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

Yıl 2020, Cilt: 11 Sayı: Ek, 65 - 79, 20.12.2020

Mehmet Ela , Süleyman Yurtkuran

https://doi.org/10.21076/vizyoner.730391

Cited By: 1

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

• Abdioğlu, N., Biniş, M. ve Arslan, M. (2016). The effect of corporate tax rate on foreign direct investment: A panel study for OECD countries. Ege Academic Review, 16(4), 599-610.
• Anaraki, N. K. (2015). Does corporate tax rate affect FDI? Case study of core European countries. Journal of Global Economy, 11(2), 143-151.
• Anguelov, N. (2015). Lowering the marginal corporate tax rate: Why the debate? PPC Working Paper Series, No. PMG-2015-01.
• Arbatli, E. (2011). Economic policies and FDI inflows to emerging market economies. IMF Working Paper, No. WP/11/192.
• Azam, M. (2010). Economic determinants of foreign direct investment in Armenia, Kyrgyz Republic and Turkmenistan: Theory and evidence. Eurasian Journal of Business and Economics, 3(6), 27-40.
• Banerjee, A., Dolado, J. ve Mestre, R. (1998). Error‐correction mechanism tests for cointegration in a single‐equation framework. Journal of Time Series Analysis, 19(3), 267-283.
• Bayer, C. ve Hanck, C. (2013). Combining non‐cointegration tests. Journal of Time Series Analysis, 34(1), 83-95.
• Bellak, C. ve Leibrecht, M. (2009). Do low corporate income tax rates attract FDI? – Evidence from Central- and East European countries. Applied Economics, 41, 2691–2703.
• Bénassy-Quéré, A., Fontagné, L. ve Lahrèche-Révil, A. (2005). How does FDI react to corporate taxation? International Tax and Public Finance, 12, 583-603.
• Boswijk, H. P. (1994). Testing for an unstable root in conditional and structural error correction models. Journal of Econometrics, 63(1), 37-60.
• Brima, S. (2015). Macroeconomic determinants of foreign direct investment in Sierra Leone: An empirical analysis. International Journal of Economics and Finance, 7(3), 123-133.
• Buckley, P. ve Casson, M. (1976). The future of the multinational enterprise. London: MacMillan.
• Çeviş, İ. ve Çamurdan, B. (2007). The economic determinants of foreign direct investment in developing countries and transition economies. The Pakistan Development Review, 46(3), 285-299.
• Dickey, D. A. ve Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: Journal of the Econometric Society, 49(4), 1057-1072.
• Dondashe, N. ve Phiri, A. (2018). Determinants of FDI in South Africa: Do macroeconomic variables matter? MPRA Paper, No. 83636.
• Dũng, N. V., BíchThủy, D. T. ve NgọcThắng, N. (2018). Economic and non-economic determinants of FDI inflows in Vietnam: A sub-national analysis. Post-Communist Economies, 30(5), 693-712.
• Dunning, J.H. (1980). Trade, location of economic activity and the multi- national enterprise: Some empirical tests. Journal of International Business Studies, 11(1), 9-31.
• Engle, R.F. ve Granger, C.W. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica: Journal of the Econometric Society, 55(2), 251-276.
• Enu, P., Havi, E. D. K. ve Attah-Obeng, P. (2013). Impact of macroeconomic factors on foreign direct investment in Ghana: A cointegration analysis. European Scientific Journal, 9(28), 331-348.
• Erdal, B. (2018). The relationship between sectoral foreign direct investment and macroeconomic variables: Empirical evidence from Turkey. Journal of Applied Finance and Banking, 8(3), 27-48.
• Fisher, R. A. (1932). Statistical methods for research workers. Edinburgh: OliverandBoyd.
• FRED (2020). Fred® economic data. Erişim adresi: https://fred.stlouisfed.org/, (19 Ocak 2020).
• Hasli, A., Ibrahim, N. A. ve Ho, C. S. F. (2017). The effect of financial crisis and macroeconomic factors on foreign direct investment in developing countries. International Journal of Economics and Financial Issues, 7(1), 31-36.
• Hymer, S. (1960). The international operations of nation firms: A study of foreign direct investment. Cambridge: MLT Press.
• Hymer, S. (1970). The efficiency (contraditions) of multinational corporations. American Economic Reviews Papers and Proceeding, 60, 441-448.
• Jadhav, 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.
• Johansen, S. ve Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration-with applications to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169-210.
• Jones, C. ve Temouri, Y. (2013). FDI in tax havens: Do corporate tax rates matter?. Erişim adresi: https://www.etsg.org/ETSG2013/Papers/105.pdf, (10 Kasım 2019).
• Kersan-Škabić, I. (2015). The importance of corporate taxation for FDI attractiveness of southeast European countries. Panoeconomicus, 62(1), 105-122.
• Khan, R. E. ve Nawaz, M. A. (2010). Economic determinants of foreign direct investment in Pakistan. Journal of Economics, 1(2), 99-104.
• Kimino, S., Saal, D. S. ve Driffield, N. (2007). Macro determinants of FDI inflows to Japan: an analysis of source country characteristics. World Economy, 30(3), 446-469.
• Knickerbockers, F. (1973). Oligopolistic reaction and multinational enterprise. Thunderbird International Business Review, 15(2), 7-9.
• Luçi, E. ve Lleshaj, L. (2016). Assessment of the impact of economic factors in attracting FDI. The Case of Albania. Journal of Danubian Studies and Research, 6(2), 220-228.
• Maheswari, J. (2015). Macro-economic determinants of foreign direct investment in India. EPRA International Journal of Economic and Business Review, 3(2), 59-65.
• Malik S. ve Malik, Q. A. (2013). Empirical analysis of macroeconomic indicators as determinants of foreign direct investment in Pakistan. IOSR Journal of Business and Management, 7(2), 77-82.
• Mansaray, M. A. (2017). Macroeconomic determinants of foreign direct investment inflows and impulse response function. International Journal of Academic Research in Business and Social Sciences, 7(10), 187-219.
• Mardan, M. ve Stimmelmayr, M. (2018). Tax competition in developed, emerging and developing regions - same same but different?. CESifo Working Paper, No. 7090.
• Mark, N. C. ve Sul, D. (2003). Cointegration vector estimation by panel DOLS and long-run money demand. Oxford Bulletin of Economics and Statistics, 65(5), 655-680.
• Min, S. (2015). Macroeconomic determinants of FDI inflows in Myanmar: Short-term perspective. Erişim adresi: https://www.academia.edu/33140180/Macroeconomic_Determinants_of_FDI_Inflows_in_Myanmar_Short-term_Perspective, (15 Ekim 2019).
• Musallam, S. (2017). Macroeconomic determinants of inward foreign direct investment into Qatar. International Journal of Business Management, 2(4), 18-25.
• Narayanan, S. R. K. ve Thaker, H. M. T. (2015). Macroeconomic determinants of FDI inflow: Malaysia evidence. Global Journal of Business and Social Science Review, 4(1), 125-134.
• Ndugbu, M. O., Duruechi, A. H. ve Ojiegbe J. N. (2017). Macroeconomic policy variables and foreign direct investment in Nigeria. IIARD International Journal of Banking and Finance Research, 3(2), 112-136.
• Noyan Yalman, İ. ve Koşaroğlu, Ş. M. (2017). Doğrudan yabancı yatırımların ekonomik büyüme ve işsizlik üzerindeki etkisi. Uluslararası Ekonomi, İşletme ve Politika Dergisi, 1(2), 191-205.
• Phillips, P.C. B. ve Perron, P. (1988). Testing for unit roots in time series regression. Biometrika, 75(2), 335-346.
• Rasheed, Q. (2019). Macroeconomic factors of FDI inflows in Asian economies: A study of 14 Asian countries. International Journal of Advanced Research, 7(2), 289-300.
• Rengasamy, D. (2017). Impact of macroeconomic factors on foreign direct investment (FDI): Evidence from ASEAN countries. International Journal of Advanced Scientific Research and Management, 2(10), 49-58.
• San, O. T., Cheng, W. K. ve Heng, T. B. (2012). Corporate tax and foreign direct investment in developing countries. International Journal of Business Management and Economic Research, 3(1), 471-479.
• Sharma, G. D. ve Joshi, M. (2015). Impact of macro-economic indicators on FDI inflows in emerging economies: Evidence from BRICS. Journal of Global Economics, Management and Business Research, 4(1), 44-54.
• Sultana, S. T. (2016). An empirical analysis of macroeconomic determinants of foreign direct investment inflows to India. Productivity, 57(3), 235-245.
• Țaran, A., Mironiuc, M. ve Huian, M. C. (2016). Examining the influence of some macroeconomic factors on foreign direct investments. Review of Economic and Business Studies, 9(2), 159-182.
• TCMB (2019). Uluslararası yatırım pozisyonu. Erişim adresi: https://www.tcmb.gov.tr, (11 Kasım 2019).
• Tripathi, V., Seth, R. ve Bhandari, V. (2015). Foreign direct investment and macroeconomic factors: Evidence from the Indian economy. Asia-Pacific Journal of Management Research and Innovation, 11(1), 1-11.
• Velde, D. S. (2006). Foreign direct investment and development: An historical perspective. Erişim adresi: http://www.odi.org.uk/resources/docs/850.pdf, (20 Ekim 2019).
• Vernon, R. (1966). International investment and international trade in the product life cycle. Quarterly Journal of Economics, 80, 190-207.
• Wijeweera A., Dollery, B. ve Clark, D. (2007). Corporate tax rates and foreign direct investment in the United States. Applied Economics, 39(1), 109-117.
• Wilhelms S. ve Witter, D. (1998). Foreign direct investment and its determinants in emerging economies. African Economic Policy Discussion Paper, No. 9, July.
• Yohanna, P. (2013). Macroeconomic determinants of foreign direct investment and economic transformation in Nigeria, 1981–2010: An empirical evidence. Insight on Africa, 5(1), 55–82.