A Corrupção e os determinantes do IDE: as relações de IDE entre Portugal e o resto do mundo
Abstract
Objetivos: O presente estudo tem como objetivos determinar e clarificar o efeito exercido pela corrupção nos fluxos de IDE, bem como evidenciar os fatores mais relevantes enquanto determinantes de IDE, no caso específico do investimento português no estrangeiro e do investimento estrangeiro em Portugal.
Desenho/metodologia/abordagem: A análise tem como foco os fluxos de IDE realizados e recebidos por Portugal, no período de 2009 a 2012, com 55 países parceiros. As hipóteses foram testadas com recurso a fontes de informação secundária, tendo sido utilizadas equações estruturais (SEM) estimadas no software PLS (Partial Least Squares).
Resultados: Os resultados demonstraram que a corrupção exerce um efeito significativo e negativo sobre o IDE recebido por Portugal, não evidenciando, contudo, um efeito significativo sobre o IDE realizado por Portugal. A população e a distância física afetam significativamente o IDE, recebido e realizado por Portugal. As variáveis distância ao poder, individualismo, masculinidade, nível da burocracia, orientação a longo prazo e liberdade económica também afetam significativamente o IDE, embora não na totalidade do período em análise. Em relação aos determinantes da corrupção, concluiu-se que a liberdade económica exerce um efeito significativo sobre a mesma.
Originalidade/valor: A influência da corrupção sobre o IDE não é vista de forma unânime na literatura. O presente estudo contribui para o debate existente na literatura, centrado na presença de efeitos contraditórios da corrupção, ao detetar a presença de um efeito negativo da corrupção nas relações de investimento portuguesas. Paralelamente, os resultados evidenciam que os investigadores portugueses valorizam, na seleção do mercado de destino, alguns fatores de forma contrária ao expetável na literatura (e.g. feminilidade e aversão ao risco), lançando pistas para debate e investigação futura.
Palavras-chave: IDE, corrupção.
[ENG]
Title: "Corruption and the FDI Determinants: FDI relations between Portugal and the rest of the World"
Abstract
Purpose: This study aims to determine and clarify the effect of corruption on FDI flows, as well as to highlight the most relevant factors as determinants of FDI, in the specific case of Portuguese foreign investment and foreign investment in Portugal.
Design/methodology/approach: The analysis focuses on FDI flows made and received by Portugal, from 2009 to 2012, with 55 partner countries. The hypotheses were tested using secondary information sources, using estimated structural equations (SEM) in the PLS (Partial Least Squares) software.
Results: The results showed that corruption has a significant and negative effect on FDI received by Portugal, but does not show a significant effect on FDI by Portugal. Population and physical distance significantly affect FDI, received and realized by Portugal. The variables distance to power, individualism, masculinity, level of bureaucracy, long-term orientation and economic freedom also significantly affect FDI, although not for the entire period under review. Regarding the determinants of corruption, it has been found that economic freedom has a significant effect on corruption.
Originality/value: The influence of corruption on the IDE is not unanimously seen in the literature. This study contributes to the debate in the literature, focusing on the presence of contradictory effects of corruption, by detecting the presence of a negative effect of corruption on Portuguese investment relations. At the same time, the results show that Portuguese researchers value, in the selection of the target market, some factors contrary to what is expected in the literature (eg femininity and risk aversion), providing clues for debate and future research.
Keywords: IDE, corruption.
Full Text:
PDFReferences
Amal, M. & Seabra, F. 2007. Determinantes do Investimento Direto Externo (IDE) na América Latina: Uma Perspectiva Institucional. Anpec, Vol. 8, 2, pp. 231-247.
Andreff, W. 2002. The new multinational corporations from transition countries. Economic Systems, Vol. 26, 4, pp. 371-379.
Aziz, A. & Makkawi, B. 2012. Relationship between Foreign Direct Investment and Country Population. International Journal of Business and Management. April, Vol. 7, 8.
Bardhan, P. 1997. Corruption and Development: A Review of Issues. Journal of Economic Literature, Vol. 35, 3, pp. 1320-1346.
Bénassy-Quéré, A., Coupet, M. & Mayer, T. 2007. Institutional determinants of foreign direct investment. The World Economy, Vol. 30, 5, pp. 764-782.
Bengoa, M. & Sanchez-Robles, B. 2003. Foreign direct investment, economic freedom and growth: new evidence from Latin America. European Journal of Political Economy. September, Vol. 19, 3, pp. 529-545.
Bhardwaj, A., Dietz, J. & Beamish, P. H. 2007. Host Country Cultural Influences on Foreign Direct Investment. Management International Review, Vol. 47, 1, pp. 29-50.
Bhasin, N. & Jain, V. 2013. Home Country Determinants of Outward FDI: A Study of Select Asian Economies. Working Paper Series. January.
Bitzenis, A. 2006. Determinants of Greek FDI Outflows in the Balkan Region: The Case of Greek Entrepreneurs in Bulgaria. Eastern European Economics, Vol. 44, 3, pp. 79-96.
—. 2004. Explanatory Variables for the Low Western Investment Interest in Bulgaria. Eastern European Economics. November-December, Vol. 42, 6, pp. 5-38.
Bitzenis, A., Tsitouras, A. & Vlachos, V. A. 2009. Decisive FDI obstacles as an explanatory reason for limited FDI inflows in an EMU member state: The case of Greece. The Journal of Socio-Economics, Vol. 38, pp. 691-704.
Boycko, M., Shleifer, A. & Vishny, R. W. 1995. Privatizing Russia. Cambridge : MIT Press.
Caetano, J. & Caleiro, A. 2009. Economic Freedom and Foreign Direct Investment: How Different are the MENA Countries from the EU. iBusiness, Vol. 1, 2, pp. 65-74.
Chowdhury, A. & Mavrotas, G. 2006. FDI and Growth: What Causes What? The World Economy, Vol. 29, 1, pp. 9-19.
Cox, P. L., Friedman, B. A. & Tribunella, T. 2011. Relationships among Cultural Dimensions, National Gross Domestic Product, and Environmental Sustainability. Journal of Applied Business and Economics, Vol. 12, 6.
Cuervo-Cazurra, A. 2006. Who Cares About Corruption? Journal of International Business Studies, Palgrave Macmillan Journals. November, Vol. 37, 6, pp. 807-822.
Davies, R. B., Ionascu, D. & Kristjánsdóttir, H. 2007. Estimating the Impact of Time-Invariant Variables on FDI with Fixed Effects. The Institute for International Integration Studies (Discussion Paper Series).
Drabek, Z. & Payne, W. 2001. The impact of transparency on foreign direct investment. World Trade Organization - Economic Research and Analysis Division (Working Paper).
Dunning, J. 1977. Trade, Location of Economic Activity and the MNE: A Search for An Eclectic Approach. In B. Ohlin, P.-O. Hesselborn, & P. M. Wijkman. London: Macmillan.
Egger, P. & Winner, H. 2006. How Corruption Influences Foreign Direct Investment: A Panel Data Study. Economic Development and Cultural Change, University of Chicago Press. January, Vol. 54, 2, pp. 459-486.
—. 2005. Evidence on corruption as an incentive for foreign direct investment. European Journal of Political Economy, Vol. 21, pp. 932-952.
Eicher, T., Helfman, L. & Lenkoski, A. 2012. Robust FDI determinants: Bayesian Model Averaging in the presence of selection bias. Journal of Macroeconomics, Elsevier, Vol. 34, 3, pp. 637-651.
Evans, B. R. 1999. The cost of corruption. Teddington, UK: TEARFund. 1999.
Falk, R. F. & Miller, N. B. 1992. A primer for soft modeling. Akron, OH: The University of Akron.
Garibaldi, P., Mora N., Sahay R., & Zettelmeyer J. 2002. What Moves Capital to Transition Economies. IMF Staff Paper.
Gorodnichenko, Y. & Roland, G. 2011. Which dimensions of culture matter for long run growth? The American economic review - Nashville, Tenn: American Economic Assoc, Vol. 101, 3, pp. 492-498.
—. 2010. Culture, Institutions and Long Run Growth. NBER Working Paper 16368, Cambridge Massachussetts.
Gray, C. W. & Kaufmann, D. 1998. Corruption and Development. Finance and Development, Vol. 35, 1.
Gwartney, J. & Lawson, R. 2003. Economic Freedom of the World 2003 Annual Report. Calgary: The Fraser Institute.
Head, T. C. & Sorensen, P. F. 2005. Attracting Foreign Direct Investment: The Potential Role of National Culture. The Journal of American Academy of Business, Cambridge, Vol. 6, 1, pp. 305-308.
Heritage Foundation. 2012. 2012 Index of Economic Freedom.
—. 2011. Highlights of the 2011 Index of Economic Freedom. The Link Between Economic Oportunity and Prosperity.
—. 2010. Highlights of the 2010 Index of Economic Freedom. The Link Between Economic Oportunity and Prosperity.
—. 2009. Highlights of the 2009 Index of Economic Freedom. The Link Between Economic Oportunity and Prosperity.
Hofstede, G. H. 2001. Culture’s consequences: Comparing values, behaviors, institutions, and organizations across nations. Beverly Hills, CA: Sage Publications, 2.
—. 1991. Culturas e Organizações - Compreender a nossa Programação Mental. Lisboa, Sílabo, 1.
Hong, M. & Chen, L. 2001. Quantitative and dynamic analysis of the OLI variables determining FDI in China. RURDS, Vol. 13, 2, pp. 163-172.
Hulland, J. 1999. Use of partial least squares (PLS) in strategic management research: a review of four recent studies. Strategic Management Journal, Vol. 20, 2, pp. 195-204.
Kayam, S. S. 2009. Home market determinants of FDI outflows from developing and transition economies. MPRA Paper 16781, University Library of Munich, Germany.
Kinoshita, Y. & Campos, N. F. 2004. Estimating the Determinants of Foreign Direct Investment Inflows: How Important are Sampling and Omitted Variable Biases? The Bank of Finland Institute for Transition Economies, BOFIT Discussion Paper No. 10, Helsinki.
Kristjansdottir, H. 2004. Determinants of Foreign Direct Investment in Iceland. University of Iceland e EPRU.
Lambsdorff, J. 2007. The New Institutional Economics of Corruption and Reform: Theory, Policy, and Evidence. Cambridge University Press.
Landefeld, J. S. & Kozlow, R. 2003. Globalization and multinational companies: what are the questions and how well are we doing in answering them? Conference of European Statisticians, Globalization Seminar, Geneva, Switzerland. 10-12 June.
Lokesha, B. K. & Leelavathy, D. S. 2012. Determinants of Foreign Direct Investment: A Macro Perspective. The Indian Journal of Industrial Relations. January, Vol. 47, 3.
Lui, F. T. 1985. An equilibrium queuing model of bribery. Journal of Political Economy, Vol. 93, pp. 760-781.
Mathur, A. & Singh, K. 2011. Foreign Direct Investment, Corruption, and Democracy. Applied Economics. November, Vol. 45, 8.
Mauro, P. 1995. Corruption and growth. Quarterly Journal of Economics, Vol. 109, 4, pp. 681-712.
Nagano, M. 2013. Similarities and differences among cross-border M&A and greenfield FDI determinants: Evidence from Asia and Oceania. Emerging Markets Review, Vol. 16, pp. 100-118.
Pearson, D., Nyonna, D. & Kim, K. 2012. The Relationship between Economic Freedom, State Growth and Foreign Direct Investment in US States. International Journal of Economics and Finance, Vol. 4, 10.
Primorac, D. & Smoljic, M. 2011. Impact of corruption on foreign direct investment. Megatrend Review : The International Review of Applied Economics - Belgrade, Vol. 8, 2, p. 169.
Quazi, M. R. 2007a. Foreign Direct Investment in Latin America: A Panel Regression Study. The International Journal of Business and Finance Research, Vol. 1, 1, pp. 59-67.
—. 2007b. Economic Freedom and Foreign Direct Investment in East Asia. Journal of the Asia Pacific Economy.
Ranjan, V. & Agrawal, G. 2011. FDI Inflow Determinants in BRIC countries: A Panel Data Analysis. International Business Research. October, Vol. 4, 4.
Rojid, S., Seetanah, B., Ramessur-Seenarain, T. & Sannassee, V. 2008. Determinants of FDI: Lessons from African Economies.
Rose-Ackermann, S. 1999. Corruption and Government. Causes, Consequences, and Reform. Cambridge University Press, Cambridge UK.
Saleem, F., Zahid, A., Shoaib, B., Mohamood, M. & Nayab, S. 2013. Impact of inflation and economic growth on foreign direct investment: evidence from Pakistan. Interdisciplinary Journal of Contemporary Research in Business, Vol. 4, 9, p. 236.
Salehizadeh, M. 2007. Emerging economies multinationals: Current status and future prospects. Third World Quarterly, Vol. 28, 6, pp. 1151-1166.
Shabbir, G. & Anwar, M. 2007. Determinants of Corruption in Developing Countries. The Pakistan Development Review, Pakistan Institute of Development Economics, Vol. 46, 4, pp. 751-764.
Shleifer, A. & Vishny, R. 1993. Corruption. Quarterly Journal of Economics, Vol. 108, 3, pp. 599-617.
Smarzynska, B. K. 2004. The composition of foreign direct investment and protection of intellectual property rights: evidence from transition economies. European Economic Review, Vol. 48, 1, pp. 39-62.
Stevens, C. E. & Dykes, B. J. 2013. The Home Country Cultural Determinants of Firms' Foreign Market Entry Timing Strategies. Long Range Planning, Vol. 46.
Svensson, J. 2005. Eight Questions about Corruption. Journal of Economic Perspectives, Vol. 19, 3, pp. 19-42.
Tanzi, V. & Davoodi, H. 2000. Corruption, growth, and public finances. International Monetary Fund, Washington, DC (Working Paper No. 00/182).
Transparency International. 2012. Corruption Perception Index 2012.
—. 2011. Corruption Perception Index 2011.
—. 2010. Corruption Perception Index 2010.
—. 2009. Corruption Perception Index 2009.
—. 1998. Newsletter September 1998, p. 13.
UNFPA. 2012. Relatório sobre a Situação da População Mundial 2012. Por escolha, não por acaso. Planejamento Familiar, Direitos Humanos e Desenvolvimento.
—. 2011. Relatório sobre a Situação da População Mundial 2011. Pessoas e possibilidades em um mundo de 7 bilhões.
—. 2010. Relatório sobre a Situação da População Mundial 2010. Do conflito e crise à renovação: gerações da mundança.
—. 2009. Relatório sobre a Situação da População Mundial 2009. Enfrentando um Mundo em transição: mulheres, população e clima.
Copyright (c) 2015 European Journal of Applied Business and Management
2.png)
European Journal of Applied Business and Management
ISSN: 2183-5594
DOI: https://doi.org/10.58869/EJABM
Indexing:
EBSCO | CROSSREF | GOOGLE SCHOLAR | LATINDEX | DRJI | ICI JOURNALS MASTER | REDIB | MIAR
.jpeg)
.png)
3.png)
1.png)
.png)
