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Yabancı Sermaye Yatırımlarını Etkileyen Kurumsal Faktörler: Gelişmiş ve Gelişmekte Olan Ülkeler Örneği

Year 2020, Issue: 64, 123 - 142, 22.04.2020

Abstract

Yabancı sermaye yatırımlarını hukuk, eğitim, sivil ve politik haklar gibi kurumlar etkileyebilmektedir. Bunun yanında kurumların etkisi yabancı sermaye türüne ve ülkelerin gelişmişlik seviyesine göre değişebilmektedir. Bu çalışmada, 26 gelişmekte olan ve 29 gelişmiş olmak üzere toplam 55 ekonominin 2002-2017 dönemine ait verileri kullanılarak yabancı sermaye yatırımlarını etkileyen kurumsal faktörler, kurumsal faktörlerin ülkelerin gelişmişlik düzeylerine göre değişip değişmediği ve kurumsal faktörlerin doğrudan yabancı yatırımlar ve yabancı portföy yatırımları türlerine göre değişip değişmediği araştırılmıştır. Çalışma sermaye birikimleri yetersiz ve yabancı sermaye yatırımları yoluyla ekonomik gelişme sağlamak isteyen ekonomiler açısından önem arz etmektedir. Genelleştirilmiş momentler yöntemiyle yapılan çalışma sonuçları, kurumsal faktörlerin yabancı sermaye yatırımlarını etkiledikleri ve kurumsal kalitenin yabancı sermaye yatırımlarını artırdığını göstermiştir. Ayrıca, doğrudan yabancı yatırımlar ve yabancı portföy yatırımları türlerine göre kurumsal faktör etkilerinin pek değişmediği, ancak ülkelerin gelişmişlik farkları esas alındığında yabancı sermaye yatırım türlerine göre kurumsal faktör etkilerinde bazı değişiklikler olduğu belirlenmiştir

References

  • Ahlquist, J. S. (2006). Economic Policy, Institutions and Capital Flow: Portfolio and Direct Investment Flows in Developing Countries. International Studies Querterly, 50(3), 681-704.s
  • Asteriou, D. ve Hall, S.G. (2007). Applied Econometrics: A Modern Approach Using Eviews and Microfit Revisited Edition, Newyork: Palgrave Macmillan.
  • Bayar, Y. ve Naib, A. (2016). Corruption and Foreign Direct Investment Inflows in Emerging Market Economies. Ecoforum Journal, 5(2), 303-308.
  • Bellos, S. ve Turan, S. (2012). Corruption and Foreign Direct Investment: A Panel Gravity Model Approach. Bulletin of Economic Research, 64(4), 565-574.
  • Bénassy‐Quéré, A., Coupet, M. ve Maylis, M. (2007). Institutional Determinants of Foreign Direct Investment. World Economy, 30(5), 764-782.
  • Berkel, B. (2007). Institutional Determinants of International Equity Portfolios-a Country-Level Analysis. The BE Journal of Macroeconomics, 7(1), 1-40.
  • Biglaiser, G.ve Joseph, L. S. (2010). Do Political Institutions Affect Foreign Direct Investment? A Survey of US Corporations in Latin America. Political Research Quarterly, 63(3), 508-522.
  • Buchanan, B. G., LE, Quan V.,Meenakshi R. (2012). Foreign Direct Investment and Institutional Quality: Some Empirical Evidence. International Review of Financial Analysis, 21, 81-89.
  • Cao, X. ve Ward M. D. (2014). Do Democracies Attract Portfolio Investment? Transnational Portfolio Investments Modeled as Dynamic Network. International Interactions, 40(2), 216-245.
  • Chen, D., Yu, X. and Zhang, Z. (2019). Foreign Direct Investment Covoment and Home Country Institutions. Journal of Business Research. 95, 220-231.
  • Daude, C. ve Stein, E. (2007). The Quality of Institutions and Foreign Direct Investment. Economics and Politics, 19(3), 317-344.
  • Dutta, N. ve Osei‐Yeboah, K. (2013). A New Dimension to the Relationship Between Foreign Direct Investment and Human Capital: The Role of Political and Civil Rights. Journal of International Development, 25(2), 160-179.
  • Egger, P. ve Winer, H. (2005). Evidence on Corruption as an Incentive for Foreign Direct Investment. European Journal of Political Economy, 21(4), 932-952.
  • Eğilmez, M. (2018). Değişim Sürecinde Türkiye. Osmanlı’dan Cumhuriyet’e Sosyo-Ekonomik Bir Değerlendirme. 8. Basım. İstanbul: Remzi Kitabevi.
  • Feng, Y. (2001). Political Freedom, Political Instability, and Policy Uncertainty: A Study of Political Institutions and Private Investment in Developing Countries. International Studies Quarterly, 45(2), 271-294.
  • Giofre, M. (2013). Investor Protection Rights and Foreign Investment. Journal of Comparative Economics, 41(2), 506-526.
  • Gossel, S. J. (2017). Democratic Capital, Democratic Rights and FDI in Sub‐Saharan Africa. Journal of International Development, 29(8), 1033-1061.
  • Jensen, N. (2008). Political Risk, Democratic Institutions, and Foreign Direct Investment. The Journal of Politics, 70(4), 1040-1052.
  • Kant, C. (2018). Financial Openness & Institutions in Developing Countries. Research in International Business and Finance. 46, 240-250.
  • Kinda, T. (2012). On the Drivers of FDI and Portfolio Investment: A Simultaneous Equations Approach. International Economic Journal, 26(1), 1-22.
  • Li, Q. ve Resnick, A. (2003). Reversal of Fortunes: Democratic Institutions and Foreign Direct Investment Inflows to Developing Countries. International Organization, 57(1), 175-211.
  • Lucke, N. ve Eichler, S. (2016). Foreign Direct Investment: The Role of Institutional and Cultural Seterminants. Applied Economics. 48(11), 935-956.
  • Tatoğlu, F. Y. (2013). İleri Panel Veri Analizi: Stata Uygulamalı. 2. Baskı. İstanbul: Beta Yayıncılık.
  • Touchton, M. (2016). Campaigning for Capital: Investment in Comparative Perspective. International Interactions. 42(2), 271-294.
  • Unctad (2018). World Investment Report. Investment and New Industrial Policies. New York.
  • Wang, X., Lixin C. X., Tian Z. (2012). Foreign Direct Investment Under a Weak Rule of Law. Economics of Transisiton. 20(3), 401-424.

Institutions Factors Affecting Foreign Capital Investments: Evidence from Developed and Ememrging Countries

Year 2020, Issue: 64, 123 - 142, 22.04.2020

Abstract

Institutions such as law, education, civil and political rights can affect foreign capital investments. In addition, the impact of institutions may vary depending on the type of foreign capital and the level of development of countries. In this study, using the data of 55 economies, 26 emerging and 29 developed countries, for the period of 2002-2017, it has been investigated that the institutional factors affecting foreign capital investments whether the institutional factors affecting foreign capital investments have changed according to the developmental levels of the countries and whether the institutional factors have been changed according to the types of foreign direct investments and foreign portfolio investments. The study is important for economies that have insufficient capital stocks and want to achieve economic development through foreign capital investments. The results of the study using generalized moments method showed that institutional factors affect foreign capital investments and that institutional quality increases foreign capital investments. Moreover, it was observed that the institutional factor effects did not change much according to the types of foreign direct investments and foreign portfolio investments. However, it is determined that there are some changes in institutional factor effects according to foreign investment types according to the development differences of countries.

References

  • Ahlquist, J. S. (2006). Economic Policy, Institutions and Capital Flow: Portfolio and Direct Investment Flows in Developing Countries. International Studies Querterly, 50(3), 681-704.s
  • Asteriou, D. ve Hall, S.G. (2007). Applied Econometrics: A Modern Approach Using Eviews and Microfit Revisited Edition, Newyork: Palgrave Macmillan.
  • Bayar, Y. ve Naib, A. (2016). Corruption and Foreign Direct Investment Inflows in Emerging Market Economies. Ecoforum Journal, 5(2), 303-308.
  • Bellos, S. ve Turan, S. (2012). Corruption and Foreign Direct Investment: A Panel Gravity Model Approach. Bulletin of Economic Research, 64(4), 565-574.
  • Bénassy‐Quéré, A., Coupet, M. ve Maylis, M. (2007). Institutional Determinants of Foreign Direct Investment. World Economy, 30(5), 764-782.
  • Berkel, B. (2007). Institutional Determinants of International Equity Portfolios-a Country-Level Analysis. The BE Journal of Macroeconomics, 7(1), 1-40.
  • Biglaiser, G.ve Joseph, L. S. (2010). Do Political Institutions Affect Foreign Direct Investment? A Survey of US Corporations in Latin America. Political Research Quarterly, 63(3), 508-522.
  • Buchanan, B. G., LE, Quan V.,Meenakshi R. (2012). Foreign Direct Investment and Institutional Quality: Some Empirical Evidence. International Review of Financial Analysis, 21, 81-89.
  • Cao, X. ve Ward M. D. (2014). Do Democracies Attract Portfolio Investment? Transnational Portfolio Investments Modeled as Dynamic Network. International Interactions, 40(2), 216-245.
  • Chen, D., Yu, X. and Zhang, Z. (2019). Foreign Direct Investment Covoment and Home Country Institutions. Journal of Business Research. 95, 220-231.
  • Daude, C. ve Stein, E. (2007). The Quality of Institutions and Foreign Direct Investment. Economics and Politics, 19(3), 317-344.
  • Dutta, N. ve Osei‐Yeboah, K. (2013). A New Dimension to the Relationship Between Foreign Direct Investment and Human Capital: The Role of Political and Civil Rights. Journal of International Development, 25(2), 160-179.
  • Egger, P. ve Winer, H. (2005). Evidence on Corruption as an Incentive for Foreign Direct Investment. European Journal of Political Economy, 21(4), 932-952.
  • Eğilmez, M. (2018). Değişim Sürecinde Türkiye. Osmanlı’dan Cumhuriyet’e Sosyo-Ekonomik Bir Değerlendirme. 8. Basım. İstanbul: Remzi Kitabevi.
  • Feng, Y. (2001). Political Freedom, Political Instability, and Policy Uncertainty: A Study of Political Institutions and Private Investment in Developing Countries. International Studies Quarterly, 45(2), 271-294.
  • Giofre, M. (2013). Investor Protection Rights and Foreign Investment. Journal of Comparative Economics, 41(2), 506-526.
  • Gossel, S. J. (2017). Democratic Capital, Democratic Rights and FDI in Sub‐Saharan Africa. Journal of International Development, 29(8), 1033-1061.
  • Jensen, N. (2008). Political Risk, Democratic Institutions, and Foreign Direct Investment. The Journal of Politics, 70(4), 1040-1052.
  • Kant, C. (2018). Financial Openness & Institutions in Developing Countries. Research in International Business and Finance. 46, 240-250.
  • Kinda, T. (2012). On the Drivers of FDI and Portfolio Investment: A Simultaneous Equations Approach. International Economic Journal, 26(1), 1-22.
  • Li, Q. ve Resnick, A. (2003). Reversal of Fortunes: Democratic Institutions and Foreign Direct Investment Inflows to Developing Countries. International Organization, 57(1), 175-211.
  • Lucke, N. ve Eichler, S. (2016). Foreign Direct Investment: The Role of Institutional and Cultural Seterminants. Applied Economics. 48(11), 935-956.
  • Tatoğlu, F. Y. (2013). İleri Panel Veri Analizi: Stata Uygulamalı. 2. Baskı. İstanbul: Beta Yayıncılık.
  • Touchton, M. (2016). Campaigning for Capital: Investment in Comparative Perspective. International Interactions. 42(2), 271-294.
  • Unctad (2018). World Investment Report. Investment and New Industrial Policies. New York.
  • Wang, X., Lixin C. X., Tian Z. (2012). Foreign Direct Investment Under a Weak Rule of Law. Economics of Transisiton. 20(3), 401-424.
There are 26 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Zekai Şenol 0000-0001-8818-0752

Elif Erer 0000-0002-2238-4602

Publication Date April 22, 2020
Published in Issue Year 2020 Issue: 64

Cite

APA Şenol, Z., & Erer, E. (2020). Yabancı Sermaye Yatırımlarını Etkileyen Kurumsal Faktörler: Gelişmiş ve Gelişmekte Olan Ülkeler Örneği. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi(64), 123-142.
AMA Şenol Z, Erer E. Yabancı Sermaye Yatırımlarını Etkileyen Kurumsal Faktörler: Gelişmiş ve Gelişmekte Olan Ülkeler Örneği. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. April 2020;(64):123-142.
Chicago Şenol, Zekai, and Elif Erer. “Yabancı Sermaye Yatırımlarını Etkileyen Kurumsal Faktörler: Gelişmiş Ve Gelişmekte Olan Ülkeler Örneği”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 64 (April 2020): 123-42.
EndNote Şenol Z, Erer E (April 1, 2020) Yabancı Sermaye Yatırımlarını Etkileyen Kurumsal Faktörler: Gelişmiş ve Gelişmekte Olan Ülkeler Örneği. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 64 123–142.
IEEE Z. Şenol and E. Erer, “Yabancı Sermaye Yatırımlarını Etkileyen Kurumsal Faktörler: Gelişmiş ve Gelişmekte Olan Ülkeler Örneği”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 64, pp. 123–142, April 2020.
ISNAD Şenol, Zekai - Erer, Elif. “Yabancı Sermaye Yatırımlarını Etkileyen Kurumsal Faktörler: Gelişmiş Ve Gelişmekte Olan Ülkeler Örneği”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 64 (April 2020), 123-142.
JAMA Şenol Z, Erer E. Yabancı Sermaye Yatırımlarını Etkileyen Kurumsal Faktörler: Gelişmiş ve Gelişmekte Olan Ülkeler Örneği. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2020;:123–142.
MLA Şenol, Zekai and Elif Erer. “Yabancı Sermaye Yatırımlarını Etkileyen Kurumsal Faktörler: Gelişmiş Ve Gelişmekte Olan Ülkeler Örneği”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, no. 64, 2020, pp. 123-42.
Vancouver Şenol Z, Erer E. Yabancı Sermaye Yatırımlarını Etkileyen Kurumsal Faktörler: Gelişmiş ve Gelişmekte Olan Ülkeler Örneği. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2020(64):123-42.

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