Yönetişim Kalitesi Doğrudan Yabancı Yatırımları Etkiliyor mu? Seçilmiş OECD Ülkelerinden Kanıtlar

Küreselleşme ile birlikte doğrudan yabancı yatırımların da artış gösterdiği bilinmektedir. Yapılan çalışmalar doğrudan yabancı yatırımın ülkelerin ekonomik gelişimine katkı sağladığını belirtmektedir. Son dönemde popülerlik kazanan yönetişimin de doğrudan yabancı yatırımın yönlenmesinde yatırımcılar tarafından dikkate alınan önemli bir gösterge olduğu ifade edilmektedir. Bu çalışma 2002-2019 yılları arasında 17 OECD ülkesinde yönetişimin doğrudan yabancı yatırım üzerindeki etkisini araştırmaktadır. Çalışmada FMOLS ve DOLS tahmincileri kullanılmış, sonuç olarak yönetişimin uzun dönemde doğrudan yabancı yatırım akışında pozitif ve anlamlı bir etkiye sahip olduğu tespit edilmiştir.

Anahtar Kelimeler:

Yönetişim, Doğrudan Yabancı Yatırım, OECD

Does the Quality of Governance Affect Foreign Direct Investments? Evidence from Selected OECD Countries

It is known that foreign direct investments have increased with globalization. Studies indicate that foreign direct investment contributes to the economic development of countries. It is stated that governance, which has gained popularity recently, is an important indicator taken into account by investors in directing foreign direct investment. This study investigates the impact of governance on foreign direct investment in 17 OECD countries between 2002 and 2019. FMOLS and DOLS estimators were used in the study, and as a result, it was determined that governance has a positive and significant effect on foreign direct investment flow in the long run.

Keywords:

Governance, Foreign Direct Invesment FMOLS, DOLS, OECD,

PDF

___

Alemu, A. M. (2013). The Nexus between Governance Infrastructure and the Ease of Doing Business in Africa. International Journal of Global Business, 6(2), 34-56.
Anghel, B. (2005). Do Institutions Affect Foreign Direct Investment. International Doctorate in Economic Analysis, 2-40.
Bal, H., Akça, E. E., & Manga, M. (2016). Doğrudan Yabancı Sermaye Yatırımı ve İktisadi Performans Arasındaki İlişkide Yönetişim Göstergelerinin Aracılık Etkisi: BRICS Ülkelerinden Ampirik Bulgular. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(27), 1-22.
Barış, S., & Bekteş, S. (2021). Yönetişim Göstergelerinin Doğrudan Yabancı Yatırımlar Üzerindeki Etkisi: Avrupa Birliği Ülkelerinden Deliller. Sakarya İktisat Dergisi, 10(1), 1-24.
Buchanan, B. G., Le, Q. V., & Rishi, M., (2012). Foreign Direct Investment and Institutional Quality: Some Empirical Evidence. International Review of Financial Analysis, 21, 81-89.
Cristina, B. A. (2014). Good Governance and Doing Business: Evidence from a Cross-Country Survey. Transylvanian Review of Administrative Sciences, 10(41), 27-45.
Cuervo-Cazurra, A. (2006). Who Cares About Corruption?. Journal of International Business Studies, 37(6), 807-822.
Daude, C., & Stein, E. (2007). The Quality of Institutions and Foreign Direct Investment. Economis & Politics, 19(3), 317-344.
Demirtaş, G., & Akçay, S. (2006). Kurumsal Faktörlerin Doğrudan Yabancı Yatırımlar Üzerine Etkisi: Ampirik Bir Kanıt. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(2), 15-33.
Dumludağ, D. (2009). An Analysis of the Determinants of Foreign Direct Investment in Turkey: The Role of the Institutional Context. Journal of Business Economics and Management, (1), 15-30.
Dumludağ, D., & Şükrüoğlu, D. (2007). The Impact of Macroeconomic and Institutional Variables on Foreign Direct Investment Flows in Emerging Markets. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 23(2), 133-166.
Farazmand, A. (2006). Globalization: A Theoretical Analysis with Implications for Governance and Public Administration. In Handbook of Globalization, Governance, and Public Administration (pp. 3-25). Routledge.
Gani, A. (2007). Governance and Foreign Direct Investment Links: Evidence from Panel Data Estimations. Applied Economics Letters, 14(10), 753-756.
Grogan, L., & Moers, L. (2001). Growth Empirics with Institutional Measures for Transition Countries. Economic Systems, 25(4), 323-344.
Globerman, S., & Shapiro, D. (2002). Global Foreign Direct Investment Flows: The Role of Governance Infrastructure. World Development, 30(11), 1899-1919.
Globerman, S., & Shapiro, D. (2003). Governance Infrasructure and US Foreign Direct Investment. Journal of International Business Studies, 34(1), 19-39.
Gujarati, H. (2015). Ease of doing business ranking reflects the goodness of the economy: A Misconception or fact. Ease of Doing Business: Contemporary Issues, Challenges and Future Scope, 30-39.
Güllü, I., & Kılıç, N. Ö. (2017). An Evaluation on the Attractiveness of Turkish Economy in Terms of Foreign Direct Investments. European Journal of Sustainable Development Research, 2(1), 70-79.
Hakro, A. N., & Ghumro, A. A. (2007). Foreign Direct Investment, Determinants And Policy Analysis: Case Study of Pakistan. University of Glasgow, Department of Economics.
Handoyo, S. (2017). An exploratory study on the relationship of public governance and ease of doing business. APMBA (Asia Pacific Management and Business Application), 6(2), 75-88.
Hefeker, C., & Busse, M. (2005). Political risk, institutions and foreign direct investment (No. 315). HWWA Discussion Paper.
Hill, C. (2008). International business: Competing in the global market place. Strategic Direction.
Jadhav, P., & Katti, V. (2012). Institutional and political determinants of foreign direct investment: evidence from BRICS economies. Poverty & Public Policy, 4(3), 49-57.
Jude, C., & Levieuge, G. (2017). Growth Effect of Foreign Direct Investment in Developing Economies: The Role of Institutional Quality. The World Economy, 40(4), 715-742
Karpuz, E., & Sayılır, Ö. (2021). Kurumsal Yönetişim Kalitesinin Doğrudan Yabancı Yatırımlar Üzerindeki Etkisi: Orta Gelirli Ülkeler Üzerine Bir Araştırma. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (60), 281-308.
Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The Worldwide Governance Indicators: Methodology and Analytical Issues. Hague Journal on the Rule of Law, 3(2), 220-246.
Klijn, E. H., & Koppenjan, J. (2015). Governance networks in the public sector. Routledge.
Kök, R., İspir, M. S., & Arı, A. A. (2010). Zengin Ülkelerden Azgelişmiş Ülkelere Kaynak Aktarma Mekanizmasının Gerekliliği ve Evrensel Bölüşüm Parametresi Üzerine Bir Deneme. http://kisi.deu.edu.tr/recep.kok/Zengin_ispir.pdf
Kutbay, H. (2020). Kurumsal Kalite ve Doğrudan Yabancı Yatırım Girişleri Arasındaki İlişki: OECD Ülkeleri için Panel Veri Analizi. OPUS Uluslararası Toplum Araştırmaları Dergisi, 16(29), 2019-2044.
Li, Q., & Resnick, A. (2003). Reversal of Fortunes: Democratic Institutions and Foreign Direct Investment Inflows to Developing Countries. International Organization, 57(1), 175-211.
Lipsey, R. E. (2001). Interpreting developed countries’ foreign direct investment. In Investing Today for the World of Tomorrow (pp. 285-325). Springer, Berlin, Heidelberg.
Masron, T. A., & Nor, E. (2013). FDI in ASEAN-8: Does Institutional Quality Matter?. Applied Economics Letters, 20(2), 186-189.
Mengistu, A. A., & Adhikary, B. K. (2011). Does Good Governance Matter for FDI Inflows? Evidence from Asian Economies. Asia Pacific Business Review, 17(3), 281-299.
Mc Culloch, R. (1993). “New Perspectives on Foreign Direct Investment”, Foreign Direct Investment, (Ed. by Kenneth A. FROOT, The University of Chicago Press Ltd., London.
McHugh-Russell, L. (2021). Doing Business Guidance, Legal Origins Theory, and the Politics of Governance by Knowledge. Canadian Journal of Development Studies, 1-20.
McLaughlin, K. (2002). Lesson Drawing from the International Experience of Modernizing Local Governance. Public Management Review, 4(3), 405-410.
Nunnenkamp, P. (2002). Determinants of FDI in developing countries: has globalization changed the rules of the game? (No. 1122). Kiel working paper.
Ökmen, M., Baştan, S., & Yılmaz, A. (2004). Kamu Yönetiminde Yeni Yaklaşımlar ve Bir Yönetişim Faktörü Olarak Yerel Yönetimler. Kamu Yönetimi, 23-80.
Özer, M. A. (2005). Yeni Kamu Yönetimi: Teoriden Uygulamaya. Platin Yayınları.
Pedroni, P. (2000). Fully-Modified OLS for Heterogeneous Cointegrated Panels. Advances in Econometrics, 15, 93-130.
Pedroni, P. (2001). Purchasing Power Parity Tests in Cointegrated Panels. Review of Economics and Statistics, 83, 727-731.
Peters, B. G. (2012). Governance as political theory. In Civil society and governance in China (pp. 17-37). Palgrave Macmillan, New York.
Seifert, B., & Gonenc, H. (2018). The effects of country and firm-level governance on cash management. Journal of International Financial Markets, Institutions and Money, 52, 1-16.
Sjöholm, F. (2021). Industrial Policy and Foreign Direct Investment (No. 1400). IFN Working Paper.
Stoker, G. (1998). Public-private partnerships and urban governance. In Partnerships in urban governance (pp. 34-51). Palgrave Macmillan, London.
Tüselmann, H. (1999). German Direct Foreign Investment in Eastern and Central Europe: Relocation of German Industry?. European Business Review, 99(6), 359-367.
UNCTAD (1998). World Investment Report 1998, Trends and Determinants. United Nations Publication. ISBN 92-1-112426-3, Switzerland.
Üçler, G. (2017). Doğrudan Yabancı Yatırımlar İçin Kurumların Önemi: Gelişmekte Olan Ülkeler Üzerine Ekonometrik Bir Analiz. Finans Politik ve Ekonomik Yorumlar, 54(627), 73-85.
Vlachos, V. A., & Bitzenis, A. (2018). The (Reinvigorating) Role of Foreign Direct Investment after the Crisis. Journal of East-West Business, 24(3), 139-143.
Wang, Y., & Zhao, L. (2017). Outward Foreign Direct Investment from China: Recent trend and Development. The Chinese Economy, 50(5), 356-365.
Yamak, T. (2017). Kurumsal Kalite Faktörlerinin Ekonomik Büyüme Üzerindeki Etkisi: Körfez Ülkeleri Örneği. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi, 5(4), 65-79.