KURUMSAL DEĞİŞKENLERİN ULUSLARARASI DOĞRUDAN YATIRIMLAR ÜZERİNDEKİ ETKİSİ: ÜST-ORTA GELİR GRUBU ÜLKELER ÖRNEĞİ
Geçen yirmi yılda uluslararası ticaretin tüm dünyada demokrasiyi teşvik eder hale gelmesi ve artan ekonomik globalizasyonun sonucu olarak, kurumlar ve doğrudan yabancı yatırımlar (DYY) arasındaki ilişki, giderek artan bir ilgi görmüştür. Bu çalışmada, sosyo ekonomik ve politik kurumsal değişkenlerin doğrudan yabancı yatırımlara olan etkisini 54 üst-orta gelir grubundaki gelişmekte olan ülke için panel data regresyon tekniğini kullanarak 1995-2011 dönemi için analiz etmekteyiz. Ampirik bulgulara göre kurumsal değişkenler DYY üzerine anlamlı etkiye sahiptirler ancak makroekonomik değişkenlerin DYY üzerine etkisi kurumsal değişkenlerden daha güçlüdür. Özellikle, piyasa hacmi göstergesi olan değişkenler, nüfusun artış hızı, global rekabet edebilirlik ve uluslararası ülke riski DYY’nin ülkeye girişinde önemli rol oynamaktadır.
THE EFFECT OF INSTITUTIONAL VARIABLES ON FDI INFLOWS: EVIDENCE FROM UPPER-MIDDLE INCOME COUNTRIES
For two decades, the relationship between institutions and foreign direct investment (FDI) is receiving a growing attention as a result of increasing economic globalization and international trade promoting democracy all over the world. In this paper, we investigate the impact of institutional variables, social, economic and political, on foreign direct investment inflows into 54 upper-middle income developing countries applying panel data regressions for the period 1995-2011. The findings suggest that the institutional variables have significant effect on FDI inflows but their impact is weaker than macoreconomic variables. Especially, the market size indicators, population growth rate, global competitiveness and international country risk play a major role in attracting FDI.
___
- Acemoglu, D., S. Johnson, and J. Robinson. (2004). Institutions as the Fundamental Cause of Long-Run
Growth in P. Aghion and S. Durlauf (eds). Handbook of Economic Growth. Amsterdam: North Holland.
Acemoglu, D., and Johnson, S. (2005). Unbundling Institutions. Journal of Political Economy. 949-95.
Ali, S., and Guo, W. (2005). Determinants of FDI in China. Journal of Global Business and Technology. V.1
(2). 21-33.
Altomonte, C. (2000). Economic Determinants and Institutional Frameworks: FDI in Economies in
Transition. In U. N. Development (Ed.). 9. pp. 75-106.
Asiedu, E. (2006). Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size,
Government Policy. Institutions and Political Instability. United Nations University. 63-77.
Baltagi, B. H. (2005). Econometric Analysis of Panel Data (third edition b.). USA. John Wiley.
Bénassy-Quéré, A., Coupet, M. and Mayer, T. (2007). Institutional Determinants of Foreign Direct
Investment. The World Economy.
Bevan, A., Estrin, S. and Meyer, K. (2004). Foreign Investment Location and Institutional Development In
Transition Economies. International Business Review. V.13. 43-64.
Borenszteina, E., Gregoriob, J. D., and Lee, J.-W. (1998). How Does Foreign Direct Investment Affect
Economic Growth. Journal of International Economics. 45, 115-135.
Buckley, P. J. (2007). The Determinants of Chinese Outward Foreign Direct Investment. Journal of
International Business Studies. 38 (4). pp. 499-518.
Coyne, C. J., and Sobel, R. S. (2010). How Are Institutions Related. Economic Freedom of the World 2010
Annual Report.
Clarke, G.R.G. (2001). How The Quality of Institutions Affects Technological Deepening in Developing
Countries. Policy Research Working Paper Series 2603. World Bank, Washington DC.
Daniele, V. and Marani, U. (2006). Do Institutions Matter For FDI? A Comparative Analysis of The MENA
Countries. MPRA Paper No. 2426.
Dumludağ, D. (2006). Political Institutions and Foreign Direct Investment Flows into Developing Countries.
Eviews (2006). Eviews 5.1 Help. Reviews.
Gwartney, J., Lawson, R., and Hall, J. (2011). Economic Freedom of the World 2011 Annual Report. Fraser
Institute.
Hisarciklilar, M., Kayam, S. S., and Kayalica, M. (2007). Locational Drivers of FDI in MENA Countries: A
Spatial Attempt. MPRA Paper .
J.Barro, R. (1996). Democracy and Growth. Journal of Economic Growth (1), 1-27.
Janine, A. (2000). Growth and Institutions A Review of the Evidence. World Bank Research Observer. 15
(199-135).
Kayam, S. S. (2006). Home Market Determinants of FDI Outflows from Developing and Transition
Economies. Economic and Social Research Center (ESRC). 1-19.
Kauffman, D. and Kraay, A. (2008). Governance Indicators: Where Are We, Where Should We Be Going?
The World Bank Research Observer, 23 (1), 1 – 30
Koyuncu, J. Y. (2010). Yargı Bağımsızlığı Mülkiyet Hakkı ve Yolsuzluğun Yabancı Sermaye Girişleri
Üzerindeki Etkisi. Dumlupınar SBE Dergisi. 143-148.
Knack, S. and Keefer, P. (1995). Institutions And Economic Performance: Crosscountry Tests Using
Alternative Institutional Measures. Economics and Politics. 7. 207-227.
Kostevc, et.al. (2007). Foreign Direct Investment and Institutional Environment in Transition Economies.
Transition Studies Review. 14 (1). 40-54.
LI, X. (2005). Foreign Direct Investment and Economic Growth: An Increasingly Endogenous Relationship.
Worm Development. 33 (3). 393-407.
Masron, T. A., and Abdullah, H. (2010). Institutional Quality as A Determinant for Fdi Inflows: Evidence
From Asean. World Journal of Management.
North, D. C. (1991). Institutions. Journal of Economic Perspectives. 5 (1). 97-112.
North, D. C. (1990). Institutions, Institutional Cahnge and Economic Performance. New York: Cambridge
University Press.
Obwona, M. B. (1997). Determinants of FDI and Their Impact on Economic. Economic Policy Research
Centre.
Rodrik, D., and Subramania, A. (2003, June). The Primacy of Institutions. Finance and Development. 30-34.
Sadıq, A. A. (2009). The Effects of Corruption on FDI Inflows. Cato Journal. 29 (2). 267-288.
UNCTAD (2011). The World Investment Report 2011. New York: UN.
Wafure, O. G. and Nurudeen, A. (2010). Determinants of Foreign Direct Investment in Nigeria: An
Empirical Analysis. Global Journal of Human Social Science. 26-34.
Xu, D., and Shenkar, O. (2002). Institutional Distance and the Multinational Enterprise. The Academy of
Management Review. 27 (4). 608-618.