Determinants of foreign direct investment in the Visegrad group countries after the EU enlargement
Abstract
Considering the role of foreign direct investment (FDI) inflows in the sustainable development of a country, the main aim of this paper is to identify some macroeconomic factors that positively or negatively influence FDI in Visegrad group countries after the European Union (EU) enlargement in 2004. We employed two types of approaches in our analysis: i) time series and ii) panel data approach. According to the generalized ridge regressions estimated in Bayesian framework, the perceived corruption was a factor that influenced FDI in all the countries. In Poland, Czech Republic and Slovakia corruption came through as a serious obstacle for FDIs since 2005, but this was not the case for Hungary. Even if Hungary is perceived as a country with high influence, foreign investors seem no to care about this fact and are more interested in the quality of human resources and the possibility to increase exports. Our panel approach based on a panel ARDL model identified a significant relationship between FDI, corruption index and labour force with advanced education however this causality was only detected in the long run. According to the Granger causality in panel, the attraction of FDI inflows succeeded in generating changes in total tax rate, but the issues related to corruption were not reduced at an acceptable level for foreign investors in Poland, Slovakia, and the Czech Republic.
Keyword : foreign direct investments, V4 countries, perceived corruption index, ridge regression, panel ARDL model
How to Cite
Su, W., Zhang, D., Zhang, C., Abrhám, J., Simionescu, M., Yaroshevich, N., & Guseva, V. (2018). Determinants of foreign direct investment in the Visegrad group countries after the EU enlargement. Technological and Economic Development of Economy, 24(5), 1955-1978. https://doi.org/10.3846/tede.2018.5487
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Hashemkhani Zolfani, S., Maknoon, R., & Zavadskas, E. K. (2016). An introduction to prospective multiple attribute decision making (PMADM). Technological and Economic Development of Economy, 22(2), 309-326. https://doi.org/10.3846/20294913.2016.1150363
Hlavacek, P., & Bal-Domanska, B. (2016). Impact of foreign direct investment on economic growth in Central and Eastern European countries. Engineering Economics, 27(3), 294-303. https://doi.org/10.5755/j01.ee.27.3.3914
Hymer, S. H. (1976). The international operations of national firms: a study of direct foreign investment. Cambridge, MA: MLT Press.
Isard, W. (1954). Location theory and trade theory: short-run analysis. The Quarterly Journal of Economics, 68(2), 305-320. https://doi.org/10.2307/1884452
Janicki, H. P., & Wunnava, P. V. (2004). Determinants of foreign direct investment: empirical evidence from EU accession candidates. Applied Economics, 36(5), 505-509. https://doi.org/10.1080/00036840410001682214
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Kilic, C., Bayar, Y., & Arica, F. (2014). Effects of currency unions on foreign direct investment inflows: the European economic and monetary union case. International Journal of Economics and Financial Issues, 4(1), 8-15.
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Merlevede, B., & Schoors, K. (2009). Privatisation and foreign direct investment in 10 transition countries. Post-communist economies, 21(2), 143-156. https://doi.org/10.1080/14631370902778450
Michalíkova, E., & Galeotti, E. (2010). Determinants of FDI in Czech manufacturing industries between 2000–2007. South East European Journal of Economics and Business, 5(2), 21-32. https://doi.org/10.2478/v10033-010-0012-5
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Song, M. L., Peng, J., Wang, J. L., & Dong, L. (2018b). Better resource management: an improved resource and environmental efficiency evaluation approach that considers undesirable outputs. Resources, Conservation & Recycling, 128, 197-205. https://doi.org/10.1016/j.resconrec.2016.08.015
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Aleksandruk, P., & Forte, R. (2016). Location determinants of Portuguese FDI in Poland, Baltic Journal of European Studies, 6(2), 160-183.
Amarandei, C. M. (2013). Corruption and foreign direct investment. Evidence from Central and Eastern European States. CES Working Papers, 5(3), 311-322.
Avioutskii, V., & Tensaout, M. (2016). Does politics matter? Partisan FDI in Central and Eastern Europe. Multinational Business Review, 24(4), 375-398. https://doi.org/10.1108/MBR-07-2015-0028
Bellos, S., & Subasat, T. (2012). Corruption and foreign direct investment: a panel gravity model approach. Bulletin of Economic Research, 64(4), 565-574. https://doi.org/10.1111/j.1467-8586.2010.00370.x
Bevan, A. A., & Estrin, S. (2004). The determinants of foreign direct investment into European transition economies. Journal of comparative economics, 32(4), 775-787. https://doi.org/10.1016/j.jce.2004.08.006
Boateng, A., Hua, X., Nisar, S., & Wu, J. (2015). Examining the determinants of inward FDI: evidence from Norway. Economic Modelling, 47, 118-127. https://doi.org/10.1016/j.econmod.2015.02.018
Botrić, V., & Škuflić, L. (2006). Main determinants of foreign direct investment in the southeast European countries. Transition Studies Review, 13(2), 359-377. https://doi.org/10.1007/s11300-006-0110-3
Brada, J. C., Kutan, A. M., & Yigit, T. M. (2006). The effects of transition and political instability on foreign direct investment inflows, Economics of Transition, 14(4), 649-680. https://doi.org/10.1111/j.1468-0351.2006.00272.x
Brincikova, Z., & Darmo, L. (2014). The impact of FDI inflow on employment in V4 countries. European Scientific Journal, 1, 245-252.
Castro, C., & Nunes, P. (2013). Does corruption inhibit foreign direct investment. Política. Revista de Ciencia Política, 51(1), 61-83. https://doi.org/10.5354/0716-1077.2013.27418
Caves, R. E. (1996). Multinational enterprise and economic analysis. Cambridge: Cambridge University Press.
Chen, J. D., Cheng, S. L., Nikic, V., & Song, M. L. (2018). Quo Vadis? Major players in global coal consumption and emissions reduction. Transformations in Business & Economics, 17(1), 112-132.
Chidlow, A., Salciuviene, L., & Young, S. (2009). Regional determinants of inward FDI distribution in Poland. International Business Review, 18(2), 119-133. https://doi.org/10.1016/j.ibusrev.2009.02.004
Cieślik, A. (2007). Augmented gravity equation and incomplete specialization in production. International Economics Letters, 4(1), 26-34.
Cieślik, A., Michałek, J. J., & Mycielski, J. (2016). Globalization, international trade, and human development: a case of Central and Eastern Europe. Czech Journal of Social Sciences, Business and Economics, 5(2), 6-15.
Čábelková, I., Abrhám, J., & Strielkowski, W. (2015). Factors influencing job satisfaction in post-transition economies: the case of the Czech Republic. International Journal of Occupational Safety and Ergonomics, 21(4), 448-456. https://doi.org/10.1080/10803548.2015.1073007
Demekas, D., Horvath, B., Ribakova, E., & Wu, Y. (2005). Foreign direct investment in Southeastern Europe: how (and how much) can policies help? (IMF Working Paper No. 110). Washington DC: International Monetary Fund.
Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
Dunning, J. H. (1980). Toward an eclectic theory of international production: some empirical tests. Journal of International Business Studies, 11(1), 9-31. https://doi.org/10.1057/palgrave.jibs.8490593
Fernando, C. K., Hosseini, M. R., Zavadskas, E. K., Perera, B. A. K. S., & Rameezdeen, R. (2017). Managing the financial risks affecting construction contractors: implementing hedging in Sri Lanka. International Journal of Strategic Property Management, 21(2), 212-224. https://doi.org/10.3846/1648715X.2017.1301592
Ghorabaee, M. K., Amiri, M., Zavadskas, E. K., Hooshmand, R., & Antuchevičienė, J. (2017). Fuzzy extension of the CODAS method for multi-criteria market segment evaluation. Journal of Business Economics and Management, 18(1), 1-19. https://doi.org/10.3846/16111699.2016.1278559
Gorynia, M., Nowak, J., Howak, J., & Wolniak, R. (2007). Motives and modes of FDI in Poland: an exploratory qualitative study. Journal for East European Management Studies, 12(2), 132-151. https://doi.org/10.5771/0949-6181-2007-2-132
Grančay, M., & Grančay, N. (2017). Foreign Direct Investment in Slovakia: the Tatra tiger gone tame? In Foreign Direct Investment in Central and Eastern Europe (pp. 77-98). Springer International Publishing. https://doi.org/10.1007/978-3-319-40496-7_4
Guagliano, C., & Riela, S. (2005). Do special economic areas matter in attracting FDI? Evidence from Poland, Hungary and Czech Republic. (ISLA Working paper). Milan: Centre for Research on Latin American Studies and Transition Economies, Bocconi University.
Günther, J., & Kristalova, M. (2016). No risk, no fun? Foreign direct investment in Central and Eastern Europe. Intereconomics, 51(2), 95-99. https://doi.org/10.1007/s10272-016-0583-1
Hajiagha, S. H. R., Mahdiraji, H. A., Hashemi, S. S., & Zavadskas, E. K. (2015). Evolving a linear programming technique for MAGDM problems with interval valued intuitionistic fuzzy information. Expert Systems with Applications, 42(23), 9318-9325. https://doi.org/10.1016/j.eswa.2015.07.067
Hashemkhani Zolfani, S., Maknoon, R., & Zavadskas, E. K. (2016). An introduction to prospective multiple attribute decision making (PMADM). Technological and Economic Development of Economy, 22(2), 309-326. https://doi.org/10.3846/20294913.2016.1150363
Hlavacek, P., & Bal-Domanska, B. (2016). Impact of foreign direct investment on economic growth in Central and Eastern European countries. Engineering Economics, 27(3), 294-303. https://doi.org/10.5755/j01.ee.27.3.3914
Hymer, S. H. (1976). The international operations of national firms: a study of direct foreign investment. Cambridge, MA: MLT Press.
Isard, W. (1954). Location theory and trade theory: short-run analysis. The Quarterly Journal of Economics, 68(2), 305-320. https://doi.org/10.2307/1884452
Janicki, H. P., & Wunnava, P. V. (2004). Determinants of foreign direct investment: empirical evidence from EU accession candidates. Applied Economics, 36(5), 505-509. https://doi.org/10.1080/00036840410001682214
Jimborean, R., & Kelber, A. (2017). Foreign direct investment drivers and growth in Central and Eastern Europe in the aftermath of the 2007 global financial crisis. Comparative Economic Studies, 59(1), 23-54. https://doi.org/10.1057/s41294-016-0018-9
Karabatsos, G. (2014). Fast marginal likelihood estimation of the Ridge parameter (s) in Ridge regression and generalized ridge regression for Big Data. arXiv preprint arXiv:1409.2437.
Kilic, C., Bayar, Y., & Arica, F. (2014). Effects of currency unions on foreign direct investment inflows: the European economic and monetary union case. International Journal of Economics and Financial Issues, 4(1), 8-15.
Lindley, D. V., & Smith, A. F. (1972). Bayes estimates for the linear model. Journal of the Royal Statistical Society. Series B (Methodological), 34(1), 1-41.
Merlevede, B., & Schoors, K. (2009). Privatisation and foreign direct investment in 10 transition countries. Post-communist economies, 21(2), 143-156. https://doi.org/10.1080/14631370902778450
Michalíkova, E., & Galeotti, E. (2010). Determinants of FDI in Czech manufacturing industries between 2000–2007. South East European Journal of Economics and Business, 5(2), 21-32. https://doi.org/10.2478/v10033-010-0012-5
Nazarczuk, J. M., & Krajewska, A. (2017, June). Local determinants of foreign direct investment in Poland (No. 84/2017). Paper presented at The 9th International Conference on Applied Economics Contemporary Issues in Economy. Institute of Economic Research, Polish Economic Society Branch in Toruń, Faculty of Economic Sciences and Management, Nicolaus Copernicus University, Toruń, Poland.
Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621-634. https://doi.org/10.1080/01621459.1999.10474156
Porter, M. E. (1990). The competitive advantage of nations. Hampshire-London: MacMillan Press. https://doi.org/10.1007/978-1-349-11336-1
Qi, S. Z., & Li, Y. (2017). Threshold effects of renewable energy consumption on economic growth under energy transformation. Chinese Journal of Population, Resources and Environment, 15(4), 312-321. https://doi.org/10.1080/10042857.2017.1416049
Resmini, L. (2000). The determinants of foreign direct investment in the CEECs: new evidence from sectoral patterns. Economics of Transition, 8(3), 665-689. https://doi.org/10.1111/1468-0351.00060
Rostamzadeh, R., Esmaeili, A., Nia, A. S., Saparauskas, J., & Ghorabaee, M. K. (2017). A fuzzy aras method for supply chain management performance measurement in SMEs under uncertainty. Transformations in Business & Economics, 16(2A), 319-348.
Sakali, C. (2013). Determinants of Foreign Direct Investment (FDI) in Bulgaria: an econometric analysis using panel data. Journal of Economics and Business, 16(1), 73-97.
Shepotylo, O. (2012). Spatial complementarity of FDI: the example of transition countries. Post-Communist Economies, 24(3), 327-349. https://doi.org/10.1080/14631377.2012.705468
Smarzynska, B. K., & Wei, S. J. (2000). Corruption and composition of foreign direct investment: firmlevel evidence (No. w7969). National Bureau of Economic Research. https://doi.org/10.3386/w7969
Song, M. L., Fisher, R., Wang, J. L., & Cui, L. B. (2018a). Environmental performance evaluation with big data: theories and methods. Annals of Operations Research, 1-14.
Song, M. L., Peng, J., Wang, J. L., & Dong, L. (2018b). Better resource management: an improved resource and environmental efficiency evaluation approach that considers undesirable outputs. Resources, Conservation & Recycling, 128, 197-205. https://doi.org/10.1016/j.resconrec.2016.08.015
Song, M. L., & Wang, S. H. (2018). Market competition, green technology progress and comparative advantages in China. Management Decision, 56(1), 188-203. https://doi.org/10.1108/MD-04-2017-0375
Stack, M. M., Ravishankar, G., & Pentecost, E. (2017). Foreign direct investment in the Eastern European countries: determinants and performance. Structural Change and Economic Dynamics, 41, 86-97. https://doi.org/10.1016/j.strueco.2017.04.005
Stanujkic, D., & Zavadskas, E. K. (2015). A modified weighted sum method based on the decision maker’s preferred levels of performances. Studies in Informatics and Control, 24(4), 461-470. https://doi.org/10.24846/v24i4y201510
Subasat, T., & Bellos, S. (2013). Governance and foreign direct investment in Latin America: a panel gravity model approach. Latin American Journal of Economics, 50(1), 107-131. https://doi.org/10.7764/LAJE.50.1.107
Wach, K., & Wojciechowski, L. (2016). Determinants of inward FDI into Visegrad countries: empirical evidence based on panel data for the years 2000–2012. Economics and Business Review, 2(1), 34-52. https://doi.org/10.18559/ebr.2016.1.3
Walkenhorst, P. (2001). Determinants of foreign direct investment in the food industry: the case of Poland. Agribusiness, 17(3), 383-395. https://doi.org/10.1002/agr.1023
Wilhelms, S. K., & Witter, M. S. D. (1998). Foreign direct investment and its determinants in emerging economies. Washington DC: United States Agency for International Development, Bureau for Africa, Office of Sustainable Development.
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