Thesis (M. Com. (Economics)) -- University of Limpopo, 2018 / Many developing countries are trying to make their business environment more attractive to foreign investors. They try this by relaxing rules regarding market entry and foreign ownership; improving infrastructure and making other efforts to enhance their chances of becoming a destination country for foreign direct investment (FDI). Among the characteristics of globalisation is the unrestricted capital flow and access to world market. Global FDI stocks have been on the increase and many more African countries are becoming more open to FDI, even though it still remains low. Therefore, the main objective of this study is to provide an analysis of the driving factors towards foreign direct investment in South Africa. The ARDL approach is used to investigate drivers of international investment decisions in South Africa using quarterly data from 2007Q1 to 2017Q1. The bounds cointegration method was chosen to analyse the long and the short run relationship amongst the variables of interest. In addition, the Granger Causality test was used to determine causal relationships between FDI and other variables. The study found that household income level had an effect in the stock of FDI. It also found that labour productivity increased the total output of goods and services and therefore impacted on the stock of FDI in the country. Public infrastructure investment and interest rates are also among the important factors that determine FDI inflow. Furthermore, the dummy variable has a significant negative effect and it shows that labour strikes and unrests affect FDI negatively. Although South Africa has implemented strategies to attract more FDI, recent political instability and labour disputes has left investor weary of the future of the economy therefore a refinement of some of these policies is needed if the country is to be successful in this regard. The county should also focus on developing and maintaining quality infrastructures in terms of, roads, telephones, internet access, water and electricity supply.

L’attractivité des pays est aujourd’hui une composante importante de la politique économique ; elle est au centre des politiques de promotion, d’aménagement et de développement. Avec la mondialisation de l’économie où la réduction des coûts de transport et de télécommunications a anéanti les distances, les firmes désireuses de s’implanter à l’étranger font monter les enchères quant à leur sélection et choix d’implantation ; les pays se retrouvent en situation de concurrence et mettent tout en œuvre, non seulement pour attirer les investissements mais aussi pour les retenir. Les Etats deviennent ainsi les promoteurs de leurs propres territoires afin de séduire les firmes multinationales dans un contexte de surenchère puisque les projets d’investissement sont en nombre limité et que la liste des territoires candidats à leur accueil ne cesse de s’allonger.De par la signature de l’Accord d’association avec l’Union Européenne et des négociations en vue de son adhésion à l’Organisation Mondiale du Commerce (OMC), l’Algérie vise la libéralisation de son économie et son ancrage dans l’économie internationale. Dans cette libéralisation interviennent les investissements directs étrangers (IDE). L’intérêt de l’Algérie est dans les retombées tant managériales, économiques que sociales sur son économie. Pour cela, l’Algérie a prévu un certain nombre de textes et de lois régissant les fondements de sa politique d’investissement qui donne des garanties et des avantages certains aux investisseurs. Dans son processus de transition d’une économie centralisée à une économie de marché déclenché des la fin de l’année 1988, le gouvernement algérien s’est imposé une politique de réformes structurelles qui a permis de rétablir les équilibres macro-économiques, la libéralisation de l'économie, sa dotation en infrastructures modernes et la diminution du risque-pays. Ces réformes ont permis l’accroissement des flux d’IDE vers l’Algérie. Cependant, ces résultats restent en deçà du potentiel d'investissement du pays : l’Algérie n’attire pas suffisamment de firmes étrangères comparativement aux pays voisins. Bien que l'Algérie ait enregistré des résultats positifs dans certains secteurs tels que les hydrocarbures, les télécommunications, la sidérurgie et la pharmacie ; les réformes introduites depuis les années 90 se sont révélées insuffisantes. Et la politique de promotion et d’attraction des IDE menée n’a pas réalisé les objectifs escomptés. De même, les recettes des exportations d’hydrocarbures n’ont pas permis de créer un tissu industriel compétitif et de permettre à l’investissement productif de jouer un rôle plus important dans l’économie du pays. L’essentiel de l’effort productif privé est orienté vers l’économie spéculative au détriment d’une économie productive. Les IDE que l’ouverture de l’économie algérienne et son important potentiel devaient attirer, demeurent faibles. Pourtant, le dispositif juridique mis en place en Algérie donne des avantages et des garanties certains aux investisseurs étrangers. / The attractiveness of the country is now an important component of economic policy; it is the center of political promotion, planning and development. With the globalization of the economy where cost reduction of transport and telecommunications annihilated distance, firms wishing to establish themselves abroad are upping the ante on their selection and choice of location , the country found in competition and make every effort not only to attract investment but also to retain them. And states become promoters of their own territories to attract multinational firms in the context of escalation as investment projects are limited and that the list of candidates to their home territories continues to grow. By the signing of the Association Agreement with the European Union and negotiations for its accession to the World Trade Organization (WTO ), Algeria aims to liberalize its economy and its roots in the international economy. Involved in the liberalization of foreign direct investment (FDI). The interest of Algeria in both managerial benefits, economic and social impact on its economy. To do this, Algeria has provided a number of texts and laws governing foundations of its investment policy that guarantees and advantages to investors.It is around the elements of the problem mentioned above that will focus our research in attempting to answer the following key questions : What determines the choice of multinational firms in the location of their investment, in other words what are the ex ante determinants of FDI ? What are the main instruments of economic and financial policy or the means used by governments to encourage and attract foreign investment ? What are the effects of these policies on FDI flows ?What about Algeria and its policy of promoting investment ? What are the effects of this policy, including the legal framework set up on FDI in Algeria? This device is sufficient to attract foreign investors?In its transition from a centralized to a market economy triggered the end of the 1988 economy , the Algerian government has imposed a policy of structural reforms that helped restore macroeconomic balances , liberalization economy, its modern infrastructure and staffing reduction of country risk . These reforms have increased FDI flows to Algeria. However, these results remain below the investment potential of the country: Algeria does not attract enough foreign firms compared to neighboring countries. Although Algeria has recorded positive results in certain sectors such as hydrocarbons , telecommunications, steel and pharmacy reforms introduced since the 90s have proved insufficient . And policy promotion and attraction of FDI led has not achieved the desired objectives. Similarly, revenues from hydrocarbon exports have failed to create a competitive industrial structure and allow for productive investment to play a more important role in the economy. Most of the private productive effort is directed toward the speculative economy at the expense of a productive economy . FDI that the opening of the Algerian economy and its great potential would attract, remain weak. However, the legal framework set up in Algeria provides some benefits and guarantees to foreign investors.

The purpose of my thesis is to demonstrate the economic development of China and Latin America. My reason for choosing these two regions for my study is because they are both Third World Nations. My intention on writing this thesis is to prove that culture and the informal business networks of China are the major forces of what is driving the Chinese economy ahead of Latin America. I will explain how the definition of culture ties in with the economic society of both regions. In writing about culture, I will attempt to explain if there really is a difference between trust in each society. To better interpret this thesis, I came up with several variables of economy that will help explain each region's development. These variables are federal direct investment (FDI), labor, and funding of businesses in each region. In my study, I present the different approaches that are taken by each region to attract FDI. In addition, I will explain how and if informal networking is beneficial to the work force and the funding of businesses in each region. The majority of my research for this thesis consisted on reviewing past articles of scholarly journals. From these journals I drew conclusions of my own and compared them to other scholars' work. I also analyzed such websites like the International Monetary Fund (IMF) and the World Bank and various others to be able to come up with my own findings necessary to complete my thesis. To anticipate the conclusion, this thesis notes how important it is for each region to find its own unique way to attract FDI and how culture can impact the development of an economy. In my thesis, I am including the importance of trust in the society and the significance of the informal business networks on the Chinese economy.

This dissertation studies the political economy of natural resources and how these resources may pose an opportunity or a threat to a country and comprises three essays. The first essay explores how economic development can impact the consumption behavior of natural resources, with focus on fossil fuels. It suggests the existence of an inverted U-shaped relationship between fossil fuel share in the energy mix and economic development. Particularly, the essay illustrates an evidence that fossil fuel's share in the energy mix increases as a country develops, however, after reaching a real income per capita of around US$16,000, the country reduces the share of fossil fuel in its energy mix. Perhaps this policy shift is due to concerns about air quality from its population. The second essay analyzes the impact of foreign direct investment (FDI) inflows on the risk of violence both theoretically and empirically. The theoretical model suggests that FDI inflows into skilled-labor intensive resources sector reduce the risk of violence, while such inflows increase the likelihood of violence when these are channeled through the unskilled-labor intensive resources sector. The empirical analysis focusing Sub-Saharan African countries indeed supports the outcome of the theoretical model. To understand the donor behavior in aid allocation, the third essay presents a theoretical model of aid allocation and political alignment. The equilibrium of this model suggests that geopolitical alignment with the donors increases the aid receipts. The model also suggests that donors allocate more aid to recipient countries with higher human capital levels. These propositions are empirically tested using a unique dataset of aid allocation by the resource-rich Arab donors. The results of empirical analysis support the predictions of the theoretical model.

近年來，經濟發展日趨國際化，國際貿易已無法涵蓋各國經濟活動，且我國屬於海島型國家，資源與市場受到限制，為了突破瓶頸，對外投資乃必然趨勢。而我國自1980年代中期後對外投資迅速增加，隨著對大陸投資的開放，對外投資的趨勢更加明顯。對外投資地區已從以往的美國，分散至大陸與東南亞，其中東南亞近年來比重約為25﹪左右，故本文針對東南亞地區作實證研究。 一般而言，影響對外投資的因素有很多，不外乎為了節省成本、擴大市場與延續經營等因素，其中在成本因素方面，包括了工資、租稅與廠房土地等，而本研究主要針對租稅因素作探討。本研究首先針對租稅相關文獻作探討，同時對於研究之國家（香港、新加坡、馬來西亞、泰國、菲律賓與印尼）的基本投資環境作簡介，接著分析租稅因素對我國對外投資之影響，其中不僅探討地主國租稅因素之重要性，同時也將我國（母國）租稅因素納入考量。 本研究實證結果顯示，我國資本所得之有效稅率對於對外投資有顯著之影響，即我國之有效稅率愈高，對外投資愈多。而地主國之有效稅率對我國對外投資影響較不顯著，這表示我國對外投資會因國內租稅負擔高低而有較大變化，而地主國租稅環境之改變對於對外投資影響較小。這也顯示我國現行稅制下，廠商稅負有些偏高，政府應盡量改善租稅環境，尤其在爭取台灣成為亞太營運中心的同時，更應利用各種租稅改革措施，來降低租稅負擔，以吸引外資前來投資。 第一章 緒論…………………………………………………………... 1 第一節 研究動機與目的…………………………………………... 1 第二節 研究範圍與限制…………………………………………... 2 第三節 研究架構…………………………………………………... 3 第二章 文獻回顧……………………………………………………... 4 第一節 FDI文獻簡介…………………………………………….... 4 第二節 租稅相關之FDI文獻…………………………………….... 6 第三節 以台灣為主體的對外投資文獻……………………….…. 14 第四節 小結…………………………………………………….…. 16 第三章 我國對外投資概況分析暨 現行對外投資所得課稅制度之介紹………………………. 17 第一節 我國對外投資分析……………………………………….. 17 第二節 我國現行對外投資所得課稅制度之介紹……………….. 25 第四章 香港與東南亞各國的投資環境暨國際租稅制度介紹…….. 27 第一節 投資環境與投資政策…………………………………….. 27 第二節 各國的國際租稅制度與租稅獎勵……………………….. 39 第五章 實證研究…………………………………………………….. 46 第一節 投資相關假說…………………………………………….. 46 第二節 實證模型………………………………………………….. 47 第三節 資料來源與變數定義…………………………………….. 52 第四節 計算資本所得之有效稅率……………………………….. 54 第六章 實證結果與分析…………………………………………….. 56 第一節 基本統計量……………………………………………….. 56 第二節 實證結果分析…………………………………………….. 58 第三節 小結……………………………………………………….. 68 第七章 結論………………………………………………………….. 69 參考文獻………………………………………………………………. 71 附表..................................................... 75

<p>Turkey’s strategic geographical location, the country’s unique Customs Union with the EU and its growing market potential are all factors that create market opportunities for foreign investors. However, despite the presence of necessary economic prerequisites and a diminishing number of barriers to entry, FDI in Turkey has remained quite low. Further, this area has not been covered extensively in the past and has therefore been of interest to study.</p><p>The purpose of this study has been to identify the determinant factors behind Swedish firms’ investment decisions in Turkey and thus find the advantages that Turkey provides for Swedish firms. The motives and advantages form a proposal for how to best promote Turkey as an interesting market for Swedish firms interested in FDI.</p><p>A list of Swedish subsidiaries in Turkey was provided by the Swedish Trade Council in Istanbul and came to represent the selected population. The firms were contacted, using both e-mail and telephone, and were requested to respond to an e-mail survey. The final response rate was 22%. The firms’ responses were then analysed together with secondary data such as general facts about Turkey as well as a business climate report about Turkey made by the Swedish Trade Council in November 2005.</p><p>Regarding the firms’ ownership-specific advantages, the results showed that firm size is irrelevant to the investment decision, while research and development expenditure as well as a long international experience is a condition.</p><p>Concerning Turkey’s location-specific advantages, market potential, the country’s geographic position, its labour costs and its educational level, are important determinant factors as well as the business climate and the economic climate in Turkey. Agglomeration benefits, in business areas where they exist, and the possibility to receive assistance from external actors when entering a foreign market are also important determinant factors. Furthermore, infrastructure is an important determinant factor, but not of a conclusive significance to the investment decision. In addition to the specified variables, the political situation in Turkey was cited as an important determinant factor. The cultural distance between Turkey and Sweden was the only location-specific factor that proved not to be a determinant factor at all.</p><p>Conclusively, the Turkish market offers several advantages to Swedish firms wanting to engage in foreign direct investments. First, Turkey has a strategic geographic position that offers proximity to many other markets. Second, the Turkish market potential is alluring and offers opportunities of long term growth. Third, there are possibilities to receive assistance from external actors which facilitates overcoming probable obstacles that might occur when entering the Turkish market. Fourth, the process of establishing a labour force is freed from complications since labour costs are lower in Turkey than in Sweden and the access to highly educated personnel is good. Last, ongoing development in Turkey’s business and economic climate decreases the investment risk involved when entering the Turkish market.</p>

<p>The link between foreign direct investments (FDI) and trade is firmly established in economic literature. Yet despite the vast amount of literature on this subject, very few have tried to look at FDI through the lens of trade theory, choosing rather to approach the subject on either a macroeconomic-level or on firm-level. The purpose and scope of this paper is to explore FDI through the lens of trade-theory. The central questions in this thesis are whether the gravity model of trade can serve as a reliable model for FDI value as well? Are there certain variables in the gravity model that are distinctively powerful determinants of FDI? Two econometric models are used to determine the gravitational impact on FDI, one ordinary OLS model and one fixed-effect model. The findings when using OLS regressions are that the components of the gravity model of trade are indeed key determinants of FDI value, and the two most significant positive determinants were home country GDP as well as home country per-capita GDP. In the fixed-effect model however, several variables were found to have no significant effect on FDI value and only home country GDP and host country per-capita GDP were consistent positive determinants of FDI.</p>

<p>I denna uppsats undersöker vi Export Processing Zones (EPZ) roll i ett lands ekonomiska utveckling, exemplifierat med Mexico. Fokus för uppsatsen är centrerat kring de bakåtriktade länkeffekter som förväntas uppstå som en effekt av ett EPZ-program. Fenomenet längs den mexikansk-amerikanska gränsen kan sägas ha flera orsaker, men grundas i tillgången på billig arbetskraft samt närhet till världens enskilt största konsumentmarknad. Uppsatsen visar på ett minskat FDI-inflöde, ökad sysselsättning, begränsad teknologiöverföring samt mest jobbspecifik kunskapsöverföring. Eftersom få lokala eller inhemska underleverantörer kontrakteras av EPZ-företagen minimeras länkbildningen. De flesta ekonomiska vinster av zonen noteras i form av fler arbetstillfällen. Resultaten visar att även fast Mexico förlorat sina komparativa fördelar inom arbetsintensiv tillverkning i jämförelse med andra länder har man inte lyckats få ett motsvarande skift mot en mer kapitalintensiv produktion. Detta kan till stor del sägas bero på hur staten har hanterat zonen, bland annat med avseende på utländskt ägande.</p>

Thesis (Ph.D. (Economics))--North-West University, Potchefstroom Campus, 2007.

Explore factors that influence investors interested in investing in the electronic components sector in Thailand, with a focus on the consequences of Thailand‟s membership in the ASEAN-China Free Trade Agreement.