In the course of the 1980s, Turkey came to recognize the need to change its attitude towards foreign investment, assigning a significant role to direct foreign investment. Hence, after the 1980s, there was a significant increase in the number of foreign firms operating in Turkey and the inf low of foreign capital to Turkey. Although the importance of foreign direct investment in the Turkish economy has been increasing, a variety of questions are far from being resolved. The important obstacle is that the available data do not let us analyze the extent and performance of foreign firms. In this study a considerable effort was made in collecting new data from foreign firms operating in the Turkish manufacturing industry. The main purpose of this study is to analyze and evaluate the economic effects of direct foreign investment on Turkish manufacturing. At the centre of our analysis has been the role of foreign firms in industrial concentration, technological choice and trade behaviour. In the first chapter we outline the main issues to be analyzed in this study and explain the method of collecting and processing data from foreign firms operating in the Turkish manufacturing industry. The second chapter discusses the theories and empirical evidence concerning the determinants of foreign direct investment. We also analyse the industrial distribution of direct foreign investment in Turkish manufacturing. In the third chapter we undertake an overview to the historical background of foreign firms and the legislation covering foreign investment in Turkey. At the beginning of the following three main chapters we analyze the performance of foreign firms in terms of those basic issues in the literature, according to the market imperfection approach, and later on we investigate the performance of foreign firms in Turkish manufacturing using our own data, supplemented by public sources of information.

Orientador: Mariano Francisco Laplane / Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-11T09:05:27Z (GMT). No. of bitstreams: 1 Sabbatini_RodrigoCoelho_D.pdf: 1297401 bytes, checksum: c6123e18a07875459f8422ad66bbe795 (MD5) Previous issue date: 2008 / Resumo: Esta tese investiga o movimento mundial de investimento direto estrangeiro (IDE) que viveu nova onda de expansão na última década do século XX. São analisadas inicialmente as políticas de apoio para a atração destes investimentos, procurando avaliar até que ponto as modificações nestas políticas contribuíram para o movimento de expansão do IDE neste período. Modificações que pretendiam, a um só tempo, liberalizar os fluxos de capital e proteger juridicamente os ativos das empresas transnacionais que se engajavam nestes investimentos. Em seguida, são analisados os fluxos de IDE desde os anos 70, mas com ênfase na década de 90, através de estatísticas descritivas e testes econométricos que procuram identificar a importância de alguns dos determinantes destes fluxos. Os testes foram realizados para um conjunto agregado de países e para frações desagregadas, de países e setores. Os resultados obtidos reafirmam a grande importância de fatores estruturais e geográficos, tais como tamanho do mercado e distância entre os países emissores e receptores, para a atração de IDE. A importância dos determinantes também se altera conforme se desagrega a análise, revelando caráter específico da capacidade estrutural de atração de IDE. Desta forma, investigou-se a tese de que políticas generalizadas de atração de IDE têm uma importância marginal na real capacidade de atrair investimentos para países receptores. O tamanho e o dinamismo do mercado receptor cumprem um papel que não pode ser alterado por nenhuma política isolada de atração, em especial aquelas associada a concessões em acordos de integração econômica. Já políticas seletivas, escalonadas caso a caso, desenhadas para atrair capital para um país ou um setor específico podem ser mais eficazes, sobretudo se fizeram parte de um amplo conjunto de ações integradas para estimular a competitividade nos países receptores. Políticas liberalizantes para atrair IDE seriam menos eficientes do que políticas integradas de promoção de crescimento e de desenvolvimento competitivo dos países receptores que, assim, poderiam, estruturalmente, ampliar sua atratividade para os investimentos diretos estrangeiros / Abstract: This thesis analyzes the flow of foreign direct investments (FDI), which reached its peak in the last decade of the 20th Century. First to be analyzed are the policies to attract such investments, looking to evaluate to which degree the recent revision of these policies contributed to the expansion of the FDI during this period. Revision that intends to decrease barriers to capital flows and to legally protect the actives of the transnational companies that engaged in these investments. Secondly, were analyzed the FDI flows since the 70¿s, emphasizing in the 1990 decade, through descriptive statistics and econometric tests, that aim to identify the determinants of the FDI flows. The tests were made for a group of countries and for both countries and sectors in separated equations. The results obtained re-stated the massive importance of structural and geographical factors, such as market size and distance between export and host countries, to attract the FDI. The magnitude of the determinants also changes as the analysis is applied to individual countries and sectors. As a result, it was possible to investigate the thesis that FDI¿s general attraction policies have marginal importance in the real capacity to attract investments to host countries. The size and dynamics of the host market have a role that cannot be enhanced by any isolated attraction policy, mainly those associated to concessions in international investment agreements. Yet, selective policies, chosen case by case and drawn to attract capital to a country or a specific sector can be more effective, especially if they were part of a wider group of integrated actions to stimulate the competitiveness among host countries. Even more liberal policies to attract FDI would be less efficient than pursue integrated growth and industrial development policies, which, therefore, could structurally enhance their attractiveness to foreign direct investments / Doutorado / Politica Economica / Doutor em Ciências Econômicas

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In most African states, arable land and other natural resources play a pivotal role for economic growth and development. Ethiopia is one of those countries where agriculture is the backbone of the economy. Since the time of Emperor Haile Selassie I, Ethiopia has been attempting to advance the transformation of its agricultural sector by moving away from small-scale subsistence farming to large-scale commercial farming. It thus encouraged Foreign Direct Investment (FDI) in largescale agriculture. However, the military government that took power in 1974 reversed this. The current government of Ethiopia seized power from the military regime in 1991. Today the government once again advocates FDI in large-scale agriculture. This has led to an influx of foreign investors, especially in Gambella and Benshanguel-Gumuz Regional States. Various scholars, however, criticize the manner in which these investments have been taking place, arguing that the investments are neither pro-poor nor sustainable. Against this backdrop this research seeks to examine current policies, the patterns of investment they promote, and how these affect land-based resources and the wellbeing of communities. The study intends to provide information that may help improve the performance of FDI in terms of their sensitivity to poverty alleviation and sustainability. It also aims to boost current knowledge on FDI in agriculture in Ethiopia. The study was conducted using multiple data collection methods, including documentation, interviews, focus group discussions with the affected communities and direct observations in the case study areas. The results are analysed using pro-poor and sustainability frameworks for FDI in large-scale agriculture, along with findings of empirical studies on national FDI policies and practices in various parts of the globe. The analyses reveal that the Ethiopian investment policy's support to FDI in large-scale agriculture is inadequate. It focuses on giving incentives to attract FDI rather than ensuring the availability of quality institutions and sufficient infrastructure, which are vital for facilitating the operation and productivity of FDIs. Furthermore, the absence of community participation in the decision-making process for the agricultural investment projects in the case study areas portends significant negative implications for the wellbeing of local communities and the sustainability of the natural environment. The study recommends further research to investigate the economic viability of alternative land-based investments, such as eco-tourism, which is shown to be environmentally sustainable and can be shaped to be pro-poor. Also recommended is additional research into good practices for large-scale agricultural investments, that can be adapted to Ethiopian conditions, should the government opt to continue promoting FDI.

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This study analyses the announcements of European mergers and joint ventures as forms of intra-European direct investment that affect the share prices of U.K. plcs. From a review of the theories of multinational enterprise and foreign direct investment in the context of European economic integration, the study emphasized the importance of the single market and its implications on foreign direct investment. A comparison is made between mergers and joint ventures as forms of foreign direct investment based on their theories and empirical evidences. The effects of the integration on European mergers and joint ventures are then examined by analysing the announcement effects. Using event study methodology, the study investigates the effects of announcements of UK plc acquisitions of European firms and their involvement in European joint ventures on the share prices of UK plcs. Both parametric and non-parametric techniques are used to measure the impact of these announcements in terms of abnormal returns and volatility of returns. The results show positive significant market reaction to the merger announcements on the announcement day for the abnormal return and on the day before the announcement for the volatility. However a significantly negative post announcement cumulative abnormal return is found. A shift of the market reaction after U. K. Is entry into the Exchange Rate Mechanism (ERM) is also found. The market reaction to the joint venture announcements is not significant on the day of announcement. However a significant positive cumulative abnormal return is found a few days prior to the announcement of the joint venture. A positive significant relationship between cumulative market reaction and U.K. Is entry into ERM is also established. Profile analysis of the significant announcements also shows the relevance of certain factors that could explain the market impact of joint ventures.

Master of Arts / Department of Economics / Peri Da Silva / The literature concerning foreign direct investment and the spillover effects on domestic firms has developed significantly over the past two decades. This report examines the historical data on foreign direct investment flows and identifies several different types of spillover effects. Earlier studies identify potential horizontal spillovers but later studies suggest that these spillovers are insignificant. Recently, vertical spillovers, especially through backward linkages, have been identified as occurring in the host country. Studies indicate that this is happening particularly in the manufacturing sector for firms relying on inputs from the services sectors that have higher levels of foreign direct investment.

This article intends to contribute with the reflection upon the theories that link FDI with social and economical development. For this purpose, the meanings of the expression “human and economical development” will be briefly reviewed, and later it will be approached along the theories on the relation of FDI with development. The theories are used as a support in order to reach this article’s goal of pointing out the FDI impacts on labour conditions on the private security multinational G4S in Mozambique, thus examining the impacts of this sort of FDI towards the country’s human development.

Inward foreign direct investment (FDI) is believed to be a carrier of advanced knowledge to host countries, but how regional factors might impact FDI spillover effects is still uncertain. Meanwhile, regional industrial structure, i.e. specialization and diversity, has been frequently discussed in the literature, but there is no consensus about which type of industrial structure can promote regional innovation. In this thesis, the above two streams of literature are integrated and a theoretical model is proposed in which regional FDI and industrial structure are hypothesized to have direct and interactive effects on regional innovativeness. Provincial- and firm-level panel datasets (2000-2010) were compiled for empirical analyses. The results indicate that a foreign presence is beneficial for both regional and firm innovation capability while these associations are contingent on the level of industrial structure, namely the degree of specialization and diversity. A greater level of regional specialization is less likely to facilitate regional innovators to gain positive spillovers from FDI while an increase in diversity is more likely to reinforce the positive effects of foreign presence on regional innovativeness. As China has become the biggest FDI recipient country in the world in recent years and the Chinese industrial structure has been changing rapidly during the last few decades, an empirical study in the Chinese context would be ideal to examine the debate on the roles of industrial structure and FDI in promoting regional innovativeness. Overall, this research aims to advance the understanding about the moderating role of regional industrial structure in affecting the spillover effect of FDI on regional and firm innovation. The findings not only provide empirical evidence for the specialization versus diversity debate, but also highlight the essential role of contextual factors in facilitating regional innovativeness.