Still dirty: the effect of global risks and development on foreign direct investment inflow
Abstract
There needs to be more research on the global risks and developmental determinants of foreign direct investment inflow with green investment campaigns. This article presents new evidence covering 116 countries (2018–2020) using least squares regression. We show that ceteris paribus, higher perceived environmental and geopolitical risks are more likely to increase foreign direct investment. We also find that lower business environment, safety and security, and environmental sustainability increase foreign direct investment inflow. Meanwhile, foreign investment inflow increased positively according to price competitiveness, infrastructure quality, and natural resources. One development variable, information, and communication technology readiness, becomes significant when the analysis is performed only on developing countries. Economic risks, societal risks, technological risks, health and hygiene, human resources, and international openness are not significantly affecting investment inflow. An insightful theoretical implication regarding the finding is that some supports exist for the pollution haven hypothesis. Implications for practice include creating supportive policies that appreciate sustainable practices, such that investors are attracted to the country not as opportunistic polluters but as sustainability pioneers.
Keyword : global risks, development, foreign direct investment, green investment, COVID-19
How to Cite
Kaukab, M. E. (2024). Still dirty: the effect of global risks and development on foreign direct investment inflow. Business: Theory and Practice, 25(1), 83–94. https://doi.org/10.3846/btp.2024.19193
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Chipalkatti, N., Le, Q. V., & Rishi, M. (2021). Sustainability and society: Do environmental, social, and governance factors matter for foreign direct investment? Energies, 14(19), Article 6039. https://doi.org/10.3390/en14196039
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Kamal, M. A., Ullah, A., Zheng, J., Zheng, B., & Xia, H. (2019). Natural resource or market seeking motive of China’s FDI in Asia? New evidence at income and sub-regional level. Economic Research – Ekonomska Istraživanja, 32(1), 3869–3894. https://doi.org/10.1080/1331677X.2019.1674679
Kaukab, M. E., & Surwandono, S. (2021). Convergence of Human Development Index: Case study of foreign direct investment in ASEAN. Business: Theory and Practice, 22(1), 12–17. https://doi.org/10.3846/btp.2021.12153
Khan, M. K., Babar, S. F., Oryani, B., Dagar, V., Rehman, A., Zakari, A., & Khan, M. O. (2022). Role of financial development, environmental-related technologies, research and development, energy intensity, natural resource depletion, and temperature in sustainable environment in Canada. Environmental Science and Pollution Research, 29(1), 622–638. https://doi.org/10.1007/s11356-021-15421-0
Koçak, S., & Barış-Tüzemen, Ö. (2022). Impact of the COVID-19 on foreign direct investment inflows in emerging economies: Evidence from panel quantile regression. Future Business Journal, 8(1), Article 22. https://doi.org/10.1186/s43093-022-00133-9
Liu, H., Jiang, J., Zhang, L., & Chen, X. (2018). OFDI Agglomeration and Chinese firm location decisions under the “Belt and Road” initiative. Sustainability, 10(11), Article 4060. https://doi.org/10.3390/su10114060
Luo, R., Ullah, S., & Ali, K. (2021). Pathway towards sustainability in selected Asian countries: Influence of Green Investment, technology innovations, and economic growth on CO2 emission. Sustainability, 13(22), Article 12873. https://doi.org/10.3390/su132212873
Mbena, J. Y. (2022). The status quo of research in sustainable FDI: Exploring the theoretical agenda and policy inferences in West and Central Africa. Future Business Journal, 8(1), Article 46. https://doi.org/10.1186/s43093-022-00153-5
Morrish, S. C., & Jones, R. (2020). Post-disaster business recovery: An entrepreneurial marketing perspective. Journal of Business Research, 113, 83–92. https://doi.org/10.1016/j.jbusres.2019.03.041
Nguyen, T. T. T., Pham, B. T., & Sala, H. (2022). Being an emerging economy: To what extent do geopolitical risks hamper technology and FDI inflows? Economic Analysis and Policy, 74, 728–746. https://doi.org/10.1016/j.eap.2022.04.005
Odugbesan, J. A., Ike, G., Olowu, G., &Adeleye, B. N. (2022). Investigating the causality between financial inclusion, financial development and sustainable development in Sub-Saharan Africa economies: The mediating role of foreign direct investment. Journal of Public Affairs, 22(3). https://doi.org/10.1002/pa.2569
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Opoku, E. E. O., Acheampong, A. O., Dzator, J., & Kufuor, N. K. (2022). Does environmental sustainability attract foreign investment? Evidence from developing countries. Business Strategy and the Environment, 31(7), 3542–3573. https://doi.org/10.1002/bse.3104
Paul, J., & Feliciano-Cestero, M. M. (2021). Five decades of research on foreign direct investment by MNEs: An overview and research agenda. Journal of Business Research, 124, 800–812. https://doi.org/10.1016/j.jbusres.2020.04.017
Ramachandran, R., & Sasidharan, S. (2022). Country of origin and industry FDI agglomeration of MNEs: Evidence from India. Transnational Corporations Review, 15(1), 61–71. https://doi.org/10.1080/19186444.2022.2082226
Ratten, V. (2020). Coronavirus (Covid-19) and entrepreneurship: Changing life and work landscape. Journal of Small Business & Entrepreneurship, 32(5), 503–516. https://doi.org/10.1080/08276331.2020.1790167
Rehman, F. U., Khan, M. A., Khan, M. A., Pervaiz, K., & Liaqat, I. (2020). The causal, linear and nonlinear nexus between sectoral FDI and infrastructure in Pakistan: Using a new global infrastructure index. Research in International Business and Finance, 52, Article 101129. https://doi.org/10.1016/j.ribaf.2019.101129
Rencker, L. (2019). Sparse signal recovery from linear and nonlinear compressive measurements [Doctoral dissertation, University of Surrey].
Sabir, S., Rafique, A., & Abbas, K. (2019). Institutions and FDI: Evidence from developed and developing countries. Financial Innovation, 5(1), 8. https://doi.org/10.1186/s40854-019-0123-7
Saini, N., & Singhania, M. (2018). Determinants of FDI in developed and developing countries: A quantitative analysis using GMM. Journal of Economic Studies, 45(2), 348–382. https://doi.org/10.1108/JES-07-2016-0138
Shahbaz, M., Nasir, M. A., & Roubaud, D. (2018). Environmental degradation in France: The effects of FDI, financial development, and energy innovations. Energy Economics, 74, 843–857. https://doi.org/10.1016/j.eneco.2018.07.020
Shan, S., Lin, Z., Li, Y., & Zeng, Y. (2018). Attracting Chinese FDI in Africa: The role of natural resources, market size and institutional quality. Critical Perspectives on International Business, 14(2/3), 139–153. https://doi.org/10.1108/cpoib-11-2016-0055
Shapiro, D. M., Vecino, C., & Li, J. (2018). Exploring China’s state-led FDI model: Evidence from the extractive sectors in Latin America. Asia Pacific Journal of Management, 35(1), 11–37. https://doi.org/10.1007/s10490-017-9526-z
Skovoroda, R., Goldfinch, S., DeRouen, K., & Buck, T. (2019). The attraction of FDI to conflicted states: The counter-intuitive case of US oil and gas. Management International Review, 59(2), 229–251. https://doi.org/10.1007/s11575-018-0374-y
Soltani, H., Triki, M., Ghandri, M., & Abderzag, F. (2021). Does geopolitical risk and financial development matter for economic growth in MENA countries? Journal of International Studies, 14(1), 103–116. https://doi.org/10.14254/2071-8330.2021/14-1/7
Sustainable Investment Forum. (2019). US SIF Annual Report. US SIF Foundation.
United Nations Conference on Trade and Development. (2021). World Investment Report 2021: Investing in sustainable Recovery. United Nations. https://doi.org/10.18356/9789210054638
Waqih, M. A. U., Bhutto, N. A., Ghumro, N. H., Kumar, S., & Salam, M. A. (2019). Rising environmental degradation and impact of foreign direct investment: An empirical evidence from SAARC region. Journal of Environmental Management, 243, 472–480. https://doi.org/10.1016/j.jenvman.2019.05.001
World Bank. (2022). World development indicators. World Bank Databank. https://databank.worldbank.org/source/world-development-indicators#
World Economic Forum. (2017). The Travel & tourism competitiveness report 2017 “Paving the way for a more sustainable and inclusive future”. World Economic Forum.
World Economic Forum. (2022). The global risks report 2022: 17th edition: Insight report. World Economic Forum.
Xaisongkham, S., & Liu, X. (2022). Institutional quality, employment, FDI and environmental degradation in developing countries: Evidence from the balanced panel GMM estimator. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-10-2021-1583
Yang, J.-H., Wang, W., Wang, K.-L., & Yeh, C.-Y. (2018). Capital intensity, natural resources, and institutional risk preferences in Chinese outward foreign direct investment. International Review of Economics & Finance, 55, 259–272. https://doi.org/10.1016/j.iref.2017.07.015
Yiadom, E. B., & Mensah, L. (2021). Environmental risk, FDI and tax reforms: Why we must worry. African Journal of Economic and Management Studies, 12(2), 269–284. https://doi.org/10.1108/AJEMS-08-2020-0399
Yiadom, E. B., Mensah, Lord, & Bokpin, G. A. (2022). Environmental risk and foreign direct investment: The role of financial sector development. Environmental Challenges, 9, Article 100611. https://doi.org/10.1016/j.envc.2022.100611
Zhan, J. (2020). Covid-19 and investment – An UNCTAD research round-up of the international pandemic’s effect on FDI flows and policy. Transnational Corporations, 27(1), 1–2. https://doi.org/10.18356/42625ea1-en
Zubedi, A., Jianqiu, Z., Ali, Q., Memon, I., & Zubedi, E. (2022). Impact of energy consumption, economic growth, and FDI through environmental Kuznets Curve: Perspective from belt and road initiative and Pakistan. Mathematical Problems in Engineering, 2022, 1–19. https://doi.org/10.1155/2022/3130605
Audi, M., Ali, A., & Roussel, Y. (2021). Aggregate and disaggregate natural resources agglomeration and foreign direct investment in France. International Journal of Economics and Financial Issues, 11(1), 147–156. https://doi.org/10.32479/ijefi.10869
Badmus, J. O., Bisiriyu, S. O., & Alawode, O. S. (2022). Does COVID-19 shock endanger the flows of FDI in OECD? Empirical evidence based on AMG panel estimator. Future Business Journal, 8(1), Article 19. https://doi.org/10.1186/s43093-022-00132-w
Barry, C. M., & DiGiuseppe, M. (2019). Transparency, risk, and FDI. Political Research Quarterly, 72(1), 132–146. https://doi.org/10.1177/1065912918781037
Broncek, J. (2018). Foreign direct investment in the context of price competitiveness and development of the people’s Republic of China. Almanach: Actual Issues in World Economics and Politics, 13(3), 5–12.
Bunte, J. B., Desai, H., Gbala, K., Parks, B., & Runfola, D. M. (2018). Natural resource sector FDI, government policy, and economic growth: Quasi-experimental evidence from Liberia. World Development, 107, 151–162. https://doi.org/10.1016/j.worlddev.2018.02.034
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
Chipalkatti, N., Le, Q. V., & Rishi, M. (2021). Sustainability and society: Do environmental, social, and governance factors matter for foreign direct investment? Energies, 14(19), Article 6039. https://doi.org/10.3390/en14196039
Cicatiello, L., De Simone, E., Ercolano, S., & Gaeta, G. L. (2021). Assessing the impact of fiscal transparency on FDI inflows. Socio-Economic Planning Sciences, 73, Article 100892. https://doi.org/10.1016/j.seps.2020.100892
Contractor, F. J., Dangol, R., Nuruzzaman, N., & Raghunath, S. (2020). How do country regulations and business environment impact foreign direct investment (FDI) inflows? International Business Review, 29(2), Article 101640. https://doi.org/10.1016/j.ibusrev.2019.101640
Dias, M., & Teixeira, A. (2018). The importance of geopolitical factors in international location decisions: The Russian Federation Case. In O. Karnaukhova, A. Udovikina, & B. Christiansen (Eds.), Economic and geopolitical perspectives of the commonwealth of Independent States and Eurasia. IGI Global. https://doi.org/10.4018/978-1-5225-3264-4
Dimitrova, A., Rogmans, T., & Triki, D. (2020). Country-specific determinants of FDI inflows to the MENA region: A systematic review and future research directions. Multinational Business Review, 28(1), 1–38. https://doi.org/10.1108/MBR-01-2019-0003
Feng, C., Han, L., Vigne, S., & Xu, Y. (2023). Geopolitical risk and the dynamics of international capital flows. Journal of International Financial Markets, Institutions and Money, 82, Article 101693. https://doi.org/10.1016/j.intfin.2022.101693
Fu, Y., Alleyne, A., & Mu, Y. (2021). Does lockdown bring shutdown? Impact of the COVID-19 pandemic on foreign direct investment. Emerging Markets Finance and Trade, 57(10), 2792–2811. https://doi.org/10.1080/1540496X.2020.1865150
Giwa, B. A., George, E. O., Okodua, H., & Adediran, O. S. (2020). Empirical analysis of the effects of foreign direct investment inflows on Nigerian real economic growth: Implications for sustainable development goal-17. Cogent Social Sciences, 6(1), Article 1727621. https://doi.org/10.1080/23311886.2020.1727621
Haque, M. A., Raza Shah, S. M., & Arshad, M. U. (2022). Sustainable economic growth and FDI Inflow: A comparative panel econometric analysis of low-income and middle-income nations. Sustainability, 14(21), Article 14321. https://doi.org/10.3390/su142114321
Iyanda, A. E., Adeleke, R., Boakye, K. A., Adeusi, T. J., & Lu, Y. (2021). Underage tobacco sales violations and neighborhood crime arrest in Philadephia: A multiscale GIS-based analysis. GeoJournal, 87, 4455–24474. https://doi.org/10.1007/s10708-021-10507-1
Kamal, M. A., Ullah, A., Zheng, J., Zheng, B., & Xia, H. (2019). Natural resource or market seeking motive of China’s FDI in Asia? New evidence at income and sub-regional level. Economic Research – Ekonomska Istraživanja, 32(1), 3869–3894. https://doi.org/10.1080/1331677X.2019.1674679
Kaukab, M. E., & Surwandono, S. (2021). Convergence of Human Development Index: Case study of foreign direct investment in ASEAN. Business: Theory and Practice, 22(1), 12–17. https://doi.org/10.3846/btp.2021.12153
Khan, M. K., Babar, S. F., Oryani, B., Dagar, V., Rehman, A., Zakari, A., & Khan, M. O. (2022). Role of financial development, environmental-related technologies, research and development, energy intensity, natural resource depletion, and temperature in sustainable environment in Canada. Environmental Science and Pollution Research, 29(1), 622–638. https://doi.org/10.1007/s11356-021-15421-0
Koçak, S., & Barış-Tüzemen, Ö. (2022). Impact of the COVID-19 on foreign direct investment inflows in emerging economies: Evidence from panel quantile regression. Future Business Journal, 8(1), Article 22. https://doi.org/10.1186/s43093-022-00133-9
Liu, H., Jiang, J., Zhang, L., & Chen, X. (2018). OFDI Agglomeration and Chinese firm location decisions under the “Belt and Road” initiative. Sustainability, 10(11), Article 4060. https://doi.org/10.3390/su10114060
Luo, R., Ullah, S., & Ali, K. (2021). Pathway towards sustainability in selected Asian countries: Influence of Green Investment, technology innovations, and economic growth on CO2 emission. Sustainability, 13(22), Article 12873. https://doi.org/10.3390/su132212873
Mbena, J. Y. (2022). The status quo of research in sustainable FDI: Exploring the theoretical agenda and policy inferences in West and Central Africa. Future Business Journal, 8(1), Article 46. https://doi.org/10.1186/s43093-022-00153-5
Morrish, S. C., & Jones, R. (2020). Post-disaster business recovery: An entrepreneurial marketing perspective. Journal of Business Research, 113, 83–92. https://doi.org/10.1016/j.jbusres.2019.03.041
Nguyen, T. T. T., Pham, B. T., & Sala, H. (2022). Being an emerging economy: To what extent do geopolitical risks hamper technology and FDI inflows? Economic Analysis and Policy, 74, 728–746. https://doi.org/10.1016/j.eap.2022.04.005
Odugbesan, J. A., Ike, G., Olowu, G., &Adeleye, B. N. (2022). Investigating the causality between financial inclusion, financial development and sustainable development in Sub-Saharan Africa economies: The mediating role of foreign direct investment. Journal of Public Affairs, 22(3). https://doi.org/10.1002/pa.2569
OECD. (2018). OECD benchmark definition of foreign direct investment. OECD.
Opoku, E. E. O., Acheampong, A. O., Dzator, J., & Kufuor, N. K. (2022). Does environmental sustainability attract foreign investment? Evidence from developing countries. Business Strategy and the Environment, 31(7), 3542–3573. https://doi.org/10.1002/bse.3104
Paul, J., & Feliciano-Cestero, M. M. (2021). Five decades of research on foreign direct investment by MNEs: An overview and research agenda. Journal of Business Research, 124, 800–812. https://doi.org/10.1016/j.jbusres.2020.04.017
Ramachandran, R., & Sasidharan, S. (2022). Country of origin and industry FDI agglomeration of MNEs: Evidence from India. Transnational Corporations Review, 15(1), 61–71. https://doi.org/10.1080/19186444.2022.2082226
Ratten, V. (2020). Coronavirus (Covid-19) and entrepreneurship: Changing life and work landscape. Journal of Small Business & Entrepreneurship, 32(5), 503–516. https://doi.org/10.1080/08276331.2020.1790167
Rehman, F. U., Khan, M. A., Khan, M. A., Pervaiz, K., & Liaqat, I. (2020). The causal, linear and nonlinear nexus between sectoral FDI and infrastructure in Pakistan: Using a new global infrastructure index. Research in International Business and Finance, 52, Article 101129. https://doi.org/10.1016/j.ribaf.2019.101129
Rencker, L. (2019). Sparse signal recovery from linear and nonlinear compressive measurements [Doctoral dissertation, University of Surrey].
Sabir, S., Rafique, A., & Abbas, K. (2019). Institutions and FDI: Evidence from developed and developing countries. Financial Innovation, 5(1), 8. https://doi.org/10.1186/s40854-019-0123-7
Saini, N., & Singhania, M. (2018). Determinants of FDI in developed and developing countries: A quantitative analysis using GMM. Journal of Economic Studies, 45(2), 348–382. https://doi.org/10.1108/JES-07-2016-0138
Shahbaz, M., Nasir, M. A., & Roubaud, D. (2018). Environmental degradation in France: The effects of FDI, financial development, and energy innovations. Energy Economics, 74, 843–857. https://doi.org/10.1016/j.eneco.2018.07.020
Shan, S., Lin, Z., Li, Y., & Zeng, Y. (2018). Attracting Chinese FDI in Africa: The role of natural resources, market size and institutional quality. Critical Perspectives on International Business, 14(2/3), 139–153. https://doi.org/10.1108/cpoib-11-2016-0055
Shapiro, D. M., Vecino, C., & Li, J. (2018). Exploring China’s state-led FDI model: Evidence from the extractive sectors in Latin America. Asia Pacific Journal of Management, 35(1), 11–37. https://doi.org/10.1007/s10490-017-9526-z
Skovoroda, R., Goldfinch, S., DeRouen, K., & Buck, T. (2019). The attraction of FDI to conflicted states: The counter-intuitive case of US oil and gas. Management International Review, 59(2), 229–251. https://doi.org/10.1007/s11575-018-0374-y
Soltani, H., Triki, M., Ghandri, M., & Abderzag, F. (2021). Does geopolitical risk and financial development matter for economic growth in MENA countries? Journal of International Studies, 14(1), 103–116. https://doi.org/10.14254/2071-8330.2021/14-1/7
Sustainable Investment Forum. (2019). US SIF Annual Report. US SIF Foundation.
United Nations Conference on Trade and Development. (2021). World Investment Report 2021: Investing in sustainable Recovery. United Nations. https://doi.org/10.18356/9789210054638
Waqih, M. A. U., Bhutto, N. A., Ghumro, N. H., Kumar, S., & Salam, M. A. (2019). Rising environmental degradation and impact of foreign direct investment: An empirical evidence from SAARC region. Journal of Environmental Management, 243, 472–480. https://doi.org/10.1016/j.jenvman.2019.05.001
World Bank. (2022). World development indicators. World Bank Databank. https://databank.worldbank.org/source/world-development-indicators#
World Economic Forum. (2017). The Travel & tourism competitiveness report 2017 “Paving the way for a more sustainable and inclusive future”. World Economic Forum.
World Economic Forum. (2022). The global risks report 2022: 17th edition: Insight report. World Economic Forum.
Xaisongkham, S., & Liu, X. (2022). Institutional quality, employment, FDI and environmental degradation in developing countries: Evidence from the balanced panel GMM estimator. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-10-2021-1583
Yang, J.-H., Wang, W., Wang, K.-L., & Yeh, C.-Y. (2018). Capital intensity, natural resources, and institutional risk preferences in Chinese outward foreign direct investment. International Review of Economics & Finance, 55, 259–272. https://doi.org/10.1016/j.iref.2017.07.015
Yiadom, E. B., & Mensah, L. (2021). Environmental risk, FDI and tax reforms: Why we must worry. African Journal of Economic and Management Studies, 12(2), 269–284. https://doi.org/10.1108/AJEMS-08-2020-0399
Yiadom, E. B., Mensah, Lord, & Bokpin, G. A. (2022). Environmental risk and foreign direct investment: The role of financial sector development. Environmental Challenges, 9, Article 100611. https://doi.org/10.1016/j.envc.2022.100611
Zhan, J. (2020). Covid-19 and investment – An UNCTAD research round-up of the international pandemic’s effect on FDI flows and policy. Transnational Corporations, 27(1), 1–2. https://doi.org/10.18356/42625ea1-en
Zubedi, A., Jianqiu, Z., Ali, Q., Memon, I., & Zubedi, E. (2022). Impact of energy consumption, economic growth, and FDI through environmental Kuznets Curve: Perspective from belt and road initiative and Pakistan. Mathematical Problems in Engineering, 2022, 1–19. https://doi.org/10.1155/2022/3130605