아세안 해외직접투자 유입 동기유인에 관한 연구: 정태 및 동태적 분석

Abstract

We examined the motives for inward FDI(Foreign Direct Investment) in ASEAN using static and dynamic analyses. For static analyses, fixed-effect panel analysis and random-effect panel analysis were used through the Hausman test, and for dynamic analyses, System GMM, which uses the lag variable of the differential variable of the FDI as the instruments, was used. In ASEAN 8 developing countries except for Brunei and Singapore which are high-income countries, all of the market-seeking, resource-seeking, efficiency-seeking, and strategic asset-seeking motives have a positive relationship with inward FDI significantly. In dynamic model, two variables which are first lag variable of FDI and market size have a positive relationship with inward FDI significantly. However, resource-seeking and efficiency-seeking variables show a negatively significant relationship with inward FDI. The positive coefficient of two variables in the static analysis were changed to the negative coefficient in the dynamic analysis. Considering time in dynamic models, resource-seeking and efficiency-seeking variables showed different results over time. Unlike previous studies, our study not only used ICT export ratio as a proxy variable for the strategic self-seeking motive, but also conducted both the static analyses and the dynamic analyses on motives of inward FDI in ASEAN.