Foreign Direct Investment, Institutional Quality, and Economic Growth in the Arab Maghreb Union: The Role of Absorptive Capacity and Governance Challenges
DOI:
https://doi.org/10.32890/jes2025.7.2.2Kata kunci:
Foreign Direct Investment, Institutional Quality, Economic Growth, Arab Maghreb UnionAbstrak
This paper investigates the direct effects of FDI inflows and institutional quality on the economic growth of the Arab Maghreb Union (AMU) countries over the period 1996 to 2022. The study also evaluates whether institutional quality influences the relationship between FDI and growth by incorporating an interaction term between FDI and institutional quality. Institutional quality is measured using the control of corruption score of the Worldwide Governance Indicators (WGI). The analysis is based on panel data estimation models, with the Hausman test applied to choose between the fixed effect model (FEM) and the random effect model (REM). The results reveal that FDI inflows do not significantly impact economic growth in AMU countries. Also, institutional quality does not directly influence economic growth, reflecting the underdevelopment of institutions in the region. Instead, the coefficient of the interaction term is negative and significant, suggesting that institutional quality negatively impacts the FDI-growth relationship. Inflation and labor force index are found to significantly and positively influence economic growth. Surprisingly, the human capital index exerts a negative effect on economic growth in AMU countries. The policy implications in respect of these findings include that the policymakers in the AMU countries should pay specific attention to the development of human capital and improving absorptive capacities from institutional quality to perceive FDI as a growth driver.
Rujukan
Abdelbary, I. (2023). From revolutions to institutions: The experience of Arab reform. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-12-2020-0614
Abdouli, M., & Hammami, S. (2017). Exploring links between FDI inflows, energy consumption, and economic growth: Further evidence from MENA countries. Journal of Economic Development (Vol. 95, Issue 1).
Abdul Bahri, E. N., Shaari Md Nor, A. H., Sarmidi, T., & Haji Mohd Nor, N. H. (2019). The role of financial development in the relationship between foreign direct investment and economic growth: A non-linear approach. Review of Pacific Basin Financial Markets and Policies, 22(2). https://doi.org/10.1142/S0219091519500097
Abdullah, M., & Chowdhury, M. (2020). Foreign direct investment and total factor productivity: Any nexus? Margin, 14(2), 164-190. https://doi.org/10.1177/0973801020904473
Acemoglu, D. (2007). Introduction to Modern Economic Growth (1.1). Cram101 Publishing.
Acemoglu, D., & Robinson, J. A. (2012). Why nations fail: The origins of power, prosperity and poverty. New York (US): Crown Business.
Adams, S. (2009). Foreign direct investment, domestic investment, and economic growth in Sub-Saharan Africa. Journal of Policy Modeling, 31(6), 939-949. https://doi.org/10.1016/j.jpolmod.2009.03.003
Adegboye, F. B., Osabohien, R., Olokoyo, F. O., Matthew, O., & Adediran, O. (2020). Institutional quality, foreign direct investment, and economic development in sub-Saharan Africa. Humanities and Social Sciences Communications, 7(1). https://doi.org/10.1057/s41599-020-0529-x
Adeosun, O. A., Olomola, P. A., Adedokun, A., & Ayodele, O. S. (2020). Public investment and inclusive growth in Africa. International Journal of Social Economics, 47(12), 1669-1691. https://doi.org/10.1108/IJSE-05-2020-0333
Agosin, M. R., & Machado, R. (2005). Foreign investment in developing countries: Does it crowd in domestic investment? Oxford Development Studies, 33(2), 149-162. https://doi.org/10.1080/13600810500137749
Aisen, A., & Veiga, F. J. (2013). How does political instability affect economic growth? European Journal of Political Economy, 29, 151-167. https://doi.org/10.1016/j.ejpoleco.2012.11.001
Ait Soussane, J., Mansouri, D., & Mansouri, Z. (2022). Impact of the divestment of Spanish FDI on economic growth of Morocco: An econometric analysis of 13 country-of-origin. Journal of Chinese Economic and Foreign Trade Studies. https://doi.org/10.1108/JCEFTS-04-2022-0024
Akadiri, A. C., Gungor, H., Akadiri, S. Saint, & Bamidele-Sadiq, M. (2020). Is the causal relation between foreign direct investment, trade, and economic growth complement or substitute? The case of African countries. Journal of Public Affairs, 20(2). https://doi.org/10.1002/pa.2023
Akeel, H., & Khoj, H. (2023). The implication of digital technology on Saudi Arabia’s economic growth. International Journal of Economics and Finance Studies, 15(3), 57-75. https://doi.org/10.34109/ijefs.202315303
Akinlo, A. E. (2004). Foreign direct investment and growth in Nigeria. An empirical investigation. Journal of Policy Modeling, 26(5), 627-639. https://doi.org/10.1016/j.jpolmod.2004.04.011
Alfaro, L. (2003). Foreign direct investment and growth: Does the sector matter? Harvard Business School. https://www.researchgate.net/publication/228966060
Ali, W., & Mna, A. (2019). The effect of FDI on domestic investment and economic growth case of three Maghreb countries: Tunisia, Algeria and Morocco. International Journal of Law and Management, 61(1), 91-105. https://doi.org/10.1108/IJLMA-09-2017-0214
AL-Mutairi, A., Naser, D., Naser, H., & Naser, K. (2024). The effect of foreign direct investment (FDI), remittances, inflation, education, trade and unemployment the Palestinian economic growth. Montenegrin Journal of Economics, 20(03), 177-190.
Anetor, F. O. (2020). Human capital threshold, foreign direct investment and economic growth: Evidence from sub-Saharan Africa. International Journal of Development Issues, 19(3), 323-337. https://doi.org/10.1108/IJDI-01-2020-0014
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
Ayenagbo, K., & Boukari, M. (2022). Comparative analysis of the interlinks between globalization, governance and development in African economic communities. Journal of the Knowledge Economy. https://doi.org/10.1007/s13132-022-01034-6
Aziz, O. G. (2022). FDI inflows and economic growth in Arab region: The institutional quality channel. International Journal of Finance and Economics, 27(1), 1009-1024. https://doi.org/10.1002/ijfe.2197
Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6).
Barro, R. J., & Sala-i-Martin, X. (1997). Technological diffusion, convergence, and growth. Journal of Economic Growth, 2(1), 1-26. www.econstor.eu
Bieleń, M., Ikani, K. S., & Włodarczyk, J. (2024). Diversity within commonality: A comparative study of the impact of foreign direct investment and trade openness on economic growth. Journal of International Studies, 17(1), 174-187. https://doi.org/10.14254/2071-8330.2024/17-1/10
Bird, G., & Choi, Y. (2020). The effects of remittances, foreign direct investment, and foreign aid on economic growth: An empirical analysis. Review of Development Economics, 24(1), 1-30. https://doi.org/10.1111/rode.12630
Blomström, M., & Kokko, A. (1998). Multinational corporations and spillovers. Journal of Economic Surveys, 12(3), 247-277. https://doi.org/10.1111/1467-6419.00056
Borensztein, E., De Gregorio, J., & Lee, J.-W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45, 115-135.
Breusch, T., & Pagan, A. (1980). The LM test and its application to model specification in econometrics. Review of Economic Studies, 47, 239-254.
Buchanan, B. G., Le, Q. V., & Rishi, M. (2012). Foreign direct investment and institutional quality: Some empirical evidence. International Review of Financial Analysis, 21, 81-89. https://doi.org/10.1016/j.irfa.2011.10.001
Burks, J. J., Randolph, D. W., & Seida, J. A. (2019). Modeling and interpreting regressions with interactions. Journal of Accounting Literature, 42, 61-79. https://doi.org/10.1016/j.acclit.2018.08.001
Campos, N. F., Kinoshita, Y. (2002). Foreign direct investment as technology transferred: Some panel evidence from the transition economies. The Manchester School, 398-419.
Chen, F., & Jiang, G. (2022). The impact of institutional quality on foreign direct investment: Empirical analysis based on mediating and moderating effects. Economic Research-Ekonomska Istrazivanja. https://doi.org/10.1080/1331677X.2022.2134903
Chengying, H., Wang, T., Shah, S. A., Chang, Y., & Zhou, X. (2023). A study on the moderating role of national absorptive capacity between institutional quality and FDI inflow: Evidence from developing countries. Economic Research-Ekonomska Istrazivanja, 36(1), 2177-2198. https://doi.org/10.1080/1331677X.2022.2096659
Chibalamula, H. C., Evans, Y., Kachelo, M., & Bamwesigye, D. (2023). The effect of foreign direct investment and trade openness on economic growth: Evidence from five African countries. Agris On-Line Papers in Economics and Informatics, 15(1), 35-46. https://doi.org/10.7160/aol.2023.150103
Chih, Y. Y., Kishan, R. P., & Ojede, A. (2022). Be good to thy neighbours: A spatial analysis of foreign direct investment and economic growth in sub-Saharan Africa. World Economy, 45(3), 657–701. https://doi.org/10.1111/twec.13167
Clark, D. P., Lima, L. R., & Sawyer, W. C. (2016). Stages of diversification in Africa. Economics Letters, 144, 68-70. https://doi.org/10.1016/j.econlet.2016.05.001
Das, K. C., & Mahalik, M. K. (2020). International subsidiary performance of Indian multinationals in the extractive sector: The role of institutional quality, corruption and investment regime. Resources Policy, 67. https://doi.org/10.1016/j.resourpol.2020.101664
Despotović, D., Dimitrijević, M., & Savićević, M. (2024). Effects of sectoral structure of foreign direct investment on economic development: The case of European developing countries. Serbian Journal of Management, 19(1), 149-165. https://doi.org/10.5937/sjm19-41239
Djeflat, A. (2021). Science, technology and innovation measurements in the Maghreb union (AMU) and the impact of indicators: The institutional dimension. Journal of Scientometric Research, 10(3), 401–411. Phcog.Net. https://doi.org/10.5530/jscires.10.3.58
Duodu, E., & Baidoo, S. T. (2020). How does quality of institutions affect the impact of trade openness on economic growth of Ghana? Cogent Economics and Finance, 8(1). https://doi.org/10.1080/23322039.2020.1812258
Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European Economic Review, 48. www.sciencedirect.comwww.elsevier.com/locate/econbase
EL-Asmi, R. C. (2018). Trade and Conflict: The case of the Arab Maghreb union. Topics in Middle Eastern and North African Economies, 20(2). https://ecommons.luc.edu/meea
Elkomy, S., Ingham, H., & Read, R. (2016). Economic and political determinants of the effects of FDI on growth in transition and developing countries. Thunderbird International Business Review, 58(4), 347–362. https://doi.org/10.1002/tie.21785
Ennin, A., & Wiafe, E. A. (2023). The impact of mining foreign direct investment on economic growth in Ghana. Cogent Economics and Finance, 11(2). https://doi.org/10.1080/23322039.2023.2251800
Eregha, P. B., & Mesagan, E. P. (2020). Oil resources, deficit financing and per capita GDP growth in selected oil-rich African nations: A dynamic heterogeneous panel approach. Resources Policy, 66. https://doi.org/10.1016/j.resourpol.2020.101615
Gherghina, Ş. C., Simionescu, L. N., & Hudea, O. S. (2019). Exploring foreign direct investment-economic growth nexus-Empirical evidence from Central and Eastern European countries. Sustainability (Switzerland), 11(19). https://doi.org/10.3390/su11195421
Govori, F., & Fejzullahu, A. (2020). The impact of foreign direct investment by economic activity on gross domestic product growth in Kosovo. Academic Journal of Interdisciplinary Studies, 9(6), 78–88. https://doi.org/10.36941/AJIS-2020-0113
Grossman, G. M., & Helpman, E. (1991). Quality ladders in the theory of growth. The Review of Economic Studies, 58(1), 43-61.
Gründler, K., & Potrafke, N. (2019). Corruption and economic growth: New empirical evidence. European Journal of Political Economy, 60. https://doi.org/10.1016/j.ejpoleco.2019.08.001
Gupta, S., Yadav, S. S., & Jain, P. K. (2022). Absorptive capacities, FDI and economic growth in a developing economy: A study in the Indian context. Journal of Advances in Management Research, 19(5), 741–759. https://doi.org/10.1108/JAMR-12-2021-0370
Hadili, A., Raab, R., & Wenzelburger, J. (2020). Trade liberalization, governance, and the balance of payments: Evidence from the Arab Maghreb union. Middle East Development Journal, 12(1), 101–130. https://doi.org/10.1080/17938120.2020.1731200
Haini, H., & Tan, P. (2022). Re-examining the impact of sectoral- and industrial-level FDI on growth: Does institutional quality, education levels and trade openness matter? Australian Economic Papers, 61(3), 410–435. https://doi.org/10.1111/1467-8454.12253
Haini, H., Wei Loon, P., & Raimi, L. (2024). Does export structure enhance the growth gains from foreign investment? Evidence from the ECOWAS region. International Journal of Development Issues, 23(2), 190–211. https://doi.org/10.1108/IJDI-12-2022-0282
Hanafy, S., & Marktanner, M. (2019). Sectoral FDI, absorptive capacity and economic growth–empirical evidence from Egyptian governorates. Journal of International Trade and Economic Development, 28(1), 57–81. https://doi.org/10.1080/09638199.2018.1489881
Hao, Y. (2023). The dynamic relationship between trade openness, foreign direct investment, capital formation, and industrial economic growth in China: New evidence from ARDL bounds testing approach. Humanities and Social Sciences Communications, 10(1). https://doi.org/10.1057/s41599-023-01660-8
Haouas, A., Ochi, A., & Labidi, M. A. (2021). Sources of Algeria’s economic growth, 1979-2019: Augmented growth accounting framework and growth regression method. Regional Science Policy and Practice. https://doi.org/10.1111/rsp3.12448
Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, The Econometric Society, 46(6), 1251–1271.
Hill, J. N. C., & Cavatorta, F. (2019). Dimensions of security. Middle Eastern Studies, 55(2), 177–181. https://doi.org/10.1080/00263206.2018.1538966
Hlongwane, N. W., & Daw, O. D. (2021). The relationship between foreign direct investment and economic growth in south Africa from 1970-2019: An econometric approach. International Journal of Economics and Finance Studies, 13(2), 273–295. https://doi.org/10.34109/ijefs.20212013
Huang, X., Guo, R., Li, X., Li, M., Fan, Y., & Li, Y. (2024). Research on the evolution and driving factors of the economic spatial pattern of the Guangdong–Hong Kong–Macao Greater Bay area in the context of the COVID-19 epidemic. ISPRS International Journal of Geo-Information, 13(1). https://doi.org/10.3390/ijgi13010009
Huynh, H. T. N., Nguyen, P. V., Trieu, H. D. X., & Tran, K. T. (2021). Productivity spillover from FDI to domestic firms across six regions in Vietnam. Emerging Markets Finance and Trade, 57(1), 59–75. https://doi.org/10.1080/1540496X.2018.1562892
Ibhagui, O. (2020). How does foreign direct investment affect growth in sub-Saharan Africa? New evidence from threshold analysis. Journal of Economic Studies, 47(1), 149–181. https://doi.org/10.1108/JES-06-2018-0198
Intisar, R. A., Yaseen, M. R., Kousar, R., Usman, M., & Amjad Makhdum, M. S. (2020). Impact of trade openness and human capital on economic growth: A comparative investigation of ASIAN countries. Sustainability (Switzerland), 12(7). https://doi.org/10.3390/su12072930
Iwasaki, I., & Tokunaga, M. (2014). Macroeconomic impacts of FDI in transition economies: A meta-analysis. World Development, 61, 53–69. https://doi.org/10.1016/j.worlddev.2014.03.
Jude, C., & Levieuge, G. (2017). Growth effect of FDI in developing economies: The role of institutional quality. The World Economy, 40(4), 715-742. http://ssrn.com/abstract=2620698
Kalai, M., & Helali, K. (2021). Threshold effect of foreign direct investment on economic growth: New evidence from a panel regime switching models. Global Business and Economics Review, 25(2), 177-205.
Kar, S., Roy, A., & Sen, K. (2019). The double trap: Institutions and economic development. Economic Modelling, 76, 243–259. https://doi.org/10.1016/j.econmod.2018.08.002
Karahan, Ö., & Çolak, O. (2024). The causality relationship between foreign direct investment and economic growth in RCEP countries. Journal of Economic and Administrative Sciences, 40(1), 95–110. https://doi.org/10.1108/JEAS-04-2022-0112
Kaufmann, D., Kraay, A., & Mastruzzi, M. (2004). Governance matters III: Governance indicators for 1996, 1998, 2000, and 2002. World Bank Economic Review, 18(2), 253–287. https://doi.org/10.1093/wber/lhh
Khalfaoui, H., & Derbali, A. (2021). The determinants of foreign direct investment: What about the potential of the Arab Maghreb countries? Journal of Investment Compliance, 22(4), 295–308. https://doi.org/10.1108/joic-04-2021-0010
Kirikkaleli, D., Torun, M., & Sowah, J. K. (2021). The effect of domestic risks and Arab spring on economic risk in northern African countries: Findings from the first- and second-generation panel approaches. Review of Black Political Economy, 48(3), 328–348. https://doi.org/10.1177/0034644620946420
La Porta, R., & Shleifer, A. (2014). Informality and development. Journal of Economic Perspectives, 28(3), 109–126. https://doi.org/10.1257/jep.28.3.109
Lee, S. J., Kang, S. J., & Lee, S. (2024). Economic, social and institutional determinants of FDI inflows: A comparative analysis of developed and developing economies. Transnational Corporations Review, 16(3). https://doi.org/10.1016/j.tncr.2024.200074
Likitwongkajon, N., & Vithessonthi, C. (2020). Do foreign investments increase firm value and firm performance? Evidence from Japan. Research in International Business and Finance, 51. https://doi.org/10.1016/j.ribaf.2019.101099
Liu, H., Islam, M. A., Khan, M. A., Hossain, M. I., & Pervaiz, K. (2020). Does financial deepening attract foreign direct investment? Fresh evidence from panel threshold analysis. Research in International Business and Finance, 53. https://doi.org/10.1016/j.ribaf.2020.101198
Lucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3–42.
Makun, K. (2017). Trade openness and economic growth in Malaysia. Foreign Trade Review, 52(3), 157–170. https://doi.org/10.1177/0015732516663317
Mamman, S. O., & Valei, A. M. (2023). FDI Flows in resource-rich countries: Does the quality of institutions matter? R-Economy, 9(1), 92-104. https://doi.org/10.15826/recon.2023.9.1.006
Marchetta, F. (2012). The impact of migration on the labor markets in the Arab mediterranean countries. Middle East Development Journal, 4(1). https://doi.org/10.1142/S1793812012300017
Masron, T. A., Naseem, N. A. M., & Wahab, E. A. A. (2018). Institutional quality in attracting foreign direct investment to small countries. Malaysian Journal of Economic Studies, 55(2), 267–284. https://doi.org/10.22452/MJES.vol55no2.7
Mebarki, A., & Mokhtari, F. (2020). Foreign direct investment, trade openness and Economic Growth in Algeria: From 1970 to 2015. Revue Des Sciences Economiques, 13(15), 103–123. https://www.researchgate.net/publication/343485877
Meivitawanli, B. (2021). Research on the relationship between provincial foreign direct investment and economic growth: An empirical study in Indonesia. Journal of International Studies, 14(1), 241–257. https://doi.org/10.14254/2071-8330.2021/14-1/17
Miao, M., Lang, Q., Borojo, D. G., Yushi, J., & Zhang, X. (2020). The impacts of Chinese FDI and China-Africa trade on economic growth of African countries: The role of institutional quality. Economies, 8(3). https://doi.org/10.3390/ECONOMIES8030053
Moralles, H. F., & Moreno, R. (2020). FDI productivity spillovers and absorptive capacity in Brazilian firms: A threshold regression analysis. International Review of Economics and Finance, 70, 257–272. https://doi.org/10.1016/j.iref.2020.07.005
Ngundu, M., & Ngepah, N. (2020). Comparative effects of foreign direct investment from China and other sources on Africa’s economic growth. Margin, 14(4), 382–408. https://doi.org/10.1177/0973801020953399
Nguyen, C. P., Schinckus, C., Su, T. D., & Chong, F. (2018). Institutions, inward foreign direct investment, trade openness and credit level in emerging market economies. Review of Development Finance, 8(2), 75–88. https://doi.org/10.1016/j.rdf.2018.11.005
North, D. C. (1992). Institutions and economic theory. The American Economist, 36(1), 72–76. https://doi.org/10.2307/26725764
Nulambeh, N. A., & Eryiğit, K. Y. (2022). Exploring the energy-environment growth nexus in francophone Africa in presence of institutions. Environment, Development and Sustainability, 24(8), 10069–10087. https://doi.org/10.1007/s10668-021-01856-5
Nurjannah, N., Masbar, R., Majid, M. S. A., & Suriani, S. (2023). Inter-regional trade and economic growth of ASEAN low middle income: Are corruption control and HDI important? Cogent Economics and Finance, 11(2). https://doi.org/10.1080/23322039.2023.2230733
Nyasha, S., & Odhiambo, N. M. (2018). Financial development and economic growth nexus: A revisionist approach. Economic Notes, 47(1), 223-229. https://doi.org/10.1111/ecno.12101
Okwu, A. T., Oseni, I. O., & Obiakor, R. T. (2020). Does foreign direct investment enhance economic growth? Evidence from 30 leading global economies. Global Journal of Emerging Market Economies, 12(2), 217–230. https://doi.org/10.1177/0974910120919042
Osabohien, R., Iqbal, B. A., Osabuohien, E. S., Khan, M. K., & Nguyen, D. P. (2022). Agricultural trade, foreign direct investment and inclusive growth in developing countries: Evidence from West Africa. Transnational Corporations Review, 14(3), 244-255. https://doi.org/10.1080/19186444.2021.1936986
Osuji, E. (2015). Foreign direct investment and economic growth in Nigeria: Evidence from Bounds testing and ARDL Models. Journal of Economics and Sustainable Development, 6(13), 205–211. www.iiste.org
Owusu-Nantwi, V., & Erickson, C. (2019). Foreign direct investment and economic growth in South America. Journal of Economic Studies, 46(2), 383–398. https://doi.org/10.1108/JES-11-2017-0323
Paul, J., & Jadhav, P. (2020). Institutional determinants of foreign direct investment inflows: Evidence from emerging markets. International Journal of Emerging Markets, 15(2), 245–261. https://doi.org/10.1108/IJOEM-11-2018-0590
Qazi, W., Sharif, A., & Raza, S. A. (2017). Foreign direct investment and higher education development in Pakistan: Evidence from structural break testing. In Int. J. Education Economics and Development, 8(1).
Radmehr, R., Ali, E. B., Shayanmehr, S., Saghaian, S., Darbandi, E., Agbozo, E., & Sarkodie, S. A. (2022). Assessing the global drivers of sustained economic development: The role of trade openness, financial development, and FDI. Sustainability (Switzerland), 14(21). https://doi.org/10.3390/su142114023
Rodrik, D., Subramanian, A., Trebbi, F., & Kennedy, J. F. (2004). Institutions rule: The primacy of institutions over geography and integration in economic development. Journal of Economic Growth, 9, 131–165. http://www.nber.org/papers/w9305
Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002–1037. http://www.journals.uchicago.edu/t-and-c
Sabir, S., Rafique, A., & Abbas, K. (2019). Institutions and FDI: Evidence from developed and developing countries. Financial Innovation, 5(1). https://doi.org/10.1186/s40854-019-0123-7
Saidi, Y., & Ochi, A. (2023). Estimating relationships among foreign direct investment, governance quality, and economic growth in developing countries using the threshold auto‐regressive model. Regional Science Policy & Practice. https://doi.org/10.1111/rsp3.12654
Saidi, Y., Ochi, A., & Maktouf, S. (2022). FDI inflows, economic growth, and governance quality trilogy in developing countries: A panel VAR analysis. Bulletin of Economic Research. https://doi.org/10.1111/boer.12364
Sarker, B., & Khan, F. (2020). Nexus between foreign direct investment and economic growth in Bangladesh: an augmented autoregressive distributed lag bounds testing approach. Financial Innovation, 6(1). https://doi.org/10.1186/s40854-019-0164-y
Shi, J. (2019). Vertical FDI and exchange rates over the business cycle: The welfare implications of openness to FDI. Journal of Development Economics, 138, 274–293. https://doi.org/10.1016/j.jdeveco.2019.01.004
Shittu, W. O., Musibau, H. O., & Jimoh, S. O. (2022). The complementary roles of human capital and institutional quality on natural resource -FDI-economic growth nexus in the MENA region. Environment, Development and Sustainability, 24(6), 7936–7957. https://doi.org/10.1007/s10668-021-01767-5
Siddikee, M. N., & Rahman, M. M. (2021). Foreign direct investment, financial development, and economic growth nexus in Bangladesh. American Economist, 66(2), 265–280. https://doi.org/10.1177/0569434520938673
Slesman, L., Abubakar, Y. A., & Mitra, J. (2021). Foreign direct investment and entrepreneurship: Does the role of institutions matter? International Business Review, 30(4). https://doi.org/10.1016/j.ibusrev.2020.101774
Smolo, E. (2021). The FDI and economic growth in the Western Balkans: The role of institutions. Journal of Economic Cooperation and Development, 42, 147–170. http://hdl.handle.net/20.500.14131/482
Stensnes, K. (2006). Trade openness and economic do institutions matter? Norwegian Institute of International Affair. www.nupi.no
Thanh, S. D., Canh, N. P., & Schinckus, C. (2019). Impact of foreign direct investment, trade openness and economic institutions on growth in emerging countries: The case of Vietnam. Journal of International Studies, 12(3), 243–264. https://doi.org/10.14254/2071-8330.2019/12-3/
Tomizawa, A., Zhao, L., Bassellier, G., & Ahlstrom, D. (2020). Economic growth, innovation, institutions, and the great enrichment. Asia Pacific Journal of Management, 37(1), 7–31. https://doi.org/10.1007/s10490-019-09648-2
Ullah, S., Ali, K., & Ehsan, M. (2022). Foreign direct investment and economic growth nexus in the presence of domestic institutions: A regional comparative analysis. Asia-Pacific Journal of Regional Science, 6(2), 735-758. https://doi.org/10.1007/s41685-022-00236-9
Ullah, S., Luo, R., Ali, K., & Irfan, M. (2022). How does the sectoral composition of FDI induce economic growth in developing countries? The key role of business regulations. Economic Research-Ekonomska Istrazivanja. https://doi.org/10.1080/1331677X.2022.2129406
Van Bon, N. (2019). The role of institutional quality in the relationship between FDI and economic growth in Vietnam: Empirical evidence from provincial data. Singapore Economic Review, 64(3), 601–623. https://doi.org/10.1142/S0217590816500223
Volodina, M. A. (2019). Modernization in North Africa. World Economy and International Relations, 63(4), 78–86.
Vukmirović, V., Kostić-Stanković, M., Pavlović, D., Ateljević, J., Bjelica, D., Radonić, M., & Sekulić, D. (2021). Foreign direct investments’ impact on economic growth in Serbia. Journal of Balkan and Near Eastern Studies, 23(1), 122–143. https://doi.org/10.1080/19448953.2020.1818028
Wang, W., Xu, T., Liu, X., & Sun, Y. (2023). FDI inflows and income inequality: A Schumpeterian economic growth. International Review of Economics and Finance, 83, 805–820. https://doi.org/doi.org/10.1016/j.iref.2022.10.
Xie, L., & Niu, Y. (2021). A systematic literature review of foreign MNCs’ knowledge transfer in China. Asia Pacific Business Review, 27(5), 710–730. https://doi.org/10.1080/13602381.2020.1815425
Yimer, A. (2023a). The effects of FDI on economic growth in Africa. Journal of International Trade and Economic Development, 32(1), 2–36. https://doi.org/10.1080/09638199.2022.2079709
Yimer, A. (2023b). When does FDI make a difference for growth? A comparative analysis of resource-rich and resource-scarce African economies. International Finance, 26(1), 82–110.
Zaman, M., Pinglu, C., Hussain, S. I., Ullah, A., & Qian, N. (2021). Does regional integration matter for sustainable economic growth? Fostering the role of FDI, trade openness, IT exports, and capital formation in BRI countries. Heliyon, 7(12). https://doi.org/10.1016/j.heliyon.2021.e08559
Zhan, Q., Li, G., & Zhan, W. (2023). Measurement of the coupling coordination relationship between the structures of secondary vocational school programs and industries in China. Humanities and Social Sciences Communications, 10(1). https://doi.org/10.1057/s41599-023-01834-4
Muat turun
Diterbitkan
Terbitan
Bahagian
Lesen
Hak Cipta (c) 2025 Journal of Economics and Sustainability
Kerja ini dilesenkan di bawah Creative Commons Attribution 4.0 International License.
