Kurumsal Yapılar Bağlamında Doğrudan Yabancı Yatırımlar

Yıl 2024, Cilt: 8 Sayı: 3, 667 - 688, 29.09.2024

Nadide Gülbay Yiğiteli

https://doi.org/10.30586/pek.1519985

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

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

Kaynakça

• Abdi, A. H., Zaidi, M. A. S., Halane, D. R., & Warsame, A. A. (2024). Asymmetric effects of foreign direct investment and trade openness on economic growth in Somalia: Evidence from a non-linear ARDL approach. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039
• Ashine, S. G. (2024). Assessment of foreign direct investment inflows into Ethiopia in light of peace and security challenges from 2018 to 2022. Cogent Economics & Finance, 12(1). https://doi.org/Artn 2308670
• Asiedu, E. (2006). Foreign direct investment in Africa: the role of natural resources, market size, government policy, institutions and political instability. The World Economy, 29(1), 63-77. https://doi.org/10.1111/j.1467-9701.2006.00758.x
• Ayenagbo, K. (2024). Effect of foreign direct investment on health in sub-Saharan Africa: what role does governance play? Canadian Journal of Development Studies-Revue Canadienne D Etudes Du Developpement. https://doi.org/10.1080/02255189.2024.2327025
• Bailey, N. (2018). Exploring the relationship between institutional factors and FDI attractiveness: A meta-analytic review. International Business Review, 27(1), 139–148. https://doi.org/10.1016/j.ibusrev.2017.05.012
• Beck, N. & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89, 634–47. https://doi.org/10.2307/2082979
• Blanton, S. L., & Blanton, R. G. (2007). What attracts foreign investors? An examination of human rights and foreign direct investment. The Journal of Politics, 69(1), 143–155. https://doi.org/10.1111/j.1468-2508.2007.00500.x
• Borensztein, E., J. De Gregorio, & J.W. Lee. 1998. How doesforeign direct investment affect economicgrowth? Journal of International Economics 45, 115–135. https://doi.org/10.1016/S0022-1996(97)00033-0
• Breusch, T. S. & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239–253. https://doi.org/10.2307/2297111
• Chebli, M., & Saidi, K. (2024). Economic growth in middle-ıncome countries: the role of political stability and foreign direct ınvestment. Journal of Quantitative Economics. https://doi.org/10.1007/s40953-024-00394-x
• Chen, X., Lin, S. & Robert Reed, W. (2010). A Monte Carlo evaluation of the efficiency of the PCSE estimator, Applied Economics Letters, 17(1), 7-10, https://doi.org/10.1080/13504850701719702
• Cornell University, Emerging Market Multinationals Report 2023 Risks & Realignments, https://ecommons.cornell.edu/handle/1813/66953
• Cuervo-Cazurra, A. (2006). Who cares about corruption?. J Int Bus Stud 37, 807–822. https://doi.org/10.1057/palgrave.jibs.8400223
• Dinh, T.-H., Vo, D.H., Vo,A. The & Nguyen, T.C. (2019). Foreign direct investment and economicgrowth in the short run and long run: Empirical evidence from developing countries. Journal of Risk and Financial Management 12(4), 176. https://doi.org/10.3390/jrfm12040176
• Dunning, J. H. (1988). The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business Studies, 19(1), 1–31. https://doi.org/10.1057/palgrave.jibs.8490372
• Faeth, I. (2009). Determinants of foreign direct investment–a tale of nine theoretical models. Journal of Economic Surveys, 23(1), 165–196. https://doi.org/10.1111/j.1467-6419.2008.00560.x
• Gao, Z. J., Feng, Y., & Jiang, W. J. (2024). How would legal systems affect US and Chinese foreign direct investment in Africa? An exploration of the roles of origins, customary law, and legal integration. China Economic Journal, 17(2), 208-233. https://doi.org/10.1080/17538963.2024.2335073
• Globerman, S.,& Shapiro, D. (1999). The Impact of government policies on foreign direct ınvestment: the Canadian experience. Journal of international business studies, 30, 513-532. https://doi.org/10.1057/palgrave.jibs.8490081
• Habib, M., & Zurawicki, L. (2002). Corruption and foreign direct ınvestment. J Int Bus Stud, 33, 291–307. https://doi.org/10.1057/palgrave.jibs.8491017
• Hanousek, J., Shamshur, A., Svejnar, J. et al. (2021). Corruption level and uncertainty, FDI and domestic investment. J Int Bus Stud 52, 1750–1774. https://doi.org/10.1057/s41267-021-00447-w
• Hausman, J.A. (1978). Specification tests in econometrics. Econometrica, 46, 1251–1271. https://doi.org/10.2307/1913827
• Henisz, W. J. (2000). The institutional environment for multinational investment. Journal of Law, Economics, and Organization, 16(2), 334-364. https://doi.org/10.1093/jleo/16.2.334
• Heritage Foundation, Index of Economic Freedom 2024, https://www.heritage.org/index (Accessed 12/2/2024).
• Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The Stata Journal, 7(3), 281-312. https://doi.org/10.1177/1536867X0700700301
• Hong, N. N., & Cong, B. T. (2024). Exploring the nexus between dimensions of spatial structure and foreign direct investment: A case study of Vietnam. Habitat International, 149. https://doi.org/10.1016/j.habitatint.2024.103114
• Houndoga, F.-F., & Picone, G. (2024). Commodity price volatility, institutions and economic growth: An empirical investigation. International Journal of Finance & Economics, 1–24. https://doi.org/10.1002/ijfe.2996
• IMF (1993). Balance of Payments Manual, Fifth Edition. Washington, D.C.: IMF.
• Islam, M. S., & Beloucif, A. (2024). Determinants of Foreign Direct Investment: A Systematic Review of the Empirical Studies. Foreign Trade Review, 59(2), 309-337. https://doi.org/10.1177/00157325231158846
• Iwasaki, I., & Tokunaga, M. (2014). Macroeconomic impacts of FDI in transition economies: A meta-analysis. World Development, 61, 53–69. https://doi.org/ 10.1016/j.worlddev.2014.03.022
• Joskow, P. L. (2008). Introduction to new institutional economics: a report card. In: Brousseau, Eric, Glachant, Jean-Michel (Eds.), New Institutional Economics: A Guidebook. Cambridge University Press, Cambridge, UK. pp. 1–19
• Kao, C. (1999). Spurious regression and residual-Based tests for cointegration in panel data. Journal of Econometrics 90 (1), 1–44. https://doi.org/10.1016/S0304-4076(98)00023-2
• Khoury, T. A., & Peng, M. W. (2011). Does institutional reform of intellectual property rights lead to more inbound FDI? Evidence from Latin America and the Caribbean. Journal of World Business, 46(3), 337-345. https://doi.org/10.1016/j.jwb.2010.07.015
• Kolstad, I., & Villanger, E. (2008). Determinants of foreign direct investment in services. European Journal of Political Economy, 24(2), 518-533. https://doi.org/10.1016/j.ejpoleco.2007.09.001
• Lall, S., & Streeten, P. (1977). Foreign investment, transnationals and developing countries. London: Macmillion.
• Lee, C., & C. Chang. (2009). FDI, financial development, and economic growth: International evidence. Journal of Applied Economics 12 (2): 249–271. https://doi.org/10.1016/S1514-0326(09)60015-5
• Li, Q., & Resnick, A. (2003). Reversal of fortunes: Democratic institutions and foreign direct investment inflows to developing countries. International organization, 57(1), 175-211. https://doi.org/10.1017/S002081 8303571077
• Lizondo, J. S. (1991). Foreign direct investment, in ‘International Monetary Fund, Determinants and Systematic Consequences of International Capita Flows’ IMF Occasional Papers No. 77 (Washington DC): 68-82.
• Moosa, I. A. (2002). Foreign Direct Investment: Theory, Evidence and Practice. (First ed.) Palgrave: Macmillan.
• Nicet-Chenaf, D., & Rougier, E. (2009). FDI and growth: A new look at a still puzzling issue. Groupe De Recherche En EconomieThéorique etAppliquée 5113 (13): 1–26.
• Nonnemberg, M.B., & Cardoso de Mendonça, M.J. (2004). The determinants of foreign direct investment in developing countries. In Proceedings of the 32th Brazilian Economics Meeting. Brazilian Association of Graduate Programs in Economics, São Paulo, Brazil.
• North, D. (1990). Institutions, institutional change and economic performance. Cambridge: Cambridge: University Press.
• Panigrahi T. R., & Panda B. D. (2012). Factors influencing FDI inflow to India, China and Malaysia: An empirical analysis. Asia-Pacific Journal of Management Research and Innovation, 8(2), 89–100. https://doi.org/10.1177/2319510X1200800202
• Pesaran, M. H. (2003). A Simple panel unit root test in the presence of cross section dependence. Web: https://bit.ly/329NmVX [Erişim: 27/09/2019].
• Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in Panels, No. 1240. IZA Discussion Paper. Web: http://repec.iza.org/dp1240.pdf [Erişim: 27/09/2019].
• Rao A, & Ali M, Smith JM. (2024). Foreign direct investment and domestic innovation: Roles of absorptive capacity, quality of regulations and property rights. PLoS ONE 19(3): e0298913. https://doi.org/10.1371/journal.pone.0298913
• Singhania M., & Gupta A. (2011). Determinants of foreign direct investment in India. Journal of International Trade Law and Policy, 10(1), 64–82. https://doi.org/10.1108/14770021111116142
• Skare, M., & Cvek, D. (2020). A vector autoregression analysis of foreign direct investment and its link to competitiveness. Journal of Competitiveness, 12(4), 127–142. https://doi.org/10.7441/joc.2020.04.08
• Smarzynska, B., S.-J. Wei. (2000). Corruption and the composition of foreign direct investment: Firm-level evidence. Working Paper 7969, National Bureau of Economic Research, Cambridge, MA.
• Sothan, S. (2017). Causality between foreign direct investment and economic growth for Cambodia. Cogent Economics & Finance, 5(1), Article 1277860. https://doi.org/ 10.1080/23322039.2016.12
• Sultana, M., Rahman, M. H., & Zimon, G. (2024). The impact of external debt and exchange rate on foreign direct investment in emerging investment markets: new evidence using a PMG-ARDL panel data analysis. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2362780
• Tabash, M. I., Farooq, U., Matar, A., & Al-Absy, M. S. M. (2024). Role of governance in attracting foreign direct investment inflow: empirical evidence from South Asia region. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2358930
• Uhlenbruck, K., Rodriguez, P., Doh, J., & Eden, L. (2006). The impact of corruption on entry strategy: Evidence from telecommunication projects in emerging economies. Organization Science, 17(3), 402–414. https://doi.org/10.1287/orsc.1060.0186
• UNDP-United Nations Development Programme, Human Development Index, https://hdr.undp.org/data-center/human-development-index#/indicies/HDI (Accessed 5/5/2024).
• Upadhyaya, K., & BDeGóes, B. (2024). Economic freedom and foreign direct investment in Brazil: an empirical analysis of determinants and policy implications. Journal of Financial Economic Policy, 16(3), 371-382. https://doi.org/10.1108/Jfep-02-2024-0045
• Veeramani, S., Shukla, A., & Jamaleh, M. (2020). Financial theories of foreign direct investment: a review of literature. Journal of Industrial and Business Economics, 47(2), 185–217. https://doi.org/10.1007/s40812-019-00144-8
• Wei, S. J. (1997). Why is corruption so much more taxing than tax? Arbitrariness kills. NBER Working Papers, 6255, National Bureau of Economic Research
• Williamson, O. E. (2008). The New Institutional Economics Guidebook- Foreword. In: Brousseau, Eric, Glachant, Jean-Michel (Eds.), New Institutional Economics: A Guidebook. Cambridge University Press, Cambridge, UK. pp. xxiii- xxxvii
• Woodward, D., & Rolfe, R. (1993). The Location of Export-Oriented Foreign Direct Investment in the Caribbean Basin. J Int Bus Stud 24, 121–144. https://doi.org/10.1057/palgrave.jibs.8490228
• Wooldridge, J.M. (2002). Econometric Analysis of Cross Section and Panel Data, 108(2). MIT Press, Cambridge, MA, pp. 245–254.
• Wooldridge, Jeffrey M. (2013). Introductory Econometrics: A Modern Approach. Fifth Edition. South-Western: Cengage Learning.
• World Bank, WDI-Worldwide Governance Indicators, https://info.worldbank.org/governance/wgi/ (Accessed 5/5/2024).
• Yiğiteli, N. & Şanlı, D. (2020). Türkiye’de illere göre insani gelişme endekslerinin hesaplanması: 2009-2018 kapsamlı bir panel veri seti. Journal of Economy Culture and Society, (61), 1-40. https://doi.org/10.26650/JECS2019-0068
• Zheng P. (2009). A comparison of FDI determinants in China and India. Thunderbird International Business Review, 51(3), 263–279. https://doi.org/10.1002/tie.20264