No abstract

The aim of this paper is to examine the determinants and localization of outward FDI (oFDI) of Turkish firms that differs from developed country MNEs with respect to firm size, technology, skills and access to information about global markets. This research is the first attempt aimed to explore especially the determinants of country/region selection of Turkish outward FDI at the firm level by using discrete choice models. The findings in this paper are based on the primary data collected by in-depth-interviews with 299 outward-investing Turkish firms operating in manufacturing, wholesale and retail trade, transportation and storage, and information and communication sectors. Our descriptive findings show that 60% of the investments are green-field. We found that 68% of the investments were made in developing countries while the developed countries attracted only 32% of Turkish investments. Our findings show that the main motivation of Turkish firms investing in other counties is willingness to reach to the larger markets (77%). Our econometric findings show that the size of the firm and the parent firm are significant factors in selecting developed countries as the host country for the investment. As the size of the firm increases, the possibility of Turkish investors to choose developed countries is diminishing, while as the size of the parent firm bets bigger, the possibility of locating the investment in developed countries is rising. The high share of foreign ownership in parent firms has a positive impact on choosing developing countries to locate the investment. It seems that foreign firms benefit from the experiences of Turkish firms operating in developing markets. Finally, while willingness to avoid from tariffs has no significant impact on the probability of investing in developed countries (including EU countries), it increases the probability of investment in the member countries of Shanghai Cooperation Organization.

Bu çalışmanın amacı, işletme kümelerini tespit etmek için yararlanılan yöntemleri incelemek, yöntemlerin sağladığı enformasyonu ve sınırlılıklarını değerlendirerek bir yöntem önerisinde bulunmaktır. Yöntem önerisi mevcut yöntemlerin sınırlılıklarını gidermek amacıyla birbirini izleyen üç adımda uygulanmakta, ampirik ve uygulanabilir bir tespit aracı geliştirilmesi hedeflenmektedir. Çalışmada, sırasıyla kümenin bulunduğu bölgenin belirlenmesi için istihdam yoğunlaşma faktörü, kümenin değer zincirinde yer alan tamamlayıcı endüstrileri tahmin etmek için girdi-çıktı analizleri ve küme aktörleri arasındaki etkileşimi ölçebilmek içinde sosyal ağ analizinden faydalanılması önerilmektedir. Çalışmada, yöntem önerisinin sağlayacağı enformasyona yönelik metal olmayan mineral ürünler sektörü için örnek bir uygulama yapılmıştır. Kümelerin ulusal/bölgesel ekonomik yapılar içinde tespit edilebilmesi kümelere ilişkin politika önerilerinde bulunmak için önem taşımaktadır.

Foreign direct investments (FDI) outflows of Turkey have remarkably been raising over the last decade. This rapid increase brings about the need for questioning the determinants of FDI outflows. The aim of this paper is to estimate the factors affecting outflow FDI from Turkey from 2002 to 2011 by using Prais-Winsten regression analysis. According to estimation results, population, infrastructure, percapita gross domestic product of the host country, and home country exports to the host country are the factors having positive effects on outflow FDI. We found, on the other hand, that the annual inflation rate of the host country, its tax rate collected from commercial profit, and its distance from Turkey have a negative relation with investment outflows. Moreover our results show that while investment outflows to developed countries are in the form of horizontal investments, investment outflows to developing countries are in the form of vertical investments.