Doğrudan Yabancı Sermaye Yatırımı Girişlerinin Belirleyicilerine Teorik Bir Yaklaşım: Yükselen Piyasa Ekonomileri Üzerine

Yapılacak analizde doğrudan yabancı yatırımların hangi faktörler tarafından belirlendiğini ortaya koymak için temel ve motivasyon faktörleri ayrımının yapıldığı bir teorik çerçeve ortaya koyulmuştur. Temel hipotez, temel faktör(ler) sağlandığı takdirde en az bir motivasyon faktörünü sağlayan ülkelere doğrudan yabancı yatırım girişi olacağıdır. Yükselen piyasa ekonomileri için doğrudan yabancı yatırımların girişini etkileyen faktörler 1996-2018 dönemi için Sistem Genelleştirilmiş Momentler Metodu ile analiz edilmiştir. Temel faktörler olan yönetişim kalitesi ve beşerî sermayedeki artışın doğrudan yabancı yatırımları artırdığı, fiziki altyapı ve finansal gelişimin ise doğrudan yabancı yatırımları azalttığı bulunmuştur. Fiziki altyapının temel faktör değil motivasyon faktörü olduğu göz önüne alınmakta, dolayısıyla yabancı yatırımcılar veya çok uluslu şirketler fiziki altyapısı yeterince gelişmemiş ülkeleri hedef almakta ve fiziki altyapı sektörüne doğrudan yabancı yatırım yapmaktadırlar. Benzer şekilde finansal gelişmişliğin temel faktör değil motivasyon faktörü olduğu, dolayısıyla yabancı yatırımcıların veya çok uluslu şirketler finansal sektörü yeterince gelişmemiş ülkeleri hedef almakta ve bu sektöre doğrudan yabancı yatırım yapmaktadırlar. Ayrıca, uluslararası ticaret ve tarife oranlarındaki artışın da doğrudan yabancı yatırım girişlerini artırdığı bulunmuştur.

Anahtar Kelimeler:

DYY, DYY Teorisi, temel faktörler, motivasyon faktörleri, Sistem GMM

A Theoretical Perspective for the Determinants of Foreign Direct Investment Inflows: The Case of Emerging Market Economies

In the analysis to be made, a theoretical framework in which the base and motivation factors are distinguished to reveal by which factors determine the foreign direct investments. The basic hypothesis is that if the base factor(s) are provided, foreign direct investment flows to the countries that provide at least one motivation factor. The factors affecting the entry of foreign direct investments in emerging market economies have been analyzed by System Generalized Method of Moments over the period of 1996-2018. It has been found that increase in the quality of governance and human capital, which are the base factors, increase foreign direct investment, while increase in physical infrastructure and financial development decrease it. Physical infrastructure turned out to be a motivation factor, not a base factor, hence foreign investors or multinational companies target countries that have insufficient physical infrastructure and they make foreign direct investment in the sector of physical infrastructure. Financial development also turned out to be a motivation factor, not a base factor, hence foreign investors or multinational companies target countries that have undeveloped financial sector and they make foreign direct investment in the financial sector. It is found that increase in international trade and tariff rates increases foreign direct investment inflows.

Keywords:

FDI, FDI Theory, base factors, motivation factors, System GMM,

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