SavedAdd your journal

Journals / Finans Ekonomi ve Sosyal Araştırmalar Dergisi / 2026 / Cilt: 5 Sayı: 1

THE IMPACT OF FOREIGN DIRECT INVESTMENT ON STOCK MARKETS: EVIDENCE FROM G20 COUNTRIES

DOĞRUDAN YABANCI YATIRIMLARIN HİSSE SENEDİ PİYASALARI ÜZERİNDEKİ ETKİSİ: G20 ÜLKELERİ ÖRNEĞİ

Feyyaz Zeren(YALOVA ÜNİVERSİTESİ)
Doğan Kılıç(YALOVA ÜNİVERSİTESİ)0000-0001-5438-4896
Pages
89–97
Publication Date
2020-03-31
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

In addition, it has been demonstrated whether the change in stock prices is effective in foreign direct investment decisions.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:With the effect of globalization in terms of economics, many countries have transitioned from closed economy to open economy.
📊
Key Findings & Data:International foreign capital movements have accelerated and foreign direct investments have become very important for economics of many countries.
💡
Conclusion & Impact:In addition, it has been demonstrated whether the change in stock prices is effective in foreign direct investment decisions.
🔬Design:Araştırma Makalesi
📍Scope:2011 · 20 sample
⚙️Variables:Doğrudan Yabancı Yatırımlar · Hisse Senedi Piyasaları · Panel Veri Analizi

Abstract

With the effect of globalization in terms of economics, many countries have transitioned from closed economy to open economy. International foreign capital movements have accelerated and foreign direct investments have become very important for economics of many countries. In this study, the relationships between foreign direct investments and stock markets were investigated for the G20 sample (excluding Australia and South Korea). During the analysis, Emirmahmutoğlu and Köse (2011) panel causality test, which is suitable for the situation where the panels are stationary at different levels, was used. As a result of the study in which quarterly data for 2013Q1 – 2019Q2 period was used, it was understood that foreign direct investments did not have any effect on stock markets. On the other hand, when individual statistics based on countries are analyzed, it is seen that unilateral and bidirectional causality findings are obtained. The findings provide important findings to investors in equity investments whether to consider foreign capital inflows. In addition, it has been demonstrated whether the change in stock prices is effective in foreign direct investment decisions.

Özet

İktisadi yönden küreselleşmenin etkisiyle beraber birçok ülke kapalı ekonomiden dışa açık ekonomiye geçiş yapmıştır. Uluslararası yabancı sermaye hareketleri hız kazanmış, doğrudan yabancı yatırımlar birçok ülke ekonomisi için büyük önem taşır hale gelmiştir. Bu çalışmada doğrudan yabancı yatırımlar ile hisse senedi piyasaları arasındaki ilişki G20 (Avustralya ve Güney Kore hariç) örneklemi için araştırılmıştır. Analizler sırasında panellerin farklı seviyelerde durağan olduğu duruma uygun olan Emirmahmutoğlu ve Köse (2011) panel nedensellik testi kullanılmıştır. 2013Q1 – 2019Q2 dönemine ilişkin çeyreklik verilerin kullanıldığı çalışmanın sonucunda doğrudan yabancı yatırımların hisse senedi piyasaları üzerinde herhangi bir etkiye sahip olmadığı anlaşılmıştır. Öte yandan ülkeler bazındaki bireysel istatistikler incelendiğinde tek ve çift yönlü nedensellik bulgularının elde edildiği görülmektedir. Elde edilen bulgular, hisse senedi yatırımında bulunan yatırımcılara yabancı sermaye girişlerinin dikkate alınıp alınmaması konusunda önemli bulgular sunmaktadır. Bununla birlikte hisse senedi fiyatlarındaki değişimin doğrudan yabancı yatırımlar kararlarında etkili olup olmadığı ortaya konmuştur.

🔖

Cite This Article

Zeren, F., Kılıç, D. (2020). THE IMPACT OF FOREIGN DIRECT INVESTMENT ON STOCK MARKETS: EVIDENCE FROM G20 COUNTRIES. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, Cilt: 5 Sayı: 1, 89–97. https://doi.org/10.29106/fesa.689141

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (35)

  1. AGARWAL, B. (2001). Participatory exclusions, community forestry, and gender: An analysis for South Asia and a conceptual framework. World Development, 29(10), 1623-1648. https://doi.org/10.1016/S0305-750X(01)00066-3
  2. AĞAYEV, S. (2010). Doğrudan yabancı sermaye yatırımları ve ekonomik büyüme ilişkisi: geçiş ekonomileri örneğinde panel eştümleşme ve panel nedensellik analizleri. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 12(1), 159-184.
  3. ARČABİĆ, V., GLOBAN, T. ve RAGUŽ, I. (2013). Is there a long-term relationship between the stock market and foreign direct investment in Croatia?. 6th International Conference “An Enterprise Odyssey: Corporate governance and public policy—path to sustainable future”, 37(1), 109-126. doi: 10.3326/fintp.37.1.4
  4. AYDEMİR, C., ARSLAN, İ. ve UNCU, F. (2012). Doğrudan yabancı yatırımların Dünya’daki ve Türkiye’deki gelişimi. Kocaeli Üniversitesi Sosyal Bilimler Dergisi, (23), 69-104.
  5. AZAM, M. ve IBRAHİM, Y. (2014). Foreign direct investment and Malaysia’s stock market: Using ARDL bounds testing approach. Journal of Applied Economic Sciences, 4(30), 591-601.
  6. BABU, S. M. ve PRABHEESH, K. P. (2008). Causal relationships between foreign institutional investments and stock returns in India. International Journal of Trade and Global Markets, 1(3), 259-265. doi:10.1504/IJTGM.2008.020430
  7. BAYDAŞ, Y. ve POLAT, M. (2018). Doğrudan yabancı sermaye yatırımlarının Borsa İstanbul’a etkisinin belirlenmesi. Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 2(2), 37-46. doi:10.33399/biibfad.479291
  8. BREUSCH, T. S. ve PAGAN, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. Review of Econometric Studies, 47(1), 239-53. doi:10.2307/2297111
  9. CHOE, H., KHO, C. B. ve STULZ, R. M. (1999). Do foreign investors destabilize stock markets? The Korean experience in 1997. Journal of Financial Economics, 54(2), 227-264. doi:10.3386/w6661
  10. CLAESSENS, S., DEMİRGÜÇ-KUNT, A. ve HUİZİNGA, H. (2001). How does foreign entry affect domestic banking markets?. Journal of Banking & Finance, 25(5), 891-911. doi:10.1016/S0378-4266(00)00102-3
  11. CLARK, J. ve BERKO, E. (1997). Foreign investment fluctuations and emerging market stock returns: The case of Mexico. FRB of New York Staff Report, (24).
  12. DEMİRELİ, E. ve HEPKORUCU, A. (2014). Yabancı yatırımcıların sermaye piyasası algısı: Borsa İstanbul üzerine bir uygulama. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD), 6(10), 2-22. doi:10.20990/aacd.56665
  13. DORNBUSCH, R. ve PARK, Y. C. (1995). Financial integration in a second-best world: are we still sure about our classical prejudices. Financial Opening: Policy Lessons for Korea, Seoul, Korea: Korea Institute of Finance.
  14. DUMİTRESCU, E. ve HURLİN, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. doi:10.1016/j.econmod.2012.02.014
  15. ELMAS, B. ve TEMURLENK, M. S. (1997). Granger causality between stock price and trading volume: A stock-based analysis in the ISE. Quarterly Economics and Finance Review, 11(43), 1-16.
  16. EMİRMAHMUTOĞLU, F. ve KÖSE, N. (2011). Testing for Granger causality in the heterogeneous mixed panels, Economic Modelling, 28(3), 870-876. doi:10.1016/j.econmod.2010.10.018
  17. FAEZ, A., PARVARİNEJAD, G., OROOEİ, M. ve LAJEVARDİ, M. (2014). Investigating the role of foreign direct investment on stock market: Evidence from Tehran stock exchange. Advances in Environmental Biology, 8(4), 1945-1954.
  18. IM, S. K., PESARAN, H. M. ve SHİN, Y. (2003). Testing for unit roots in heterogeneous panels, Journal of Econometrics, 115(1) (revise version of 1997’s work), 53-74. doi:10.1016/S0304-4076(03)00092-7
  19. İBİCİOĞLU, M. (2012). Yurtdışı yerleşiklerin hisse senedi piyasası üzerindeki etkisi: İmkb’de endeks bazında uygulamalar. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 21(3), 41-54.
  20. JEFFUS, W. M. (2005). FDI and stock market development in selected Latin American countries. In Latin American Financial Markets: Developments in Financial Innovations (35-44). England: Emerald Group Publishing Limited.
  21. MUSA, S. U. ve IBRAHİM, M. (2014). Stock market development, foreign direct investment and macroeconomic stability: Evidence from Nigeria. Research Journal of Finance and Accounting, 5(18), 258-279.
  22. OKUYAN, H. A. ve ERBAYKAL, E. (2011). İMKB’de yabancı işlemleri ve hisse senedi getirileri ilişkisi. Doğuş Üniversitesi Dergisi, 12(2), 256-264. doi:10.31671/dogus.2018.141
  23. OYERİNDE, A. A. (2019). Foreign portfolio ınvestment and stock market development in Nigeria. The Journal of Developing Areas, 53(3). doi:10.1353/jda.2019.0034
  24. PESARAN, M. H ve YAMAGATA, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. doi:10.1016/j.jeconom.2007.05.010
  25. PESARAN, H. M., ULLAH A. ve YAMAGATA T. (2008). A bias-adjusted LM test of error cross-section independence. Econometrics Journal, 11(1), 105-127. doi.org/10.1111/j.1368-423X.2007.00227.x
  26. RİCHARDS, A. (2005). Big fish in small ponds: The trading behavior and price impact of foreign investors in Asian emerging equity markets. Journal of Financial and quantitative Analysis, 40(1), 1-27. https://doi.org/10.1017/S0022109000001721
  27. TODA, H. Y. ve YAMAMOTO, T. (1995) Statistical ınference in vector autoregression with possibly ıntegrated processes, Journal of Econometrics 66(1-2, March-April), 225–250. doi:10.1016/0304-4076(94)01616-8
  28. TOPALOĞLU, E. E., ŞAHİN, S. ve EGE, İ. (2019). The Effect of foreign direct and portfolio ınvestments on stock market returns in E7 countries. Journal of Accounting & Finance, (83), 263-278 doi:10.25095/mufad.580166
  29. TSAGKANOS, A., SİRİOPOULOS, C. ve VARTHOLOMATOU, K. (2019). Foreign direct investment and stock market development: Evidence from a “new” emerging market. Journal of Economic Studies, 46(1), 55-70. doi:10.1108/JES-06-2017-0154
  30. TUNA G., ve KUNDAKÇIOĞLU, S. (2016). Investigation of relation between foreign portfolio investments and stock prices: Time varying asymmetric causality analysis. Theoretical and Applied Economics, 22(2), 127-134.
  31. YALÇINER, K. (2012). Uluslararası Finansman, Ankara: Detay Yayıncılık.
  32. YILDIZ, Y. (2017). Yabancı sermaye ve hisse senedi getiri oynaklığı: Borsa İstanbul üzerine bir inceleme. İşletme Araştırmaları Dergisi, 9(4), 17-32. doi:10.20491/isarder.2017.319
  33. www.data.oecd.org
  34. www.investing.com
  35. www.uk.finance.yahoo.com