THE EFFECT OF ECONOMIC FACTORS AND CORPORATE TAX ON FOREIGN DIRECT INVESTMENT IN TURKEY

Öz

Foreign direct investment significantly affects economic factors such as production, employment and foreign currency supply. In this respect, countries strive to attract foreign direct investment. In addition to policy indicators such as corporate tax, which may be changed in the short term, the economy and business indicators play an important role in attracting foreign direct investment. Among these factors, economic variables and corporate tax (rate) variable stand out as the determinants of foreign direct investment. The study analysis the relation between foreign direct investment, and economic growth, corporate tax, unemployment and inflation over the period 1982-2018 in Turkey. For this purpose, Bayer-Hanck cointegration test and dynamic least squares long-term estimator are used in the study. Bayer-Hanck test confirms the existence of cointegration relationship between the series in the long run. According to the dynamic least squares long-term estimator, while economic growth increases foreign direct investment, unemployment and inflation negatively affect this variable. 

Anahtar Kelimeler

• Foreign Direct Investment
• Economic Growth
• Corporate Tax
• Unemployment
• Inflation

TÜRKİYE’DE MAKROEKONOMİK FAKTÖRLER VE KURUMLAR VERGİSİNİN DOĞRUDAN YABANCI YATIRIMA ETKİSİ

Öz

Doğrudan yabancı yatırım; üretim, istihdam, döviz arzı gibi ekonomik faktörleri önemli düzeyde etkilemektedir. Bu açıdan ülkeler doğrudan yabancı yatırım çekebilmek için çaba göstermektedirler. Ülkelerin kısa vadede değiştirebileceği kurumlar vergisi gibi politika göstergeleri yanında ekonomi ve iş göstergeleri doğrudan yabancı yatırım çekilmesinde önemli rol oynamaktadır. Bu faktörler arasında doğrudan yabancı yatırımın belirleyicisi olarak ekonomik değişkenler ve kurumlar vergisi (oranı) değişkeni öne çıkmaktadır. Bu çalışma Türkiye’de 1982-2018 döneminde doğrudan yabancı sermaye yatırımları, ekonomik büyüme, kurumlar vergisi, işsizlik ve enflasyon arasındaki ilişkiyi test etmektedir. Bu amaçla çalışmada Bayer-Hanck eşbütünleşme testi ve dinamik en küçük kareler uzun dönem tahmincisinden yararlanılmıştır. Bayer-Hanck yöntemine göre seriler arasında uzun dönemde bir eşbütünleşme ilişkisi olduğu belirlenmiştir. Dinamik en küçük kareler uzun dönem tahmincisine göre ise ekonomik büyüme doğrudan yabancı sermaye yatırımlarını arttırırken, işsizlik ve enflasyon bu değişkeni negatif yönde etkilemektedir.

Anahtar Kelimeler

• Doğrudan Yabancı Yatırım
• Ekonomik Büyüme
• Kurumlar Vergisi
• İşsizlik
• Enflasyon

Kaynakça

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