Studies on modelling the association between FDI and its dominant factors
| Study | Technique | Dependent variable | Independent variable | Dependence | Empirical case study | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FDI | FDI inflow | Inward FDI | Outward FDI | Economic | Political | Institutional | Human capital | Business | Infra-structure | Spatial | Temporal | |||
| Coughlin and Segev (2000) | Econometric | ✓ | – | – | – | ✓ | – | – | – | – | ✓ | – | – | China |
| Chakraborty and Basu (2002) | Structural cointegration model | ✓ | – | – | – | ✓ | – | – | – | – | – | – | – | India |
| Naudé and Krugell (2007) | Generalised Method of Moments (GMM) | ✓ | – | – | – | ✓ | ✓ | – | – | – | – | – | – | Africa |
| Ang (2008) | GARCH | ✓ | – | – | – | ✓ | – | – | ✓ | ✓ | – | – | – | Malaysia |
| Rodriguez and Pallas (2008) | – | ✓ | – | – | – | – | – | – | ✓ | – | – | – | – | Spain |
| Jafarnejad et al. (2009) | SEM | ✓ | – | – | – | ✓ | – | – | – | ✓ | ✓ | – | – | Iran |
| Ledyaeva (2009) | Spatial autoregressive model | – | ✓ | – | – | ✓ | ✓ | – | – | – | ✓ | ✓ | – | Russia |
| Vadlamannati et al. (2009) | Fixed effects pooled regression analysis | – | ✓ | – | – | ✓ | ✓ | ✓ | – | – | – | – | – | South East Asian economies |
| Choong and Lam (2010) | – | – | ✓ | – | – | ✓ | – | – | – | – | – | – | – | Malaysia |
| Kalotay and Sulstarova (2010) | Regression | – | – | – | ✓ | ✓ | ✓ | – | – | ✓ | – | – | – | Russia |
| Khadaroo and Seetanah (2010) | Econometric | ✓ | – | – | – | – | – | – | – | – | ✓ | – | – | – |
| Singhania and Gupta (2011) | ARIMA | ✓ | – | – | – | ✓ | – | – | – | ✓ | – | – | ✓ | India |
| Zhang and Daly (2011) | Panel data analysis | – | – | – | ✓ | ✓ | – | – | – | ✓ | – | – | ✓ | China |
| Blonigen and Piger (2014) | Bayesian statistical techniques | ✓ | – | – | – | ✓ | – | ✓ | ✓ | ✓ | ✓ | – | – | – |
| Tang et al. (2014) | Bound testing approach | ✓ | – | – | – | ✓ | – | – | – | ✓ | – | – | – | Malaysia |
| Bekhet and Al-Smadi (2015) | Bound testing approach | – | ✓ | – | – | ✓ | – | – | – | – | – | – | – | Jordan |
| Boateng et al. (2015) | FMOLS and VAR/VECM | – | ✓ | – | – | ✓ | – | – | ✓ | ✓ | – | – | – | Norway |
| Erdogan and Unver (2015) | Panel data analysis | – | ✓ | – | – | ✓ | – | – | ✓ | ✓ | – | – | – | – |
| Mugableh (2015) | Time series | – | – | ✓ | – | ✓ | – | – | – | – | – | – | ✓ | Malaysia |
| Medda and Caschili (2015) | SEM | ✓ | – | – | – | ✓ | – | – | – | – | ✓ | – | – | – |
| Unver (2016) | Panel data analysis | – | ✓ | – | – | ✓ | – | – | – | – | ✓ | – | ✓ | – |
| Khan et al. (2017) | – | – | ✓ | – | – | ✓ | – | – | – | – | ✓ | – | – | – |
| Ellyne and Yu (2017) | Vector Error Correction Model | – | ✓ | – | – | ✓ | – | – | ✓ | – | ✓ | – | – | South Africa |
| Li et al. (2018) | – | ✓ | – | – | – | ✓ | – | – | – | – | ✓ | – | – | – |
| Lee et al. (2018) | – | ✓ | – | – | – | ✓ | – | – | – | – | ✓ | – | – | – |
| Tsagkanos et al. (2019) | Markov Switching regression model | ✓ | – | – | – | ✓ | – | – | – | – | – | – | – | – |
| Chaplyuk et al. (2022) | Regression model | – | – | ✓ | – | ✓ | – | – | – | – | – | – | – | Algeria |
| Naibaho et al. (2022) | Error Correction Model | – | – | – | – | ✓ | – | – | – | – | – | – | – | Indonesia |
| Yimer (2023) | an error-correction model | ✓ | – | – | – | – | – | – | – | – | – | – | – | Africa |
| Ingale et al. (2023) | Time Series | ✓ | – | – | – | – | – | – | – | – | – | – | – | India |
| Study | Technique | Dependent variable | Independent variable | Dependence | Empirical case study | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FDI | FDI inflow | Inward FDI | Outward FDI | Economic | Political | Institutional | Human capital | Business | Infra-structure | Spatial | Temporal | |||
| Econometric | ✓ | – | – | – | ✓ | – | – | – | – | ✓ | – | – | China | |
| Structural cointegration model | ✓ | – | – | – | ✓ | – | – | – | – | – | – | – | India | |
| Generalised Method of Moments (GMM) | ✓ | – | – | – | ✓ | ✓ | – | – | – | – | – | – | Africa | |
| GARCH | ✓ | – | – | – | ✓ | – | – | ✓ | ✓ | – | – | – | Malaysia | |
| – | ✓ | – | – | – | – | – | – | ✓ | – | – | – | – | Spain | |
| SEM | ✓ | – | – | – | ✓ | – | – | – | ✓ | ✓ | – | – | Iran | |
| Spatial autoregressive model | – | ✓ | – | – | ✓ | ✓ | – | – | – | ✓ | ✓ | – | Russia | |
| Fixed effects pooled regression analysis | – | ✓ | – | – | ✓ | ✓ | ✓ | – | – | – | – | – | South East Asian economies | |
| – | – | ✓ | – | – | ✓ | – | – | – | – | – | – | – | Malaysia | |
| Regression | – | – | – | ✓ | ✓ | ✓ | – | – | ✓ | – | – | – | Russia | |
| Econometric | ✓ | – | – | – | – | – | – | – | – | ✓ | – | – | – | |
| ARIMA | ✓ | – | – | – | ✓ | – | – | – | ✓ | – | – | ✓ | India | |
| Panel data analysis | – | – | – | ✓ | ✓ | – | – | – | ✓ | – | – | ✓ | China | |
| Bayesian statistical techniques | ✓ | – | – | – | ✓ | – | ✓ | ✓ | ✓ | ✓ | – | – | – | |
| Bound testing approach | ✓ | – | – | – | ✓ | – | – | – | ✓ | – | – | – | Malaysia | |
| Bound testing approach | – | ✓ | – | – | ✓ | – | – | – | – | – | – | – | Jordan | |
| FMOLS and VAR/VECM | – | ✓ | – | – | ✓ | – | – | ✓ | ✓ | – | – | – | Norway | |
| Panel data analysis | – | ✓ | – | – | ✓ | – | – | ✓ | ✓ | – | – | – | – | |
| Time series | – | – | ✓ | – | ✓ | – | – | – | – | – | – | ✓ | Malaysia | |
| SEM | ✓ | – | – | – | ✓ | – | – | – | – | ✓ | – | – | – | |
| Panel data analysis | – | ✓ | – | – | ✓ | – | – | – | – | ✓ | – | ✓ | – | |
| – | – | ✓ | – | – | ✓ | – | – | – | – | ✓ | – | – | – | |
| Vector Error Correction Model | – | ✓ | – | – | ✓ | – | – | ✓ | – | ✓ | – | – | South Africa | |
| – | ✓ | – | – | – | ✓ | – | – | – | – | ✓ | – | – | – | |
| – | ✓ | – | – | – | ✓ | – | – | – | – | ✓ | – | – | – | |
| Markov Switching regression model | ✓ | – | – | – | ✓ | – | – | – | – | – | – | – | – | |
| Regression model | – | – | ✓ | – | ✓ | – | – | – | – | – | – | – | Algeria | |
| Error Correction Model | – | – | – | – | ✓ | – | – | – | – | – | – | – | Indonesia | |
| an error-correction model | ✓ | – | – | – | – | – | – | – | – | – | – | – | Africa | |
| Time Series | ✓ | – | – | – | – | – | – | – | – | – | – | – | India | |
Source(s): Authors' own work
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