Strategic Motives of Turkish Foreign Direct Investment Firms: An Empirical Study on Manufacturing Sector

Bu makalenin amacı Türk imalat sektörü firmalarının (TİSF) doğrudan yurtdışı yatırımı yapmalarının ardındaki saikleri geniş kapsamlı veri ve görüşlerden yararlanarak belirlemek ve değerlendirmektir. Makalede geçmişteki araştırmalara bağlı olarak firma özellikleri ve güdüleri ile ilgili hipotezler geliştirilmiştir. Araştırmada 94 imalat firması yöneticisinin anketlere verdikleri yanıtların analiz edilmesinden şu sonuçlara ulaşılmıştır: 1) Piyasa ile ilgili saikler (pazar potansiyeli, piyasaya erişme, vb.) yurtdışında yatırımla ilgili en önemli güdü olarak karşımıza çıkmaktadır; 2) TİSF’nın saiklerinin göreceli önemi ana firmanın yaşına göre değişmemekte; ancak, bir dereceye kadar, yurtdışında kurulan firmanın yaşına göre farklılaşmaktadır; 3) TİSF’nın stratejik güdüleri bir dereceye kadar ana firmanın ve yurtdışında kurulan firmanın büyüklüğüne göre değişmektedir; 4) TİSF’nın stratejik güdüleri firmaların bulunduğu alt sektöre ve yurtdışına giriş biçiminde göre farklılaşmamaktadır; 5) Uygun iş/faaliyet ortamı arama ve stratejik kaynak elde etme güdüleriyle gelişmiş ülkelere yatırım yapmaları arsında önemli bir ilişki olduğu ortaya çıkmaktadır; buna ilave olarak, kültürel değerleri kullanma ve verimlilik elde etme saikleriyle gelişmekte olan ülkelere yatırım yapmaları arsında da önemli bir ilişki olduğu belirlenmiştir

Abstract This paper aims to determine and assess strategic motives of Turkish manufacturing firms’ (TMFs) foreign direct investment (FDI) involvement by the use of a broad set of factual and perceptual measures. Relying on the past research we have developed a number of hypotheses relating to firm characteristics and motives. Based on the analysis of 94 parent firm managers’ responses to a survey, first, we find that market-related motives (such as market potential, market access) appear to be the most important motives. Second, the results show that the relative importance of TMFs’ strategic motives do not vary with parent firm age; but, to a limited degree, they vary depending on subsidiary firm age. Third, strategic motives, to some extend, differ based on the size of the sampled firms and the size of their foreign subsidiaries. Fourth, motives of TMFs do not vary based on their sub-sector and entry mode. Finally, the results suggest that favorable business environment seeking and strategic asset seeking motives are significantly associated with investment in developed countries (DCs); and, cultural asset exploiting and efficiency seeking motives are significantly associated with investment in less developed countries (LDCs).

Keywords:

Key Words: Foreign Direct Investment (FDI), Strategic FDI Motives, Developing Country-Based FDI Firms, Turkish Manufacturing Firms, Entry Modes Host Country Selection,

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