FDI in Selected Developing Countries: Evidence from Bundling and Unbundling Governance
Article Sidebar
Main Article Content
Abstract
The objective of this study is to assess governance drivers of FDI in a panel of BRICS and MINT countries for the period 2001-2011. We bundle and unbundle governance determinants using a battery of contemporary and non-contemporary estimation techniques. Our findings reveal the following: Firstly, for both contemporary and non-contemporary specifications, while the majority of our governance determinants of Gross FDI are significant, they are overwhelmingly insignificant for Net FDI. Secondly, the significance of the governance dynamics in increasing order of magnitude are general governance, political governance, economic governance, political stability, regulation quality and government effectiveness. Thirdly, for non-contemporary specifications, the significance of governance variables is as follows in ascending order of magnitude: economic governance, institutional governance, general governance, corruption-control, political governance and political stability. The importance of combining governance indicators is captured by the effects of political governance, economic governance and institutional governance. The results indicate that the simultaneous implementation of the various components of governance clarifies a country’s attractiveness for FDI location. Policy implications are discussed with particular emphasis on the timing of FDI and its targeting.
Keywords:
Downloads
Article Details
References
Abdioglu, N., Khurshed, A., & Stathopoulos, K., (2013). Foreign institutional investment: Is governance quality at home important? Journal of International Money and Finance, 32(February), 916–940. Doi: https://doi.org/10.1016/j.jimonfin.2012.08.001
Abor, J. Y., Amidu, Y., & Issahaku, H., (2018). Mobile Telephony, Financial Inclusion and Inclusive Growth. Journal of African Business, 18(4), 430-453. Doi: https://doi.org/10.1080/15228916.2017.1419332
Afutu-Kotey, R. L. , Gough, K. W., & Owusu, G., (2017). Young Entrepreneurs in the Mobile Telephony Sector in Ghana: From Necessities to Aspirations. Journal of African Business, 18(4), 476-491. Doi: https://doi.org/10.1080/15228916.2017.1339252
Ajide, K. B, & Raheem, I. D., (2016a). Institutions-FDI Nexus in ECOWAS Countries. Journal of African Business, 17(3), 319-341. Doi: https://doi.org/10.1080/15228916.2016.1180778
Ajide, K. B, & Raheem, I. D., (2016b). The Institutional Quality Impact on Remittances in the ECOWAS Sub-Region. African Development Review, 28(4), 462–481. Doi: https://doi.org/10.1111/1467-8268.12224
Akpan, U. S., Isihak, S. R., & Asongu, S. A., (2014). Determinants of Foreign Direct Investment in Fast-Growing Economies: A Study of BRICS and MINT, African Governance and Development Institute Working Paper, 14/002, Yaoundé. Doi: https://doi.org/10.2139/ssrn.2493410
Aleksynska, M., & Havrylchyk, O. (2013). FDI from the south: The role of institutional distance and natural resources. European Journal of Political Economy, 29(March), 38–53. Doi: https://doi.org/10.1016/j.ejpoleco.2012.09.001
Amavilah, V., (2015). Social Obstacles to Technology, Technological Change, and the Economic Growth of African Countries: Some Anecdotal Evidence from Economic History, MPRA Paper No. 63273, Munich.
Amendolagine, V., Boly, A., Coniglio, N. D., Prota, F., & Seric, A., (2013). FDI and Local Linkages in Developing Countries: Evidence from Sub-Saharan Africa. World Development, 50(October), 41-56. Doi: https://doi.org/10.1016/j.worlddev.2013.05.001
Andrés, A. R., & Asongu, S. A. (2013). Fighting Software Piracy: Which Governance Tools Matter in Africa? Journal of Business Ethics, 118(3), 667-682 Doi: https://doi.org/10.1007/s10551-013-1620-7
Andrés, A. R., Asongu, S. A., & Amavilah, V. H. S., (2015). The Impact of Formal Institutions on Knowledge Economy. Journal of the Knowledge Economy, 6(4), 682-703. Doi: https://doi.org/10.1007/s13132-013-0174-3
Anyanwu, J., (2013). Determining the Correlated of Poverty for Inclusive Growth in Africa. African Development Bank Working Paper, 181, Tunis.
Anyanwu, J., (2012). Why Does Foreign Direct Investment Go Where It Goes? New Evidence From African Countries. Annals of Economics and Finance, 13(2), 425-462.
Anyanwu, J., & Augustine, D., (2013). Gender Equality in Employment in Africa: Empirical Analysis and Policy Implications. African Development Review, 25(4), 400-420. Doi: https://doi.org/10.1111/1467-8268.12038
Arezki, R., Deininger, K., & Selod, H., (2015). What drives the global land rush? The World Bank Economic Review, 29(2), 207-233. Doi: https://doi.org/10.1093/wber/lht034
Asiedu, E., (2002). On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different? World Development, 30(1), 107–119. Doi: https://doi.org/10.1016/S0305-750X(01)00100-0
Asiedu, E., (2006). Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability. The World Economy, 29(1), 63–77. Doi: https://doi.org/10.1111/j.1467-9701.2006.00758.x
Asiedu, E., & Lien, D. (2011). Democracy, foreign direct investment and natural resources. Journal of International Economics, 84(1), 99–111. https://doi.org/10.1016/j.jinteco.2010.12.001
Asongu, S. A., (2012), Government quality determinants of stock market performance in African countries. Journal of African Business, 13(2), 183-199. Doi: https://doi.org/10.1080/15228916.2012.727744
Asongu, S. A., (2013a). Fighting consumer price inflation in Africa: what do dynamics in money, credit, efficiency and size tell us. Journal of Financial Economic Policy, 5(1), 39-60. Doi: https://doi.org/10.1108/17576381311317772
Asongu, S. A., (2013b). How Would Population Growth Affect Investment in the Future? Asymmetric Panel Causality Evidence for Africa. African Development Review, 25(1), 14-29. Doi: https://doi.org/10.1111/j.1467-8268.2013.12010.x
Asongu, S. A., (2014a). Correcting Inflation with Financial Dynamic Fundamentals: Which Adjustments Matter in Africa? Journal of African Business, 15(1), 64-73. Doi: https://doi.org/10.1080/15228916.2014.881231
Asongu, S. A., (2014b). Financial development dynamic thresholds of financial globalization: Evidence from Africa. Journal of Economic Studies, 41(2), 166 – 195. Doi: https://doi.org/10.1108/JES-03-2012-0039
Asongu, S. A., (2015). Finance and growth: New evidence from Meta-analysis”, Managerial Finance, 41(6), pp. 615-639. https://doi.org/10.1108/MF-09-2013-0249
Asongu, S. A., (2016). Determinants of Growth in Fast Developing Countries: Evidence from Bundling and Unbundling Institutions. Politics & Policy, 44(1), 97-134. Doi: https://doi.org/10.1111/polp.12148
Asongu, S. A., & Aminkeng, G. A. A., (2013). The economic consequences of China-Africa relations: debunking myths in the debate. Journal of Chinese Economic and Business Studies, 11(4), 261-277. https://doi.org/10.1080/14765284.2013.838384
Asongu, S. A., & Boateng, A., (2018). Introduction to Special Issue: Mobile Technologies and Inclusive Development in Africa. Journal of African Business, 19(3), 297-301. Doi: https://doi.org/10.1080/15228916.2018.1481307
Asongu, S. A., & Kodila-Tedika, O., (2016). Fighting African Conflicts and Crimes: Which Governance Tools Matter? International Journal of Social Economics: 43(5), 466-485. Doi: https://doi.org/10.1108/IJSE-11-2014-0233
Asongu, S. A., le Roux, S., Nwachukwu, J. C., & Pyke, C., (2019a). The Mobile Phone as an Argument for Good Governance in Sub-Saharan Africa. Information Technology & People. Doi: https://doi.org/10.1108/ITP-01-2018-0011
Asongu, S.A. & Nguena, C.L. (2015). Equitable and Sustainable Development of Foreign Land Acquisitions: Lessons, Policies, and Implications. In E. Osabuohien (Ed.), Handbook of Research on In-country Determinants and Implications with Foreign Land Acquisitions (pp.1-20). New York: IGI Global. Doi: https://doi.org/10.4018/978-1-4666-7405-9.ch001
Asongu, S. A., & Nnanna, J., (2019). Foreign aid, instability and governance in Africa. Politics & Policy, 47(4), 807-848. https://doi.org/10.1111/polp.12320
Asongu, S. A., & Nwachukwu, J. C., (2016a). Revolution empirics: predicting the Arab Spring. Empirical Economics, 51(2), 439-482. Doi: https://doi.org/10.1007/s00181-015-1013-0
Asongu, S. A., & Nwachukwu, J. C., (2016b). The Role of Lifelong Learning in Political Stability and Non-violence: Evidence from Africa. Journal of Economic Studies, 43(1), 141-164. Doi: https://doi.org/10.1108/JES-06-2014-0087
Asongu, S. A., & Odhiambo, N. M., (2019a). Financial Access, Governance and Insurance Sector Development in Sub-Saharan Africa. Journal of Economic Studies, forthcoming. Doi: https://doi.org/10.2139/ssrn.3431813
Asongu, S. A., & Odhiambo, N. M., (2019b). Income Levels, Governance and Inclusive Human Development in Sub-Saharan Africa. Applied Research in Quality of Life. Doi: https://doi.org/10.1007/s11482-019-09755-8
Asongu, S. A., & Odhiambo, N. M., (2019c). Inequality Thresholds, Governance and Gender Economic Inclusion in sub-Saharan Africa. International Review of Applied Economics 34(1), 94-114. Doi: https://doi.org/10.2139/ssrn.3401332
Asongu, S. A., & Ssozi, J., (2016). Sino-African Relations: Some Solutions and Strategies to the Policy Syndrome. Journal of African Business, 17(1), 33-51. Doi: https://doi.org/10.1080/15228916.2015.1089614
Asongu, S. A., Tchamyou, V. S., Asongu, N., & Tchamyou, N., (2019b). Fighting terrorism in Africa: evidence from bundling and unbundling institutions. Empirical Economics, 56(3), 883–933. Doi: https://doi.org/10.1007/s00181-017-1378-3
Ba, J., & Ng S., (2006). Confidence intervals for diffusion index forecasts and inference for factor-augmented regression. Econometrica, 74(4), 1133-1150. Doi: https://doi.org/10.1111/j.1468-0262.2006.00696.x
Bai, J., (2003). “Inferential theory for factor models of large dimensions”. Econometrica, 71(1), 135-173. Doi: https://doi.org/10.1111/1468-0262.00392
Bai, J., (2009). Panel data models with interactive fixed effects. Econometrica, 77(4), 1229-1279. Doi: https://doi.org/10.3982/ECTA6135
Barro, R., (2003). Determinants of Economic Growth in a Panel of Countries, Annals of Economics and Finance, 4(2), 231-274.
Bartels, F. L., Alladina, S. N., & Lederer, S., (2009). Foreign Direct Investment in Sub-Saharan Africa: Motivating Factors and Policy Issues. Journal of African Business, 10(2), 141-162. Doi: https://doi.org/10.1080/15228910903187791
Bartels, F. L. Napolitano, F., & Tissi, N. E., (2014). FDI in Sub-Saharan Africa: A longitudinal perspective on location-specific factors (2003–2010). International Business Review, 23(3), 516-529. Doi: https://doi.org/10.1016/j.ibusrev.2013.08.013
Bongomin, G. O. C., Ntayi, J. M., Munene J. C., & Malinga, C. A., (2018). Mobile Money and Financial Inclusion in Sub-Saharan Africa: The Moderating Role of Social Networks. Journal of African Business.18(4), 361-384. Doi: https://doi.org/10.1080/15228916.2017.1416214
Buchanan, B. G., Le, Q. V., & Rishi, M., (2012). Foreign direct investment and institutional quality: Some empirical evidence. International Review of Financial Analysis, 21(January), 81–89. Doi: https://doi.org/10.1016/j.irfa.2011.10.001
Busse, M., & Hefeker, C. (2007). Political risk, institutions and foreign direct investment. The European Journal of Political Economy, 23(2), 397-415. Doi: https://doi.org/10.1016/j.ejpoleco.2006.02.003
Büthe, T., & Milner, H. V., (2008). The Politics of Foreign Direct Investment into Developing Countries: Increasing FDI through International Trade Agreements? American Journal of Political Science, 52(4), 741–762. Doi: https://doi.org/10.1111/j.1540-5907.2008.00340.x
Clapp, J., (2013). Financialization, Distance and Global Food Politics. International Conference, Yale University, September 14-15. Retrieved from: http://www.tni.org/sites/www.tni.org/files/download/5_clapp_2013.pdf
Cleeve, E., (2012). Political and Institutional Impediments to Foreign Direct Investment Inflows to Sub-Saharan Africa. Thunderbird International Business Review, 54(4), 469-477. Doi: https://doi.org/10.1002/tie.21477
Collier, P., (2008). The Politics of Hunger. How Illusion and Greed Fan the Food Crisis. Foreign Affairs, 87 (6), 67-79.
Darley, W. K., (2012). Increasing Sub-Saharan Africa's Share of Foreign Direct Investment: Public Policy Challenges, Strategies, and Implications. Journal of African Business, 13(1), 62-69.
De Janvry, A., & Sadoulet, E., (2010). Agricultural Growth and Poverty Reduction: Additional Evidence. World Bank Research Observer, 25 (1), 1-20. Doi: https://doi.org/10.1093/wbro/lkp015
Dunning, J. H. (1988). Explaining International Production. London: Unwin Hyman.
Dunning, J. H. (1993). Multinational Enterprises and the Global Economy. Wokingham, Berkshire: Addison Wesley.
Dunning, J. H. (2000). The eclectic paradigm as an envelope for economic and business theories of MNE activity. International Business Review, 9 (2), 163-190. Doi: https://doi.org/10.1016/S0969-5931(99)00035-9
Economic Commission for Africa (2004). Land Tenure Systems and their Impacts on Food Security and Sustainable Development in Africa, ECA/SDD/05/09.
Faeth, I. (2009). Determinants of Foreign Direct Investment: A Tale of Nine Theoretical Models. Journal of Economic Surveys, 23 (1), 165–196. Doi: https://doi.org/10.1111/j.1467-6419.2008.00560.x
Fairbairn, M., (2013). ‘Like gold with yield’: Evolving intersections between farmland and finance. International Conference, Yale University, September 14-15. Retrieved from: http://www.tni.org/sites/www.tni.org/files/download/6_fairbairn_2013.pdf
Fosu, A., (2013). Growth of African Economies: Productivity, Policy Syndromes and the Importance of Institutions. Journal of African Economies, 22(4), 523-551. Doi: https://doi.org/10.1093/jae/ejs034
Gastanaga, V. M., Nugent, J. B., & Pashamova, B. (1998). Host country reforms and FDI inflows: How much difference do they make? World Development, 26(7), 1299-1314. Doi: https://doi.org/10.1016/S0305-750X(98)00049-7
German, L., Schoneveld, G., Mwangi, E., (2011). Processes of Large-Scale Land Acquisition by Investors: Case Studies from Sub-Saharan Africa. Paper presented at the International Conference on Global Land Grabbing 6-8 April 2011.
Gosavi, A., (2018). Can mobile money help firms mitigate the problem of access to finance in Eastern sub-Saharan Africa. Journal of African Business. 18(4), 343-360. Doi: https://doi.org/10.1080/15228916.2017.1396791
Greenaway-McGrevy, R., Han, C., & Sul, D., (2012). Asymptotic distribution of factor augmented estimators for panel regression. Journal of Econometrics, 169(1), 48-53. Doi: https://doi.org/10.1016/j.jeconom.2012.01.003
Hajzler, C., (2014). “Resource-based FDI and expropriation in developing economies”. Journal of International Economics, 92(1), 24–146. Doi: https://doi.org/10.1016/j.jinteco.2013.10.004
Hennart, J. (1982). A theory of multinational enterprise. Ann Arbor: University of Michigan.
Hubani, M., & Wiese, M., (2018). A Cashless Society for All: Determining Consumers’ Readiness to Adopt Mobile Payment Services. Journal of African Business, 18(4), 409-429. https://doi.org/10.1080/15228916.2017.1396792
Ingwe, R., Okoro, J., & Ukwayi, J. K., (2010). The New Scramble for Africa: How Large-Scale Acquisition of Sub-Saharan Africa’s Land by Multinational Corporations and Rich Countries Threaten Sustainable Development. Journal of Sustainable Development in Africa, 12(3), 28-50.
Isakson, R., (2013). Financialization and the Transformation of Agro-food Supply Chains: A Political Economy. International Conference, Yale University, September 14-15. Retrieved form: http://www.tni.org/sites/www.tni.org/files/download/9_isakson_2013.pdf
Issahaku, H., Abu, B. M., & Nkegbe, P. K., (2018). Does the Use of Mobile Phones by Smallholder Maize Farmers Affect Productivity in Ghana? Journal of African Business, 19(3), 302-322. Doi: https://doi.org/10.1080/15228916.2017.1416215
Jadhav, P., (2012). Determinants of Foreign Direct Investments in BRICS Economies: Analysis of Economic, Institutional and Political Factors. Procedia-Social and Behavioral Sciences , 37, 5-14. Doi: https://doi.org/10.1016/j.sbspro.2012.03.270
Jadhav, P., & Katti, V., (2012). Institutional and Political Determinants of Foreign Direct Investment: Evidence From BRICS Economies. Poverty & Public Policy, 4(3), 49-57. Doi: https://doi.org/10.1002/pop4.5
Jolliffe, I. T. (2002) Principal Component Analysis (2nd Ed.) New York: Springer.
Kaiser, H. F. (1974) An index of factorial simplicity. Psychometrika 39(1), 31–36. Doi: https://doi.org/10.1007/BF02291575
Kangoye, T., (2013). Does Aid Unpredictability Weaken Governance? Evidence From Developing Countries. The Developing Economies, 51(2), 121-144. Doi: https://doi.org/10.1111/deve.12008
Kelsey, D., & le Roux, S., (2017), Dragon Slaying with Ambiguity: Theory and Experiments. Journal of Public Economic Theory, 19(1), 178–197. Doi: https://doi.org/10.1111/jpet.12185
Kelsey, D., & le Roux, S., (2018). Strategic Ambiguity and Decision-making. An Experimental Study. Theory and Decision, 84(3), 387–404. Doi: https://doi.org/10.1007/s11238-017-9618-8
Kinda, T., (2010). Investment Climate and FDI in Developing Countries:Firm-Level Evidence. World Development, 38(4), 498-513. Doi: https://doi.org/10.1016/j.worlddev.2009.12.001
Kindlerberger, C. (1969). American Business Abroad: Six Lectures on Direct Investment. New Haven: Yale University Press.
Kolstad, I., & Wiig, A., (2011). Better the Devil You Know? Chinese Foreign Direct Investment in Africa, Journal of African Business, 12(2), 31-50. Doi: https://doi.org/10.1080/1536710X.2011.555259
Lay, J., & Nolte, K., (2014). Land grabs or simply investments? Determinants of foreign large scale land acquisitions in developing countries, GIGA German Institute of Global and Area Studies, Hamburg, Germany and University of Göttingen.
Lehnert, K., Benmamoun, M., & Zhao, H. (2013). FDI Inflow and Human Development: Analysis of FDI’s Impact on Host Countries’ Social Welfare and Infrastructure. Thunderbird International Business Review , 55 (3), 285-298. Doi: https://doi.org/10.1002/tie.21544
Levine, R., (2005). Finance and Growth: Theory and Evidence. In Philippe Aghion & Steven Durlauf (eds.), Handbook of Economic Growth, (1st edition, pp. 865-934). Doi: https://doi.org/10.1016/S1574-0684(05)01012-9
Lipton, M., (2009). Land Reform in Developing Countries: Property Rights and property Wrongs. New York: Routledge. Doi: https://doi.org/10.4324/9780203876251
Liu, P., (2013). Impacts of foreign agricultural investment on developing countries: evidence from case studies. Food and Agricultural Organization. Retrieved from: file:///C:/Users/user/Downloads/Liu%20(1).pdf. Doi: https://doi.org/10.4324/9780203876251
Loayza, N. V., & Raddatz, C., (2010). The composition of growth matters for poverty alleviation. Journal of Development Economics, 93 (1), 137-51. Doi: https://doi.org/10.1016/j.jdeveco.2009.03.008
McKenzie C, R., & McAleer M (1997). On efficient estimation and correct inference in models with generated regressors: A general approach. Japanese Economic Review, 48(4), 368-389. Doi: https://doi.org/10.1111/1468-5876.00060
Minkoua Nzie, J. R., Bidogeza, J. C., & Ngum, N. A., (2018). Mobile phone use, transaction costs, and price: Evidence from rural vegetable farmers in Cameroon. Journal of African Business, 19(3), 323-342. Doi: https://doi.org/10.1080/15228916.2017.1405704
Muthinja, M. M., & Chipeta, C., (2018). What Drives Financial Innovations in Kenya’s Commercial Banks? An Empirical Study on Firm and Macro-Level Drivers of Branchless Banking. Journal of African Business, 18(4), 385-408. Doi: https://doi.org/10.1080/15228916.2017.1405705
Moosa, I. (2002). Foreign Direct Investment: Theory, Evidence and Practice. London: Palgrave. Doi: https://doi.org/10.1057/9781403907493
Moosa, I. A., & Cardak, B. A. (2006). The determinants of foreign direct investment: An extreme bounds analysis. Journal of Multinational Financial Management, 16(2), 199–211. Doi: https://doi.org/10.1016/j.mulfin.2005.07.002
Neumayer, E., & Spess, L., (2005). Do bilateral investment treaties increase foreign direct investment to developing countries? World Development, 33(10), 1567–85. Doi: https://doi.org/10.1016/j.worlddev.2005.07.001
Okoth-Ogendo, H. W. (2008). The Last Colonial Question: An essay in the pathology of land administration systems in Africa. In Helge Onsrud and Elena Busch (eds.) Norwegian Land Tools Relevant to Africa Report, Hpnefoss: Norwegian Mapping and Cadastre Authority.
Oluwatobi, S., Efobi, U., Olurinola, I., & Alege, P., (2015). Innovation in Africa: Why Institutions Matter? South African Journal of Economics, 83(3), 390-410. Doi: https://doi.org/10.1111/saje.12071
Osabuohien, E. S., (2014). Land-scale agricultural land investments and local institutions in Africa. Land Use Policy, 39(July), 155-165. Doi: https://doi.org/10.1016/j.landusepol.2014.02.019
Osabuohien, E. (Ed.) (2015). Handbook of Research on In-country Determinants and Implications with Foreign Land Acquisitions. New York: IGI Global. Doi: https://doi.org/10.4018/978-1-4666-7405-9
Oxley L, & McAleer, M., (1993). Econometric issues in macroeconomic models with generated regressors. Journal of Economic Surveys, 7(1), 1-40. Doi: https://doi.org/10.1111/j.1467-6419.1993.tb00158.x
Pagan, A., (1984). Econometric issues in the analysis of regressions with generated regressors. International Economic Review, 25(1), 221-247. Doi: https://doi.org/10.2307/2648877
Pelizzo, R., Araral, E., Pak, A., & Xun, W., (2016). Determinants of Bribery: Theory and Evidence from Sub‐ Saharan Africa. African Development Review, 28(2), 229-240. Doi: https://doi.org/10.1111/1467-8268.12192
Pelizzo, R., & Nwokora, Z., (2016). Bridging the Divide: Measuring Party System Change and Classifying Party Systems. Politics & Policy, 44(6), 1017-1052. Doi: https://doi.org/10.1111/polp.12188
Pelizzo, R., & Nwokora, Z., (2018). Party System Change and the Quality of Democracy in East Africa. Politics &Policy, 46(3), 505-528. Doi: https://doi.org/10.1111/polp.12255
Pesaran, M. H., (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74 (4), 967-1012. Doi: https://doi.org/10.1111/j.1468-0262.2006.00692.x
Ranjan, V., & Agrawal, G. (2011). FDI Inflow Determinants in BRIC countries: A Panel Data Analysis. International Business Research, 4(4), 225-263. Doi: https://doi.org/10.5539/ibr.v4n4p255
Rogmans, T., & Ebbers, H. (2013). The determinants of foreign direct investment in the Middle East North Africa region. International Journal of Emerging Markets, 8(3), 240-257. Doi: https://doi.org/10.1108/17468801311330310
Rolfe, R. J., & Woodward, D. P., (2004). Attracting foreign investment through privatization: the Zambian experience. Journal of African Business, 5(1), 5-27. Doi: https://doi.org/10.1300/J156v05n01_02
Sahoo, P., Dash, R., & Nataraj, G., (2010). Infrastructure Development and Economic Growth in China. IDE Discussion Paper No. 261, Chiba.
Sekkat, K., & Veganzones-Varoudakis, M.-A., (2007). Openness, Investment Climate, and FDI in Developing Countries. Review of Development Economics, 11(4), 607–620. Doi: https://doi.org/10.1111/j.1467-9361.2007.00426.x
Stock, J. H. & M. W. Watson (2002). Forecasting using principal components from a large number of predictors. Journal of the American Statistical Association, 97(460), 1167-1179. Doi: https://doi.org/10.1198/016214502388618960
Tchamyou, V. S., (2017). The Role of Knowledge Economy in African Business. Journal of the Knowledge Economy, 8(4), 1189-1228. Doi: https://doi.org/10.1007/s13132-016-0417-1
Tchamyou, V. S., (2019). Education, Lifelong learning, Inequality and Financial access: Evidence from African countries. Contemporary Social Science. Doi: https://doi.org/10.1080/21582041.2018.1433314
Thaler, K., (2013). Large-Scale Land Acquisitions and Social Conflict in Africa. International Conference, Yale University, September 14-15. Retrieved from: http://www.tni.org/sites/www.tni.org/files/download/22_thaler_2013.pdf
Tuomi, K., (2011). The Role of the Investment Climate and Tax Incentives in the Foreign Direct Investment Decision: Evidence from South Africa. Journal of African Business, 12(1), 133-147. DOi: https://doi.org/10.1080/15228916.2011.555279
United Nations. (2010, January). Foreign land purchases for agriculture: what impact on sustainable development? Sustainable Development and Innovation Briefs Issue No. 8, New York.
UNCTAD. (2002). World Investment Report: Transnational Corporations and Export Competitiveness. New York: United Nations.
UNDP. (2013). Human Development Reports. Retrtieved from: : http://www.undp.org/content/dam/undp/library/corporate/HDR/2013GlobalHDR/English/HDR2013%20Report%20English.pdf (Accessed: 15/07/2018).
Vernon, R., (1966). International Investment and International Trade in the Product Cycle. Quarterly Journal of Economics, 80(2), 190-207. Doi: https://doi.org/10.2307/1880689
Vijayakumar, N., Sridharan, P., & Rao, K. C., (2010). Determinants of FDI in BRICS Countries: A panel analysis. International Journal of Business Science and Applied Management, 5(3), 1-13.
Wei, S.-J. (2000). How Taxing is Corruption on International Investors? Review of Economics and Statistics, 82(1), 1–11. Doi: https://doi.org/10.1162/003465300558533
World Bank. (2007). Agriculture for Development. (World Development Report 2008). Washington, D.C.: World Bank and Oxford University Press.
World Bank. (2013). World Development Indicators. (UK Data Service). World Bank, Washington, D.C.
Wouterse, F., Deininger, K., Selod, H., Badiane, O., Swinnen, J., Von Braun, J., & Zilberman, D., (2011). Foreign Direct Investment in Land in West Africa: The Status Quo, Lessons from Other Regions, Implications for Research. West & Central Africa Office Thematic Research Note 1.
Westerlund, J., & Urbain, J-P., (2013a). On the estimation and inference in factor-augmented panel regressions with correlated loadings. Economic Letters, 119(3), 247-250. Doi: https://doi.org/10.1016/j.econlet.2013.03.022
Westerlund, J., & Urbain, J-P., (2013b). On the implementation and use of factor-augmented regressions in panel data. Journal of Asian Economics, 28(October), 3-11. Doi: https://doi.org/10.1016/j.asieco.2013.02.002
Westerlund, J., & Urbain, J-P., (2012). Cross-sectional averages versus principal components. Maastricht University, RM/11/053, Maastricht.
Yin, J. Z., & Vaschetto, S., (2011). China’s Business Engagement in Africa. The Chinese Economy, 44 (2), 43-57. Doi: https://doi.org/10.2753/1097-1475440203