İşlem maliyetlerinin doğrudan yabancı sermaye yatırımına etkisi: 25 OECD ülkesi üzerine bir panel data analizi
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Dosyalar
Tarih
2023
Yazarlar
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Cilt Başlığı
Yayıncı
İstanbul Gedik Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
İşlem maliyetlerinin, doğrudan yabancı sermaye yatırımını etkileyip etkilemediğini, panel veri analizi kullanılarak araştırılmıştır. İşlem maliyetleri eşitlik, açıklık ve adalet olarak incelenmiştir. Eşitlik olarak ülkelerdeki kadınların eğitim oranları, açıklık olarak yolsuzluk algı endeksi ve adalet olarak hukukun üstünlük endeksi verileri ilgili sitelerden indirilerek ekonometrik analiz için düzenlemiştir. Analiz 25 OECD ülkeleri için gerçekleştirilmiştir. Almanya, Yunanistan, İzlanda, Çek Cumhuriyeti, Letonya, Polonya, Belçika, Kosta Rika, Danimarka, Estonya, İrlanda, Kore Cumhuriyeti, Hollanda, Slovakya, İtalya, Macaristan, Portekiz, Slovenya, İsviçre, Kanada, Estonya, İsveç, Meksika, Fransa, Avustralya ülkeleri alınarak panel data analizi yapılmıştır. İlk olarak yatay kesit bağımlılığı testi yapılmıştır. Yatay kesit bağımlılığı testinin ardından homojenlik testi gerçekleştirilmiştir. Çalışma kapsamında homojenlik durumunun analiz edilmesinde Pesaran ve Yamagata (2008) tarafından geliştirilen Delta homojenlik testinden yararlanılmıştır. Yatay kesit bağımlılığı ve homojenlik testlerinin sonuçları çalışmanın devamında kullanılacak olan testlerin belirlenmesinde önemli bir yere sahiptir. Sıklıkla kullanılan Pesaran ve Yamagata (2008) Delta Homojenlik testinden yararlanılmıştır. Delta testinin boş hipotezi "sabit ve eğim parametreleri homojendir" şeklinde kurulurken, alternatif hipotez "sabit ve eğim parametreleri heterojendir" şeklinde kurulmaktadır. Test sonuçları incelendiğinde temel model kapsamında boş hipotez reddedilmiştir ve alternatif hipotez kabul edilerek çalışma kapsamında oluşturulan modelin heterojen bir yapıya sahip olduğu belirlenmiştir. Çalışma kapsamında değişkenler arasındaki nedensellik ilişkileri Dumitrescu ve Hurlin (2012) ve Emirmahmutoğlu ve Köse (2011) panel nedensellik testleri ile incelenmiştir. Her iki testte yatay kesit bağımlılığının varlığında ve modelin heterojen yapıya sahip olduğu durumlarda kullanılmaktadır. Çalışmada yatay kesit bağımlılığı olması nedeniyle Dumitrescu ve Hurlin (2012) kullanılmıştır. Almanya, Yunanistan, İzlanda, Çek Cumhuriyeti, Letonya ve Polonya için yolsuzluk algısından (Openness) doğrudan yabancı yatırımlara (GFDI) doğru tek yönlü nedensellik ilişkisi tespit edilmiştir. Belçika ve Kosta Rika için yolsuzluk algısı (Openness) ile doğrudan yabancı yatırımlar (GFDI) arasında çift yönlü nedensellik tespit edilmiştir. Ayrıca Danimarka ve Estonya için doğrudan yabancı yatırımlardan (GFDI) yolsuzluk algısına (Openness) doğru tek yönlü nedenselliğin varlığı tespit edilmiştir. Belçika, Kanada, Kosta Rika, Almanya, Yunanistan, İzlanda, İrlanda, Kore Cumhuriyeti, Hollanda ve Slovakya için fırsat eşitliğinden (Equality) doğrudan yabancı yatırımlara (GFDI) doğru tek yönlü nedensellik tespit edilmiştir. Çek Cumhuriyeti için fırsat eşitliği (Equality) ile doğrudan yabancı yatırımlar (GFDI) arasında çift yönlü nedensellik tespit edilmiştir. Macaristan, İtalya, Portekiz, Slovenya ve İsviçre için doğrudan yabancı yatırımlardan (GFDI)fırsat eşitliğine (Equality) doğru nedenselliğin varlığı tespit edilmiştir. Kanada, Kosta Rika, Çek Cumhuriyeti, Estonya, Almanya, Yunanistan, İzlanda, İtalya ve Letonya için hukukun üstünlüğünden (Justice) doğrudan yabancı yatırımlara (GFDI) doğru tek yönlü nedensellik tespit edilmiştir. İrlanda için hukukun üstünlüğü (Justice) ile doğrudan yabancı yatırımlar (GFDI) arasında çift yönlü nedensellik tespit edilmiştir. Slovakya için doğrudan yabancı yatırımlardan (GFDI) hukukun üstünlüğüne (Justice) doğru tek yönlü nedenselliğin varlığı tespit edilmiştir.
Whether transaction costs affect foreign direct investment was investigated using panel data analysis. Transaction costs have been examined in terms of equity, openness and fairness. Data on women's education rates in countries as equality, corruption perception index as openness, and rule of law index as justice were downloaded from relevant sites and arranged for econometric analysis. The analysis was conducted for 25 OECD countries. Germany, Greece, Iceland, Czech Republic, Latvia, Poland, Belgium, Costa Rica, Denmark, Estonia, Ireland, Republic of Korea, Netherlands, Slovakia, Italy, Hungary, Portugal, Slovenia, Switzerland, Canada, Estonia, Sweden, Mexico, France Panel data analysis was carried out by taking Australian countries. First, a cross-sectional dependence test was conducted. After the cross-section dependence test, the homogeneity test was performed. Within the scope of the study, the Delta homogeneity test developed by Pesaran and Yamagata (2008) was used to analyze the homogeneity situation. The results of cross-section dependence and homogeneity tests have an important place in determining the tests to be used in the continuation of the study. The frequently used Pesaran and Yamagata (2008) Delta Homogeneity test was used. While the null hypothesis of the delta test is established as "constant and slope parameters are homogeneous", the alternative hypothesis is established as "constant and slope parameters are heterogeneous". When the test results were examined, the null hypothesis was rejected within the scope of the basic model and the alternative hypothesis was accepted and it was determined that the model created within the scope of the study had a heterogeneous structure. Within the scope of the study, causality relationships between variables were examined with Dumitrescu and Hurlin (2012) and Emirmahmutoğlu and Köse (2011) panel causality tests. Both tests are used in cases where cross-sectional dependence exists and the model has a heterogeneous structure. Dumitrescu and Hurlin (2012) were used in the study due to its cross-sectional dependence. A unidirectional causality relationship from corruption perception (Openness) to foreign direct investments (GFDI) was determined for Germany, Greece, Iceland, Czech Republic, Latvia and Poland. Bidirectional causality was found between corruption perception (Openness) and foreign direct investments (GFDI) for Belgium and Costa Rica. Additionally, the existence of unidirectional causality from foreign direct investments (GFDI) to corruption perception (Openness) was determined for Denmark and Estonia. Unidirectional causality from equality of opportunity (Equality) to foreign direct investments (GFDI) was determined for Belgium, Canada, Costa Rica, Germany, Greece, Iceland, Ireland, Republic of Korea, Netherlands and Slovakia. Bidirectional causality has been determined between equality of opportunity (Equality) and foreign direct investments (GFDI) for the Czech Republic. The existence of causality from foreign direct investments (GFDI) to equality of opportunity has been determined for Hungary, Italy, Portugal, Slovenia and Switzerland. Unidirectional causality from the rule of law (Justice) to foreign direct investments (GFDI) was detected for Canada, Costa Rica, Czech Republic, Estonia, Germany, Greece, Iceland, Italy and Latvia. For Ireland, bidirectional causality has been identified between the rule of law (Justice) and foreign direct investments (GFDI). For Slovakia, the existence of unidirectional causality from foreign direct investments (GFDI) to the rule of law (Justice) has been determined.
Whether transaction costs affect foreign direct investment was investigated using panel data analysis. Transaction costs have been examined in terms of equity, openness and fairness. Data on women's education rates in countries as equality, corruption perception index as openness, and rule of law index as justice were downloaded from relevant sites and arranged for econometric analysis. The analysis was conducted for 25 OECD countries. Germany, Greece, Iceland, Czech Republic, Latvia, Poland, Belgium, Costa Rica, Denmark, Estonia, Ireland, Republic of Korea, Netherlands, Slovakia, Italy, Hungary, Portugal, Slovenia, Switzerland, Canada, Estonia, Sweden, Mexico, France Panel data analysis was carried out by taking Australian countries. First, a cross-sectional dependence test was conducted. After the cross-section dependence test, the homogeneity test was performed. Within the scope of the study, the Delta homogeneity test developed by Pesaran and Yamagata (2008) was used to analyze the homogeneity situation. The results of cross-section dependence and homogeneity tests have an important place in determining the tests to be used in the continuation of the study. The frequently used Pesaran and Yamagata (2008) Delta Homogeneity test was used. While the null hypothesis of the delta test is established as "constant and slope parameters are homogeneous", the alternative hypothesis is established as "constant and slope parameters are heterogeneous". When the test results were examined, the null hypothesis was rejected within the scope of the basic model and the alternative hypothesis was accepted and it was determined that the model created within the scope of the study had a heterogeneous structure. Within the scope of the study, causality relationships between variables were examined with Dumitrescu and Hurlin (2012) and Emirmahmutoğlu and Köse (2011) panel causality tests. Both tests are used in cases where cross-sectional dependence exists and the model has a heterogeneous structure. Dumitrescu and Hurlin (2012) were used in the study due to its cross-sectional dependence. A unidirectional causality relationship from corruption perception (Openness) to foreign direct investments (GFDI) was determined for Germany, Greece, Iceland, Czech Republic, Latvia and Poland. Bidirectional causality was found between corruption perception (Openness) and foreign direct investments (GFDI) for Belgium and Costa Rica. Additionally, the existence of unidirectional causality from foreign direct investments (GFDI) to corruption perception (Openness) was determined for Denmark and Estonia. Unidirectional causality from equality of opportunity (Equality) to foreign direct investments (GFDI) was determined for Belgium, Canada, Costa Rica, Germany, Greece, Iceland, Ireland, Republic of Korea, Netherlands and Slovakia. Bidirectional causality has been determined between equality of opportunity (Equality) and foreign direct investments (GFDI) for the Czech Republic. The existence of causality from foreign direct investments (GFDI) to equality of opportunity has been determined for Hungary, Italy, Portugal, Slovenia and Switzerland. Unidirectional causality from the rule of law (Justice) to foreign direct investments (GFDI) was detected for Canada, Costa Rica, Czech Republic, Estonia, Germany, Greece, Iceland, Italy and Latvia. For Ireland, bidirectional causality has been identified between the rule of law (Justice) and foreign direct investments (GFDI). For Slovakia, the existence of unidirectional causality from foreign direct investments (GFDI) to the rule of law (Justice) has been determined.
Açıklama
Lisansüstü Eğitim Enstitüsü, İşletme Ana Bilim Dalı, İşletme Bilim Dalı
Anahtar Kelimeler
İşlem Maliyetleri, Doğrudan Yabancı Sermaye Yatırımı, OECD Ülkeleri, Panel Data Analizi, Transaction Costs, Direct Foreign Capital Investment, OECD Countries, Panel Data Analysis
