Determinan Investasi Asing Langsung di Negara Berkembang-8
DOI:
https://doi.org/10.14421/jmes.2023.022-04Keywords:
Foreign Direct Investment (FDI), Market Size, Inflation, Openness, Infrastructure, Natural ResourcesAbstract
The flow of foreign capital (FDI) into a country can be beneficial to the host country and for multinational companies as a form of external financing for the host country. This study aims to analyze and explain the factors that influence the foreign direct investment inflow of Developing-8 countries from 2012 to 2021 using a panel data regression model through fixed-effect approaches. This study found that the size of markets and trade openness have a significant positive impact on FDI in developing eight countries. Meanwhile, the availability of natural resources has significantly negative effects, but inflation and infrastructure have no significant impact on the flow of FDI into developing eight countries. To boost the inflow of FDI, it is also important for governments to be able to make appropriate and profitable policies for countries and companies that are beneficial to countries and domestic firms.
Downloads


References
Alam, A., & Shah, S. Z. A. (2013). Determinants of Foreign Direct Investment in OECD Member Countries. Journal of Economic Studies, 40(4), 515–527. https://doi.org/https://doi.org/10.1108/JES-10-2011-0132
Alizadeh, M., Samani, M. K., & Nemati, G. R. (2016). Foreign Direct Investment and Economic Growth of D8 Countries During The Period (2000-2014): A Panel Co-integration Analysis. International Journal of Applied Business and Economic Research, 14(14), 1085–1095.
Amponsah, W. A., Garcia-Fuentes, P. A., & Smalley, J. A. (2020). Remittances, Market Size, and Foreign Direct Investment: a Case of Sub-Saharan Africa. Journal of Economics and Finance, 44(2), 238–257. https://doi.org/10.1007/s12197-019-09484-6
Anwar, C. J. (2016). Faktor-faktor Yang Mempengaruhi Foreign Direct Investment di Kawasan Asia. Media Trend, 11(2), 175. https://doi.org/10.21107/mediatrend.v11i2621
Asamoah, L. A., Mensah, E. K., & Bondzie, E. A. (2019). Trade Openness, FDI and Economic Growth in sub-Saharan Africa: Do Institutions Matter? Transnational Corporations Review, 11(1), 66–79. https://doi.org/https://doi.org/10.1080/19186444.2019.15 78156
Asiamah, M., Ofori, D., & Afful, J. (2019). Analysis Of The Determinants Of Foreign Direct Investment In Ghana. Journal of Asian Business and Economic Studies, 26(1), 56–75. https://doi.org/10.1108/JABES-08-2018-0057
Aslam, F. N., & Rudatin, A. (2023). Analisis Determinan Aliran Foreign Direct Investment (FDI) di Kawasan ASEAN. Jurnal Kebijakan Ekonomi Dan Keuangan, 1(2), 205–211. https://doi.org/10.20885/jkek.vol1.iss2.art7
Asongu, S., Akpan, U. S., & Isihak, S. R. (2018). Determinants Of Foreign Direct Investment In Fast-Growing Economies: Evidence From The BRICS And MINT Countries. Financial Innovation, 4(1). https://doi.org/10.1186/s40854-018-0114-0
Burböck, B., Macek, A., Podhovnik, E., & Zirgoi, C. (2018). Asymmetric Influence Of Corruption Distance On FDI. Journal of Financial Crime, 25(3), 845–858. https://doi.org/10.1108/JFC-09-2017-0078
Castro, L., Regis, P., & Saslavsky, D. (2007). Infrastructure and the Location of Foreign Direct Investment A Regional Analysis. MPRA Paper 6736. https://ideas.repec.org/s/pra/mprapa.html
Chandra, T. A., & Handoyo, R. D. (2020). Determinants of Foreign Direct Investment in 31 Asian Countries for the 2002-2017 Period. Contemporary Economics, 14(4), 555–565. https://doi.org/10.5709/ce.1897-9254.428
Elheddad, M. M. (2016). Natural Resources and FDI in GCC Countries. International Journal Of Business and Social Research, 6(7), 12. https://doi.org/10.18533/ijbsr.v6i7.977
Hunady, J., & Orviska, M. (2014). Determinants of Foreign Direct Investment in EU Countries – Do Corporate Taxes Really Matter? Procedia Economics and Finance, 243–250. https://doi.org/https://doi.org/10.1016/S2212-5671(14)00341-4
Jadhav, P. (2012). Determinants of Foreign Direct Investment in BRICS Economies: Analysis of Economic, Institutional and Political Factor. Procedia-Social and Behavioral Sciences, 37, 5–14. https://doi.org/https://doi.org/10.1016/j.sbspro.2012.03.270
Kok, R., & Ersoy, B. A. (2009). Analyses of FDI Determinants in Developing Countries. International Journal of Social Economics, 36(1/2), 105–123.
Korsah, E., Amanamah, R. B., & Gyimah, P. (2022). Drivers of Foreign Direct Investment: New Evidence From West African Regions. Journal of Business and Socioeconomic Development. https://doi.org/10.1108/JBSED-12-2021-0173
Levin, R. (2001). International Financial Liberalization and Economic Growth. Review of International Economics, 9(4), 688–702.
Liargovas, Panagiotis, Konstantinos, S., & Skandalis. (2012). Foreign Direct Investment and Trade Openness The Case Of Developing Economies. Social Indicators Research, 106, 323–331.
Lu, W., Kasimov, I., Karimov, I., & Abdullaev. (2020). Foreign Direct Investment, Natural Resources, Economic Freedom, and Sea-Access: Evidence From The Commonwealth of Independent States. Sustainability, 12, 1–18. https://doi.org/10.3390/su12083135
Mankiw, N. G. (2007). Macroeconomics (Penerjemah Fitria Liza dan Imam Nurmawan). Erlangga.
Marselina, & Prasetyo, T. J. (2022). The Effect of Natural Resources Rent And Institutional Factors on Investment Inflow. Journal Of Quality Access to Success, 24(192), 208–2013. https://doi.org/10.47750/QAS/24.192.25
Martin, P., & Rogers, C. A. (1995). Industrial Location and Public Infrastructure. Journal of International Economics, 39, 335–351.
Mudiyanselage, M. M. R., Epuran, G., & Tescasiu, B. (2021). Causal Links between Trade Openness and Foreign Direct Investment in Romania. Journal Of Risk and Financial Management, 14(90), 1–18. https://doi.org/10.3390/jrfm14030090
Nasir, A. (2016). Market Size, Exchange Rate and Trade as A Determinant of FDI The Case of Malaysia. Am. J. Bus. Soc, 1, 227–232.