Institutional quality as a determinant of FDI inflow: the case of Central and Eastern European countries
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Published:
Jul 30, 2019
Keywords:
FDI, institutions, institutional quality, synthetic index of institutional quality (SIIQ), CEECs
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Abstract
In the article, we focus on the institutional aspects and their role in attracting foreign direct investment (FDI). Hence, the objective of the paper is to assess institutional quality in 17 countries of Central and Eastern Europe and to examine the relationship between the quality of institutions measured with the synthetic index of institutional quality and FDI inflow.
This study is structured as follows. First, it explores the existing literature on factors of investment attractiveness, paying special attention to the importance of institutional efficiency. Then, we discuss FDI inflow into Central and Eastern European countries and select diagnostic variables that will later be used as the basis for the construction of a synthetic index of institutional quality (SIIQ). By composing a ranking of countries based on estimated values of the index, we could identify countries of similar institutional quality. In the last stage we analyse the correlation between SIIQ in individual countries and FDI inward stock as % of GDP. At the end we present conclusions.
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Dorożyński, T., Dobrowolska, B., & Kuna-Marszałek, A. (2019). Institutional quality as a determinant of FDI inflow: the case of Central and Eastern European countries. Journal of Management and Financial Sciences, (36), 103–122. https://doi.org/10.33119/JMFS.2019.36.7
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References
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10. Bénassy-Quéré, A., Coupet, M., Mayer, T. (2005). Institutional Determinants of Foreign Direct Investment. CEPII Working Paper, Vol. 05, pp. 1–30.
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12. Borys, T. (1978). Propozycja agregatowej miary rozwoju obiektów. Przegląd Statystyczny, Vol. 3, pp. 371–381.
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14. Buchanan, B. G, Le, Q. V., Rishi, M. (2012). Foreign direct investment and institutional quality: Some empirical evidence. International Review of Financial Analysis, Vol. 21, pp. 81–89.
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20. Daude, C., Stein, E. (2007). The quality of institutions and foreign direct investment. Economics & Politics, Vol. 19 (3), pp. 317–344.
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22. Essien, J., Barikui, T., Abuba, S., Igbara, F. (2015). The Impact of National Security on Foreign Direct Investment (FDI) In Nigeria. IOSR Journal of Business and Management, Vol. 17 (5), pp. 69–74.
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24. Fatica, S. (2009). Taxation and the quality of institutions: asymmetric effects on FDI. Taxation paper, Working Paper, Vol. 21, pp. 1–59.
25. Feld, L. P., Heckemeyer, J. H. (2008). FDI and Taxation. A Meta-Study. ZEW Discussion Paper, 08–128, pp. 1–57.
26. Francis, J., Zheng, C., Mukherji, A. (2009). An institutional perspective on foreign direct investment: A multi-level framework. Management International Review, Vol. 49 (5), pp. 565–583.
27. Globerman, S., Shapiro, D. (2003). Governance infrastructure and US foreign direct investment. Journal of International Business Studies, Vol. 34 (1), pp. 19–39.
28. Habib, M., Zurawicki, L. (2010). Corruption and Foreign Direct Investment: What Have We Learned. International Business & Economics Research Journal, Vol. 9 (7), pp. 1–9.
29. Halecki, O. (1994). Historia Europy – jej granice i podziały. Lublin: Instytut Europy Środkowo-Wschodniej.
30. Hausmann, R., Fernández-Arias, E. (2000). Foreign Direct Investment: Good Cholesterol? Inter American Development Bank Working Papers, 417, pp. 1–46.
31. Hellwig, Z. (1968). Zastosowanie metody taksonomicznej do typologicznego podziału krajów ze względu na poziom ich rozwoju oraz zasoby i strukturę wykwalifikowanych kadr. Przegląd Statystyczny, Vol. 4, pp. 307–327.
32. Hwang, C. L., Yoon, K. (1981). Multiple Attribute Decision Making: Methods and Applications. New York: Springer-Verlag.
33. Jaspersen, F., Aylward, A., Knox, A. (2000). The effects of risk on private investment: Africa compared with other developing areas. In: P. Collier & C. Pattillo (Eds.), Investment and risk in Africa (pp. 71–95). New York: St Martin’s Press.
34. Jaworska, M., Kożuch, A. J. (2012). Ocena przydatności wybranych metod WAP w analizie samodzielności finansowej gmin. Metody ilościowe w badaniach ekonomicznych, Vol. XIII/1, pp. 131–137.
35. Jensen, N. (2008). Political Risk, Democratic Institutions, and Foreign Direct Investment. The Journal of Politics, Vol. 70 (04), pp. 1040–1052.
36. Jude, C., Levieuge, G. (2015). Growth effect of FDI in developing economies: The role of institutional quality. Direction Générale Des Études et des Relations Internationales, Banque de France, pp. 1–33.
37. Kaufman, D., Kraay, A., Mastruzzi, M. (2005). Governance Matters IV: Governance Indicators 1996–2004. Washington, DC: World Bank.
38. Khan, M. A., Samad, G. (2010). Intellectual Property Rights and Foreign Direct Investment: Analysis of 14 South and South East Asian Countries, 1970–2005. Applied Econometrics and International Development, Vol. 10–1, pp. 219–230.
39. Klimek, A. (2015). Poland Institutions and Outward Foreign Direct Investment. International Journal of Management and Economics, Vol. 46, pp. 101–119.
40. Kolstad, I., Wiig, A. (2009). What determines Chinese outward FDI? Journal of World Business, Vol. 47, pp. 26–34.
41. Krakowiak-Bal, A. (2005). Wykorzystanie wybranych miar syntetycznych do budowy rozwoju infrastruktury technicznej. Infrastruktura i Ekologia Terenów Wiejskich, Vol. 3, pp. 71–82.
42. Kurul, Z., Yalta, A. Y. (2017). Relationship between Institutional Factors and FDI Flows in Developing Countries: New Evidence from Dynamic Panel Estimation. Economies, Vol. 5 (2), pp. 1–10.
43. Lee, M., Park, D. (2013). Intellectual Property Rights, Quality of Institutions, and Foreign Direct Investment into Developing Asia. ADB Economics Working Paper Series, Vol. 354, pp. 1–16.
44. Lemma, T. T., Negash, M. (2013). Institutional, macroeconomic and firm-specific determinants of capital structure: The African evidence. Management Research Review, Vol. 36 (11), pp. 1081–1122.
45. Levchenko, A. (2004). Institutional Quality and International Trade, HIMF Working Paper, 04/231, pp. 1–47.
46. Mohamed, S. E., Sidiropoulos, M. (2010). Another Look at the Determinants of Foreign Direct Investment in MENA Countries: An Empirical Investigation. Journal of Economic Development, Vol. 35 (2), pp. 75–95.
47. Moore, M. (1998). Death without Taxes: Democracy, State Capacity, and Aid Dependency in the Fourth World. In: G. White, M. Robinson (Eds.), Towards a Democratic Developmental State. Oxford University Press.
48. Nielsen, BB., Asmussen, Ch.G., Weatherall, C. D. (2017). The location choice of foreign direct investments: Empirical evidence and methodological challenges. Journal of World Business, Vol. 52, pp. 62–82.
49. Nowak, E. (1984). Problemy doboru zmiennych do modelu ekonometrycznego. Warszawa: Wydawnictwo Naukowe PWN.
50. Ostergren, R. C., Rice, J. G. (2004). The Europeans. A geography of People. Culture and environment. New York: The Guilford Press.
51. Panek, T. (2009). Statystyczne metody wielowymiarowej analizy porównawczej. Warszawa: Szkoła Główna Handlowa w Warszawie – Oficyna Wydawnicza.
52. Petersen, N. (2011). Antitrust Law and the Promotion of Democracy and Economic Growth. Preprints of the Max Planck Institute for Research on Collective Goods, Bonn, pp. 1–44.
53. Pluta, W. (1976). Taksonomiczna procedura prowadzenia syntetycznych badań porównawczych za pomocą zmodyfikowanej miary rozwoju gospodarczego. Przegląd Statystyczny, Vol. 4, pp. 511–517.
54. Pournarakis, M., Varsakelis, N. C. (2002). Foreign Direct Investment in Central and Eastern European Countries: Do Institutions Matter? Presented at the EIBA Annual Conference. Athens, Greece. Retrieved from: http:// citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.195.993&rep=rep1&type=pdf [accessed: 20.05.2018].
55. Rigobon, R., Rodrik, D. (2004). Rule of Law, Democracy, Openness, and Income: Estimating the Interrelationships. NBER Working Paper, 10750, pp. 1–28.
56. Rodrik, D., Subramanian, A., Trebbi, F. (2004). Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development. Journal of Economic Growth, Vol. 9, pp. 131–165.
57. Rószkiewicz, M. (2002). Metody ilościowe w badaniach marketingowych. Warszawa: Wydawnictwo Naukowe PWN.
58. Śmiłowska, T. (1997). Statystyczna analiza poziomu życia ludności Polski w ujęciu przestrzennym. Warszawa: Główny Urząd Statystyczny. Zakład Badań Statystyczno-Ekonomicznych.
59. Sobczyk, M. (2000). Statystyka. Podstawy teoretyczne przykłady – zadania. Lublin: Wydawnictwo UMCS.
60. Stoian, R. C., Vickerman, R. (2005). The Interplay between Foreign Direct Investment, Security and European Integration: The Case of the Central and Eastern European Countries. Proceedings in Academy of International Business Annual Meeting, Quebec, CanadaRetrieved from: http://kar.kent.ac.uk/9873/ [accessed: 15.05.2018].
61. Strahl, D. (1978). Propozycja konstrukcji miary syntetycznej. Przegląd Statystyczny, Vol. 2, pp. 205–215.
62. Tanaka, H., Iwaisako, T. (2014). Intellectual property rights and foreign direct investment: A welfare analysis. European Economic Review, Vol. 67, pp. 107–124.
63. Tuman, J., Emmert, C. (2004). The political economy of U. S. Foreign Direct Investment in Latin America: A Reappraisal. Latin American Research Review, Vol. 39 (3), p. 9–28.
64. Walesiak, M. (1993). Statystyczna analiza wielowymiarowa w badaniach marketingowych. Prace Naukowe Akademii Ekonomicznej we Wrocławiu, 654 (101), pp. 1–117.
65. Walsh, J. W., Yu, J. (2010). Determinants of Foreign Direct Investment: A Sectoral and Institutional Approach. IMF Working Paper, 10/187, pp. 1–26.
66. Wang, Y., Cheng, L., Wang, H., Li, L. (2014). Institutional quality, financial development and OFDI. Pacific Science Review, Vol. 16 (2), pp. 127–132.
67. Zeliaś, A., Malina, A. (1997). O budowie taksonomicznej miary jakości życia. Taksonomia, Vol. 4, pp. 238–262.
2. Akcay, S. (2001). Is Corruption an Obstacle for Foreign Investors in Developing Countries? A Cross-Country Evidence. Yapi Kredi Economic Review, Vol. 12 (2), pp. 27–34.
3. Alesina, A., Perotti, R. (1996). Income distribution, political instability and investment. European Economic Review, Vol. 40 (6), pp. 1203–1228.
4. Ali, F., Fiess, N., MacDonald, R. (2010). Do institutions matter for foreign direct investment? Open Economies Review, Vol. 21 (2), pp. 201–219.
5. Al-Sadig, A. (2009). The Effects of Corruption on FDI Inflows. Cato Journal, Vol. 29 (2), pp. 267–294.
6. Bailey, N. (2018). Exploring the relationship between institutional factors and FDI attractiveness: A meta-analytic review. International Business Review, Vol. 27 (1) pp. 139–148.
7. Bąk, A. (2016). Metody porządkowania liniowego w polskiej taksonomii – pakiet Porządkowanie liniowe obiektów metodą Hellwiga i TOPSIS – analiza porównawcza. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, Vol. 426, pp. 13–22.
8. Bański, J. (2008). Polska i Europa Środkowo-Wschodnia w koncepcjach podziału Europy. In: P. Eberhardt (Ed.) Problematyka geopolityczna ziem polskich. Prace Geograficzne, Vol. 218, 121–134.
9. Bartosiewicz, S. (1976). Propozycja metody tworzenia zmiennych syntetycznych. Prace Naukowe Akademii Ekonomicznej we Wrocławiu, Vol. 84, pp. 5–7.
10. Bénassy-Quéré, A., Coupet, M., Mayer, T. (2005). Institutional Determinants of Foreign Direct Investment. CEPII Working Paper, Vol. 05, pp. 1–30.
11. Bénassy-Quéré, A., Fontagné, L., Lahrèche-Révil, A. (2003). Tax Competition and Foreign Direct Investment. CEPII Working Paper, Vol. 17, pp. 1–32.
12. Borys, T. (1978). Propozycja agregatowej miary rozwoju obiektów. Przegląd Statystyczny, Vol. 3, pp. 371–381.
13. Bruno, R. L. (2008). Rule of Law, Institutional Quality and Information. DARRT. University of Bologna, IZA Discussion Paper, Vol. 3497, pp. 1–32.
14. Buchanan, B. G, Le, Q. V., Rishi, M. (2012). Foreign direct investment and institutional quality: Some empirical evidence. International Review of Financial Analysis, Vol. 21, pp. 81–89.
15. Busse, M., Hefeker, C. (2007). Political risk, institutions and foreign direct investment. European Journal of Political Economy, Vol. 23 (2) pp. 397–415.
16. Busse, M. (2004). Transnational Corporations and Repression of Political Rights and Civil Liberties: An Empirical Analysis, Kyklos, Vol. 57 (1), pp. 45–66.
17. Cieślak, M. (1974). Taksonomiczna procedura prognozowania rozwoju gospodarczego i określania potrzeb na kadry kwalifikowane. Przegląd Statystyczny, Vol. 1, pp. 29–39.
18. Cosset, J., Suret, J. (1995). Political risk and benefits of international portfolio diversification. Journal of International Business Studies, Vol. 26 (2), pp. 301–318.
19. Daniele, V., Marani, U. (2006). Do institutions matter for FDI: A comparative analysis of the MENA countries. MPRA Paper, Vol. 2426, pp. 1–28.
20. Daude, C., Stein, E. (2007). The quality of institutions and foreign direct investment. Economics & Politics, Vol. 19 (3), pp. 317–344.
21. Egger, P., Winner, H. (2005). Evidence on corruption as an incentive for foreign direct investment. European Journal of Political Economy, Vol. 21, pp. 932–952.
22. Essien, J., Barikui, T., Abuba, S., Igbara, F. (2015). The Impact of National Security on Foreign Direct Investment (FDI) In Nigeria. IOSR Journal of Business and Management, Vol. 17 (5), pp. 69–74.
23. Fabry, N., Zeghni, S. (2006). How former communist countries in Europe attract inward foreign direct investment? A matter of institutions. Communist and Post-Communist Studies, Vol. 2, pp. 201–219.
24. Fatica, S. (2009). Taxation and the quality of institutions: asymmetric effects on FDI. Taxation paper, Working Paper, Vol. 21, pp. 1–59.
25. Feld, L. P., Heckemeyer, J. H. (2008). FDI and Taxation. A Meta-Study. ZEW Discussion Paper, 08–128, pp. 1–57.
26. Francis, J., Zheng, C., Mukherji, A. (2009). An institutional perspective on foreign direct investment: A multi-level framework. Management International Review, Vol. 49 (5), pp. 565–583.
27. Globerman, S., Shapiro, D. (2003). Governance infrastructure and US foreign direct investment. Journal of International Business Studies, Vol. 34 (1), pp. 19–39.
28. Habib, M., Zurawicki, L. (2010). Corruption and Foreign Direct Investment: What Have We Learned. International Business & Economics Research Journal, Vol. 9 (7), pp. 1–9.
29. Halecki, O. (1994). Historia Europy – jej granice i podziały. Lublin: Instytut Europy Środkowo-Wschodniej.
30. Hausmann, R., Fernández-Arias, E. (2000). Foreign Direct Investment: Good Cholesterol? Inter American Development Bank Working Papers, 417, pp. 1–46.
31. Hellwig, Z. (1968). Zastosowanie metody taksonomicznej do typologicznego podziału krajów ze względu na poziom ich rozwoju oraz zasoby i strukturę wykwalifikowanych kadr. Przegląd Statystyczny, Vol. 4, pp. 307–327.
32. Hwang, C. L., Yoon, K. (1981). Multiple Attribute Decision Making: Methods and Applications. New York: Springer-Verlag.
33. Jaspersen, F., Aylward, A., Knox, A. (2000). The effects of risk on private investment: Africa compared with other developing areas. In: P. Collier & C. Pattillo (Eds.), Investment and risk in Africa (pp. 71–95). New York: St Martin’s Press.
34. Jaworska, M., Kożuch, A. J. (2012). Ocena przydatności wybranych metod WAP w analizie samodzielności finansowej gmin. Metody ilościowe w badaniach ekonomicznych, Vol. XIII/1, pp. 131–137.
35. Jensen, N. (2008). Political Risk, Democratic Institutions, and Foreign Direct Investment. The Journal of Politics, Vol. 70 (04), pp. 1040–1052.
36. Jude, C., Levieuge, G. (2015). Growth effect of FDI in developing economies: The role of institutional quality. Direction Générale Des Études et des Relations Internationales, Banque de France, pp. 1–33.
37. Kaufman, D., Kraay, A., Mastruzzi, M. (2005). Governance Matters IV: Governance Indicators 1996–2004. Washington, DC: World Bank.
38. Khan, M. A., Samad, G. (2010). Intellectual Property Rights and Foreign Direct Investment: Analysis of 14 South and South East Asian Countries, 1970–2005. Applied Econometrics and International Development, Vol. 10–1, pp. 219–230.
39. Klimek, A. (2015). Poland Institutions and Outward Foreign Direct Investment. International Journal of Management and Economics, Vol. 46, pp. 101–119.
40. Kolstad, I., Wiig, A. (2009). What determines Chinese outward FDI? Journal of World Business, Vol. 47, pp. 26–34.
41. Krakowiak-Bal, A. (2005). Wykorzystanie wybranych miar syntetycznych do budowy rozwoju infrastruktury technicznej. Infrastruktura i Ekologia Terenów Wiejskich, Vol. 3, pp. 71–82.
42. Kurul, Z., Yalta, A. Y. (2017). Relationship between Institutional Factors and FDI Flows in Developing Countries: New Evidence from Dynamic Panel Estimation. Economies, Vol. 5 (2), pp. 1–10.
43. Lee, M., Park, D. (2013). Intellectual Property Rights, Quality of Institutions, and Foreign Direct Investment into Developing Asia. ADB Economics Working Paper Series, Vol. 354, pp. 1–16.
44. Lemma, T. T., Negash, M. (2013). Institutional, macroeconomic and firm-specific determinants of capital structure: The African evidence. Management Research Review, Vol. 36 (11), pp. 1081–1122.
45. Levchenko, A. (2004). Institutional Quality and International Trade, HIMF Working Paper, 04/231, pp. 1–47.
46. Mohamed, S. E., Sidiropoulos, M. (2010). Another Look at the Determinants of Foreign Direct Investment in MENA Countries: An Empirical Investigation. Journal of Economic Development, Vol. 35 (2), pp. 75–95.
47. Moore, M. (1998). Death without Taxes: Democracy, State Capacity, and Aid Dependency in the Fourth World. In: G. White, M. Robinson (Eds.), Towards a Democratic Developmental State. Oxford University Press.
48. Nielsen, BB., Asmussen, Ch.G., Weatherall, C. D. (2017). The location choice of foreign direct investments: Empirical evidence and methodological challenges. Journal of World Business, Vol. 52, pp. 62–82.
49. Nowak, E. (1984). Problemy doboru zmiennych do modelu ekonometrycznego. Warszawa: Wydawnictwo Naukowe PWN.
50. Ostergren, R. C., Rice, J. G. (2004). The Europeans. A geography of People. Culture and environment. New York: The Guilford Press.
51. Panek, T. (2009). Statystyczne metody wielowymiarowej analizy porównawczej. Warszawa: Szkoła Główna Handlowa w Warszawie – Oficyna Wydawnicza.
52. Petersen, N. (2011). Antitrust Law and the Promotion of Democracy and Economic Growth. Preprints of the Max Planck Institute for Research on Collective Goods, Bonn, pp. 1–44.
53. Pluta, W. (1976). Taksonomiczna procedura prowadzenia syntetycznych badań porównawczych za pomocą zmodyfikowanej miary rozwoju gospodarczego. Przegląd Statystyczny, Vol. 4, pp. 511–517.
54. Pournarakis, M., Varsakelis, N. C. (2002). Foreign Direct Investment in Central and Eastern European Countries: Do Institutions Matter? Presented at the EIBA Annual Conference. Athens, Greece. Retrieved from: http:// citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.195.993&rep=rep1&type=pdf [accessed: 20.05.2018].
55. Rigobon, R., Rodrik, D. (2004). Rule of Law, Democracy, Openness, and Income: Estimating the Interrelationships. NBER Working Paper, 10750, pp. 1–28.
56. Rodrik, D., Subramanian, A., Trebbi, F. (2004). Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development. Journal of Economic Growth, Vol. 9, pp. 131–165.
57. Rószkiewicz, M. (2002). Metody ilościowe w badaniach marketingowych. Warszawa: Wydawnictwo Naukowe PWN.
58. Śmiłowska, T. (1997). Statystyczna analiza poziomu życia ludności Polski w ujęciu przestrzennym. Warszawa: Główny Urząd Statystyczny. Zakład Badań Statystyczno-Ekonomicznych.
59. Sobczyk, M. (2000). Statystyka. Podstawy teoretyczne przykłady – zadania. Lublin: Wydawnictwo UMCS.
60. Stoian, R. C., Vickerman, R. (2005). The Interplay between Foreign Direct Investment, Security and European Integration: The Case of the Central and Eastern European Countries. Proceedings in Academy of International Business Annual Meeting, Quebec, CanadaRetrieved from: http://kar.kent.ac.uk/9873/ [accessed: 15.05.2018].
61. Strahl, D. (1978). Propozycja konstrukcji miary syntetycznej. Przegląd Statystyczny, Vol. 2, pp. 205–215.
62. Tanaka, H., Iwaisako, T. (2014). Intellectual property rights and foreign direct investment: A welfare analysis. European Economic Review, Vol. 67, pp. 107–124.
63. Tuman, J., Emmert, C. (2004). The political economy of U. S. Foreign Direct Investment in Latin America: A Reappraisal. Latin American Research Review, Vol. 39 (3), p. 9–28.
64. Walesiak, M. (1993). Statystyczna analiza wielowymiarowa w badaniach marketingowych. Prace Naukowe Akademii Ekonomicznej we Wrocławiu, 654 (101), pp. 1–117.
65. Walsh, J. W., Yu, J. (2010). Determinants of Foreign Direct Investment: A Sectoral and Institutional Approach. IMF Working Paper, 10/187, pp. 1–26.
66. Wang, Y., Cheng, L., Wang, H., Li, L. (2014). Institutional quality, financial development and OFDI. Pacific Science Review, Vol. 16 (2), pp. 127–132.
67. Zeliaś, A., Malina, A. (1997). O budowie taksonomicznej miary jakości życia. Taksonomia, Vol. 4, pp. 238–262.