DOĞRUDAN YABANCI SERMAYE YATIRIMLARININ BORSA VE REEL SEKTÖRDE FİRMALARA ETKİSİ: GELİŞMEKTE OLAN ÜLKELER ÜZERİNE EŞBÜTÜNLEŞME VE NEDENSELLİK ANALİZİ
THE IMPACT OF FOREIGN DIRECT INVESTMENT ON THE FIRMS IN STOCK EXCHANGE AND THE REAL SECTOR: COINTEGRATION AND CAUSALITY ANALYSIS ON DEVELOPING COUNTRIES

Summary/Abstract: The aim of this study is to measure the impact of foreign direct investment (FDI) on the firms in real sector and the stock exchange in developing countries. For this reason, panel data analysis was carried out with annual data for the period of 2002 - 2015 in the ten developing countries. Among the panel data analysis methods, Westerlund (2006) co-integration, AMG coefficient estimator and Emirmahmutoğlu-Köse causality test was used. As a result of the analyses, despite the fact that the determinants of the variables are cointegrated, it was found that the positive effect of the FDI on the stock exchange was significant but the effect on the real sector was not.

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