Democracia, governança, liberdade econômica e investimento estrangeiro direto

Autores

DOI:

https://doi.org/10.18568/internext.v18i2.653

Palavras-chave:

Democracia, Governança, Liberdade econômica, Investimento Externo Direto.

Resumo

Objetivo: Analisar o quanto a democracia, a liberdade econômica e a governança influenciam no fluxo de investimento estrangeiro direto nos países, considerando como variáveis de controle o índice populacional e o produto interno bruto per capita.

Método: Análise estatística por meio da modelagem de equações estruturais, o que possibilitou examinar simultaneamente múltiplas variáveis em 144 países dos seis continentes no período de 2008 a 2018.

Principais Resultados: Confirmou-se que a democracia, a governança e a liberdade econômica influenciam no fluxo de investimento estrangeiro direto e o quanto cada um deles contribui nessa equação. Outro achado foi que o tamanho da população possui maior influência do que as variáveis independentes estudadas.

Relevância / Originalidade: Estudos anteriores dedicaram-se a analisar o impacto de um ou de outros fatores no fluxo de investimento estrangeiro direto, porém os resultados entre os estudos ainda permanecem controversos.

Contribuições Teóricas / Metodológicas: Este estudo contribui para os estudos de negócios internacionais que se atêm a entender o fluxo de investimento estrangeiro direto entre os países, ao propor uma análise multifacetada que incorpora numa mesma equação democracia, governança e liberdade econômica, controlando elementos demográficos e econômicos.

Contribuições Sociais / para a Gestão: O investimento estrangeiro direto contribui para o desenvolvimento dos países que recebem esses investimentos. Entender quais fatores são mais atrativos para os investidores permite que os países adotem políticas e desenvolvam ações mais assertivas. Portanto, com base nos achados deste artigo, os tomadores de decisão sobre fluxos de investimento estrangeiro direto poderão entender como e em que proporção os diferentes fatores atuam sobre a atratividade de diferentes regiões do globo.

Downloads

Não há dados estatísticos.

Biografia do Autor

Clarice Zimmermann, Universidade Regional de Blumenau – Blumenau (SC), Brasil

Acadêmica de Mestrado em administração na Universidade Regional de Blumenau - FURB

Cleber Aldo Reinhold, Universidade Regional de Blumenau – Blumenau (SC), Brasil.

Mestrado em Administração - Furb

Luciano Castro de Carvalho, Universidade Regional de Blumenau – Blumenau (SC), Brasil.

Luciano Castro de Carvalho Professor titular do Programa de Pós-Graduação em Administração da FURB (PPGAd) FURB - Universidade Regional de Blumenau e-mail luccar@gmail.com ORCID: 0000-0002-1740-6053

Silvio Luis de Vasconcellos, Escola Superior de Propaganda e Marketing de São Paulo – São Paulo (SP), Brasil.

Professor Prog de Mestrado e Doutorado em Admin em Gestão Internacional/Doutorado e Mestrado em Admin - PMDGI/ESPM - Esc Sup de Prop e MKT de São Paulo/Ass Esc Sup de Prop e MKT

Referências

Addison, T., & Heshmati, A. (2003). The new global determinants of FDI flows to developing countries: the importance of ICT and democratization. UNU-WIDER Research Paper, DP2003/45.

Akin, M. S. (2009). How is the market size relevant as a determinant of FDI in developing countries? A research on population and the cohort size. International Symposium on Sustainable Development (pp. 425-429).

Alemu, A. M. (2018). Quality of institutions and FDI flow: evidence from Asian economies. Korea Review of International Studies, 35-47.

Alfalih, A. A., & Hadj, T. B. (2020). Foreign direct investment determinants in an oil abundant host country: Short and long-run approach for Saudi Arabia. Resources Policy, 66, 101616. https://doi.org/10.1016/j.resourpol.2020.101616

Asiedu, E., & Lien, D. (2011). Democracy, foreign direct investment and natural resources. Journal of International Economics, 84(1), 99-111. https://doi.org/10.1016/j.jinteco.2010.12.001

Azman-Saini, W. N. W., Baharumshah, A. Z., & Law, S. H. (2010). Foreign direct investment, economic freedom and economic growth: International evidence. Economic Modelling, 27(5), 1079-1089. https://doi.org/10.1016/j.econmod.2010.04.001

Azman-Saini, W. N. W., Tun, Y., & Ibrahim, S. (2013). International evidence on the link between foreign direct investment and economic freedom. Pertanika Journal of Social Sciences and Humanities, 21(S), 157-170.

Baier, S. L., Clance, M., & Dwyer, G. P. (2012). Banking crises and economic freedom. Forthcoming in Economic Freedom of the World: 2012 Annual.

Berden, K., Bergstrand, J. H., & Van Etten, E. (2014). Governance and globalisation. The World Economy, 37(3), 353-386. https://doi.org/10.1111/twec.12135

Bengoa, M., & Sanchez-Robles, B. (2003). Foreign direct investment, economic freedom and growth: new evidence from Latin America. European Journal of Political Economy, 19(3), 529-545. https://doi.org/10.1016/S0176-2680(03)00011-9

Besley, T. (1995). Property rights and investment incentives: theory and evidence from Ghana. Journal of Political Economy, 103(5), 903-937.

Biglaiser, G., & Staats, J. L. (2010). Do political institutions affect foreign direct investment? A survey of US corporations in Latin America. Political Research Quarterly, 63(3), 508-522.

Billington, N. (1999). The location of foreign direct investment: an empirical analysis. Applied Economics, 31(1), 65-76. https://doi.org/10.1080/00036846.2019.12067087

Blanton, S., & Blanton, R. (2007). What attracts foreign investors? An examination of human rights and foreign direct investment. Journal of Politics, 69(1), 143-155. https://doi.org/10.1111/j.1468-2508.2007.00500.x

Busse, M., & Hefeker, C. (2007). Political risk, institutions and foreign direct investment. European Journal of Political Economy, 23(2), 397-415. https://doi.org/10.1016/j.ejpoleco.2006.02.003

Caetano, J., & Caleiro, A. (2009). Economic freedom and foreign direct investment: how different are the MENA countries from the EU. iBusiness, 1(2), 65-74. https://doi.org/10.4236/ib.2009.12010

Chakrabarti, A. (2001). The determinant of foreign direct investment: sensitivity analyses of cross-country regression. Kyklos, 54(1), 89-114. https://doi.org/10.1111/1467-6435.00142

Chase-Dunn, C., & Lerro, B. (2016). Social change: globalization from the Stone Age to the present. Routledge.

Choi, S. W. (2009). The effect of outliers on regression analysis: regime type and foreign direct investment. Quarterly Journal of Political Science, 4(2), 153-165. https://doi.org/10.1561/100.00008021_supp

Choi, S. W., & Samy, Y. (2008). Reexamining the effect of democratic institutions on inflows of foreign direct investment in developing countries. Foreign Policy Analysis, 4(1), 83-103.

Conferência das Nações Unidas sobre Comércio e Desenvolvimento (UNCTAD) (2019). World Investment Report 2019. UNCTAD. Retrieved from https://unctad.org/en/PublicationsLibrary/wir2019_overview_en.pdf

Coppedge, M., Gerring, J., Altman, D., Bernhard, M., Fish, S., Hicken, A., Kroenig, M., Lindberg, S. I., McMann, K., Paxton, P., Semetko, H. A., Skaaning, S.-E., Staton, J., & Teorell, J. (2011). Conceptualizing and measuring democracy: a new approach. Perspectives on Politics, 9(2), 247-267. https://doi.org/10.1017/S1537592711000880

Dalaqua, G. H. (2017). Democracia e verdade: uma defesa contingente da democracia epistêmica. Revista Brasileira de Ciência Política, (22), 191-232. https://doi.org/10.1590/0103-335220172206

Dawson, J. W. (1998). Institutions, investment, and growth: new cross‐country and panel data evidence. Economic Inquiry, 36(4), 603-619. https://doi.org/10.1111/j.1465-7295.1998.tb01739.x

Doucouliagos, C., & Ulubasoglu, M. A. (2006). Economic freedom and economic growth: does specification make a difference? European Journal of Political Economy, 22(1), 60-81. https://doi.org/10.1016/j.ejpoleco.2005.06.003

Durmaz, N. (2017). Foreign direct investments, democracy, and economic growth in Turkey. International Journal of Social Economics, 44(2), 232-252. https://doi.org/10.1108/IJSE-01-2015-0015

Economist Intelligence Unit (2020). Índice de democracia. Retrieved from https://www.eiu.com/topic/democracy-index

Egger, P., & Winner, H. (2004). Economic freedom and taxation: is there a trade-off in the locational competition between countries? Public Choice, 118(3-4), 271-288.

Emerson, K., Nabatchi, T., & Balogh, S. (2012). An integrative framework for collaborative governance. Journal of Public Administration Research and Theory, 22(1), 1-29. https://doi.org/10.1093/jopart/mur011

Fabro, G., & Aixalá, J. (2012). Direct and indirect effects of economic and political freedom on economic growth. Journal of Economic Issues, 46(4), 1059-1080. https://doi.org/10.2753/JEI0021-3624460411

Friedman, M. (1962). Capitalismo e liberdade. University of Chicago Press.

Friedman, M., & Friedman, R. (1999). Two lucky people: memoirs. University of Chicago Press.

Globerman, S., & Shapiro, D. (2003). Governance infrastructure and US foreign direct investment. Journal of International Business Studies, 34, 19-39. https://doi.org/10.1057/palgrave.jibs.8400001

Gomes, M. V. P., & Merchán, C. R. (2017). Governança transnacional: definições, abordagens e agenda de pesquisa. Revista de Administração Contemporânea, 21(1), 84-106. https://doi.org/10.1590/1982-7849rac2017150332

Gwartney, J., Lawson, R., & Hall, J. (2011). Economic freedom of the world. Fraser Institute.

Hafer, R. W. (2013). Economic freedom and financial development: International evidence. Cato Journal, 33(1), 111.

Hair, J., Babin, B., Money, A., & Samouel, P. (2005). Fundamentos de métodos de pesquisa em administração. Bookman.

Heritage Foundation (2020). Liberdade econômica. Retrieved from https://www.heritage.org/

Iamsiraroj, S. (2016). The foreign direct investment–economic growth nexus. International Review of Economics & Finance, 42, 116-133. https://doi.org/10.1016/j.iref.2015.10.044

Jensen, N. M. (2003). Democratic governance and multinational corporations: political regimes and inflows of foreign direct investment. International Organization, 57(3), 587-616.

Jensen, N. M. (2008). Political risk, democratic institutions, and foreign direct investment. Journal of Politics, 70(4), 1040-1052. https://doi.org/10.1017/s0022381608081048

Kazemi, M., & Azman-Saini, W. N. W. (2017). Foreign direct investment, economic freedom and democracy. International Journal of Economics & Management, 11(1), 1-15.

Kurul, Z., & Yalta, Y. (2017). Relationship between institutional factors and FDI flows in developing countries: new evidence from dynamic panel estimation. Economies, 5(2), 17. https://doi.org/10.3390/economies5020017

Lacroix, J., Méon, P. G., & Sekkat, K. (2017). Do democratic transitions attract foreign investors and how fast? Economic Research Forum.

Lautier, M., & Moreau, F. (2012). An empirical criticism of the “FDI development” convention. Revista de Economia Contemporânea, 16(3), 393-414. https://doi.org/10.1590/S1415-98482012000300002

Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of monetary Economics, 46(1), 31-77. https://doi.org/10.1016/S0304-3932(00)00017-9

Li, Q. (2009a). Democracy, autocracy, and expropriation of foreign direct investment. Comparative Political Studies, 42(8), 1098-1127. https://doi.org/10.1177/0010414009331723

Li, Q. (2009b). Outlier, measurement, and the democracy-FDI controversy. Quarterly Journal of Political Science, 4(2), 167-181. https://doi.org/10.1561/100.00009028

Li, Q., Owen, E., & Mitchell, A. (2018). Why do democracies attract more or less foreign direct investment? A metaregression analysis. International Studies Quarterly, 62(3), 494-504. https://doi.org/10.1093/isq/sqy014

Li, Q., & Resnick, A. (2003). Reversal of fortunes: democratic institutions and foreign direct investment inflows to developing countries. International Organization, 57(1), 175-211.

Lim, E. G. (2001). Determinants of, and the relation between, foreign direct investment and growth: a summary of the recent literature. International Monetary Fund.

Marconi, M. de A., & Lakatos, E. M. (2000). Metodologia científica: ciência e conhecimento científico; métodos científicos; teoria, hipóteses e variáveis; metodologia jurídica. 3. ed. Atlas.

Maroco, J. (2007). Análise estatística com utilização do SPSS. Sílabo.

Maroco, J. (2010). Análise de equações estruturais. Report Number.

Medina, V. R. (2016). Democracia y Sociedad. Estudios Políticos, 38, 143-162. https://doi.org/10.1016/j.espol.2016.06.006

Mukaka, M. M. (2012). Statistics corner: a guide to appropriate use of correlation coefficient in medical research. Malawi Medical Journal, 24(3), 69-71.

Pearson, D., Nyonna, D., & Kim, K. J. (2012). The relationship between economic freedom, state growth and foreign direct investment in US states. International Journal of Economics and Finance, 4(10), 140-146. https://doi.org/10.5539/ijef.v4n10p140

Pegkas, P. (2015). The impact of FDI on economic growth in Eurozone countries. Journal of Economic Asymmetries, 12(2), 124-132. https://doi.org/10.1016/j.jeca.2015.05.001

Quazi, R. (2007). Economic freedom and foreign direct investment in East Asia. Journal of the Asia Pacific Economy, 12(3), 329-344. https://doi.org/10.1080/13547860701405755

Rafat, M., & Farahani, M. (2019). The country risks and foreign direct investment (FDI). Iranian Economic Review, 23(1), 235-260. https://doi.org/10.22059/ier.2018.69107

Resnick, A. L. (2001). Investors, turbulence, and transition: democratic transition and foreign direct investment in nineteen developing countries. International Interactions, 27(4), 381-398. https://doi.org/10.1080/03050620108434991

Sambharya, R. B., & Rasheed, A. A. (2015). Does economic freedom in host countries lead to increased foreign direct investment? Competitiveness Review, 25(1), 2-24. https://doi.org/10.1108/CR-05-2013-0047

Shehzad, C. T., & De Haan, J. (2009). Financial liberalization and banking crises. Conference of the Royal Economic Society, University of Surrey.

Singh, S. (2019). Foreign direct investment (FDI) inflows in India. Journal of General Management Research, 6(1), 41-53.

Termeer, C. J. A. M., Dewulf, A., & van Lieshout, M. (2010). Disentangling scale approaches in governance research: comparing monocentric, multilevel, and adaptive governance. Ecology and Society, 15(4), 29.

Walker, M. E., Anonson, J., & Szafron, M. (2015). Economist intelligence unit democracy index in relation to health services accessibility: a regression analysis. International Health, 7(1), 49-59. https://doi.org/10.1093/inthealth/ihu064

World Bank (2020). Governance. World Bank. Retrived from http://www.worldbank.org/en/topic/governance

Yuqing, X. I. N. G. (2006). Why is China so attractive for FDI? The role of exchange rates. China Economic Review, 17(2), 198-209. https://doi.org/10.1016/j.chieco.2005.10.001

Publicado

2023-04-18

Como Citar

Zimmermann, C., Reinhold, C. A., Castro de Carvalho, L., & de Vasconcellos, S. L. (2023). Democracia, governança, liberdade econômica e investimento estrangeiro direto. Internext, 18(2). https://doi.org/10.18568/internext.v18i2.653

Edição

Seção

Artigos

Artigos mais lidos pelo mesmo(s) autor(es)