Macroeconomic Determinants of Foreign Direct Investment and Economic Transformation in Nigeria, 1981–2010: An Empirical Evidence

Panshak, Yohanna

doi:10.1177/0975087813512055

Cited by 6 publications

(9 citation statements)

References 14 publications

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“…Our result shows that the negative effect of low level of financial development below the threshold level (70 points) is related to FDI. This result concurred with the findings by Yohanna (2013) who found that the underdeveloped financial sector was negatively affected on FDI inflows. The higher financial development reflects high financial strength in that particular country.…”

Section: Resultssupporting

confidence: 92%

“…The GDP, a parameter representing market size, also provides attraction to foreign investors who prefer market-seeking in order to locate their production site to the host countries. The parameter however, is not significantly related to FDI inflows in the ASEAN-5 countries (in long-run estimation) in contradiction to findings by Yohanna (2013). But in the short-run dynamic, GDP is Granger cause FDI directly (Table 10).…”

Section: Resultscontrasting

confidence: 68%

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The Role of Financial Development on Foreign Direct Investment in ASEAN-5 Countries: Panel Cointegration with Cross-Sectional Dependency Analysis

Bahri¹,

Nor²,

Nor³

2018

AAMJAF

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This paper investigates the impact of the financial development on foreign direct investment (FDI) inflows in ASEAN-5 countries over the period of 1980-2013. The 5 countries included in this study are Malaysia, Thailand, Indonesia, Singapore and Philippines. In the model, financial development, consumer price index (CPI) and real gross domestic product (GDP) per capita are the independent variables. The stationarity of the variables is examined through both first-and second-generation unit root tests with the cross-sectional dependence among countries. The Pedroni and Westerlund cointegration tests results show the existence of long run relationship among the variables. Long term coefficients are estimated using Fully Modified Ordinary Least Square (FMOLS) model and it reveals that financial development has a nonlinear relation with FDI. When financial development passes the threshold point at above 70 point, it will benefit the FDI. Furthermore, the Panel Vector Error Correction Model (VECM) is applied to examine the causality relationship among the associated variables. The causality analysis confirms the presence of both long

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Section: Resultssupporting

confidence: 92%

Section: Resultscontrasting

confidence: 68%

The Role of Financial Development on Foreign Direct Investment in ASEAN-5 Countries: Panel Cointegration with Cross-Sectional Dependency Analysis

Bahri¹,

Nor²,

Nor³

2018

AAMJAF

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“…Sonuçlar, doğrudan yabancı yatırım ile tüm makroekonomik değişkenler arasında anlamlı bir ilişki olduğunu göstermektedir (döviz kuru hariç). Yohanna (2013Yohanna ( ), 1981Yohanna ( -2011 dönemi için Nijerya'da doğrudan yabancı yatırımın makroekonomik belirleyicilerini ele alınmıştır. Sonuca göre, pazar büyüklüğü (GSYİH), beşerî sermaye, altyapı gelişimi, enflasyon ve enerji tüketimi endeksi, doğrudan yabancı yatırımlarla pozitif yönde ilişkilidir.…”

Section: Ampirik Literatürunclassified

“…Doğrudan yabancı yatırım ile faiz oranı, döviz kuru, ihracat, ithalat ve dış borç arasında anlamlı bir ilişki bulunmaktadır.Tripathi, Seth ve Bhandari (2015), Temmuz 1997-Aralık 2011 dönemini kapsayan çalışmasında Hindistan için doğrudan yabancı yatırımın makroekonomik belirleyicilerini ele alınmıştır. Sonuçlar, doğrudan yabancı yatırım ile tüm makroekonomik değişkenler arasında anlamlı bir ilişki olduğunu göstermektedir (döviz kuru hariç) Yohanna (2013),. 1981-2011 dönemi için Nijerya'da doğrudan yabancı yatırımın makroekonomik belirleyicilerini ele alınmıştır.…”

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Türki̇ye’de Makroekonomi̇k Faktörler Ve Kurumlar Vergi̇si̇ni̇n Doğrudan Yabanci Yatirima Etki̇si̇

Ela

Yurtkuran

2020

Süleyman Demirel Üniversitesi Vizyoner Dergisi

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Doğrudan yabancı yatırım; üretim, istihdam, döviz arzı gibi ekonomik faktörleri önemli düzeyde etkilemektedir. Bu açıdan ülkeler doğrudan yabancı yatırım çekebilmek için çaba göstermektedirler. Ülkelerin kısa vadede değiştirebileceği kurumlar vergisi gibi politika göstergeleri yanında ekonomi ve iş göstergeleri doğrudan yabancı yatırım çekilmesinde önemli rol oynamaktadır. Bu faktörler arasında doğrudan yabancı yatırımın belirleyicisi olarak ekonomik değişkenler ve kurumlar vergisi (oranı) değişkeni öne çıkmaktadır. Bu çalışma Türkiye'de 1982-2018 döneminde doğrudan yabancı sermaye yatırımları, ekonomik büyüme, kurumlar vergisi, işsizlik ve enflasyon arasındaki ilişkiyi test etmektedir. Bu amaçla çalışmada Bayer-Hanck eşbütünleşme testi ve dinamik en küçük kareler uzun dönem tahmincisinden yararlanılmıştır. Bayer-Hanck yöntemine göre seriler arasında uzun dönemde bir eşbütünleşme ilişkisi olduğu belirlenmiştir. Dinamik en küçük kareler uzun dönem tahmincisine göre ise ekonomik büyüme doğrudan yabancı sermaye yatırımlarını arttırırken, işsizlik ve enflasyon bu değişkeni negatif yönde etkilemektedir.

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“…Marr (1997) introduced a list of the critical determinants of FDI inflows, including market size, trade openness, labour cost and other incentives. Focusing on a specific country, Yohanna (2013) and Bekana ( 2016) respectively discovered that market size, inflation and human capital are the important forces attracting FDI into Nigeria and Ethiopia. Further to this, Naanwaab and Diarrassouba (2016) found that economic freedom also positively and significantly affects FDI in middle-and high-income countries.…”

Section: Economic Institutionsmentioning

confidence: 99%

The impacts of institutional differences in relation to intellectual property rights protection on foreign market direct investment: FDI inflows and modes of foreign market entry

Mo¹

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<p>This Master‘s thesis seeks to consider the impacts of institutional distance regarding IPR protection on Foreign direct investment’s (FDI) internationalization strategies. Estimated at approximately US$ 1.8 trillion in 2015 and sitting at its highest level since the global economic and financial crisis in 2008 (UNCTAD, 2016), FDI flows are fast becoming a focal issue of global business. Developing Asia, for example, has emerged as the world’s largest FDI recipient region in the world, which has attracted a wide and public attention. China, in particular, is the largest recipient of FDI among the emerging economies. In 2014, it overtook the US as the most popular destination for multinational enterprises (MNEs). To date, most academic interest has focused on how the institutional environment of the host country affects both the overall volumes of FDI (e.g., Lee & Mansfield, 1996; Smarzynska Javorcik, 2004), and the modes of entry strategy (e.g., McCalman, 2004; Dikova & Witteloostuijn, 2007). However, other areas of research also consider institutional distance, and the magnitudes and asymmetric effects of institutional distance (e.g., Cuervo-Cazurra & Genc, 2011; Phillips, Tracey, & Karra, 2009; Zaheer et al., 2012). In this context, this thesis, uses China as a sample of FDI recipient to seek to understand how the directions of institutional distance affect FDI’s flows and MNEs’ choice of entry mode into the host country. In particular, the research questions being addressed in this study are: (1) How does the bidirectional distance between home and host country regarding IPR protection affect FDI’s inflows to China? and (2) How does this bidirectional distance regarding IPR protection influence MNEs’ choice of entry mode? Using a quantitative research design, two dependent variables are examined in this study: FDI inflows and entry mode (wholly-owned subsidiaries (WOS) versus joint ventures (JVs)). Using the institutional theory as its theoretical underpinning, this study hypothesizes that IPR distance between home and host countries negatively affects FDI inflows to the host market. It also hypothesizes that IPR distance is positively related to MNEs’ choice of WOS as an entry mode as opposed to JVs. Both hypotheses build on the new notion regarding the directions of institutional distance that MNEs’ strategies and behaviours are divided into positive and negative directions. This consideration of directions of institutional distance differs to that of the general institutional approach, which typically clusters all regulative, normative and cognitive pillars within the institutional distance. However, this research focuses on the single regulative distance of IPR protection. Using the 691 collected observations of FDI flows to China from 2006 to 2012, hypothesis 1 was tested by employing the estimation techniques of panel linear regression. To further assess hypothesis 2, 801 instances of foreign market entry of FDI in China between 2008 and 2012 were analysed by logistic regression. From the panel linear regression model, the empirical results show that the larger the distance of IPR protection between home and host countries, the fewer the flows of FDI that entered into China. Such results are consistent with previous mainstream literature suggesting that greater institutional distance significantly diminishes the MNEs’ intentions to invest (e.g., Du, 2009; Berry et al., 2010). Moreover, logistic regression for hypothesis 2 reveals that IPR distance appears to be significantly and positively associated with the choice of WOS. This means that the tendency of MNEs from countries with a higher distance of IPR protection to enter China’s market by means of WOS (as opposed to JVs) will decrease. This result is in line with previous studies that note that larger institutional distance is associated with a lower level of equity ownership mode, such as JVs over WOS (e.g., Xu et al., 2004; Xu & Shenkar, 2002; Estrin et al., 2009). The greatest takeaway from this study is that it advances knowledge about the impact of the directions of IPR distance and provides new opinions on the debate around the asymmetric effect of institutional distance on internationalization decisions. This study also offers practical implications for both firm managers and public policy makers.</p>

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Macroeconomic Determinants of Foreign Direct Investment and Economic Transformation in Nigeria, 1981–2010: An Empirical Evidence

Cited by 6 publications

References 14 publications

The Role of Financial Development on Foreign Direct Investment in ASEAN-5 Countries: Panel Cointegration with Cross-Sectional Dependency Analysis

The Role of Financial Development on Foreign Direct Investment in ASEAN-5 Countries: Panel Cointegration with Cross-Sectional Dependency Analysis

Türki̇ye’de Makroekonomi̇k Faktörler Ve Kurumlar Vergi̇si̇ni̇n Doğrudan Yabanci Yatirima Etki̇si̇

The impacts of institutional differences in relation to intellectual property rights protection on foreign market direct investment: FDI inflows and modes of foreign market entry

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