 21

Kaynak Göster

APA Türedi, S. (2018). THE EFFECT OF CORRUPTION AND COUNTRY RISK ON FDI INFLOWS: EMPIRICAL EVIDENCE FROM DEVELOPING COUNTRIES. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(21), 151-172. https://doi.org/10.18092/ulikidince.370653


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