Examining the Regional Aspect of Foreign Direct Investment to Developing Countries

Table 4: Regional Studies (Risk Variables)

Africa

Asia

Latin America

Economic risk

Inflation

Variance of inflation
Current account balance
Exchange rate

(-) Naudé and Krugell (2007)
(-) Asiedu (2005, 2006)

(-) Onyeiwu et al. (2004)

(+/-) Lemi and Asefa (2003)

(+/-) Nasser (2007)

(+/-) Frenkel et al. (2004)

(+/-) Nasser (2007)

(+/-) Tuman and Emmert (1999, 2004)

(-) Nasser (2007)

(-) Campos and Kinoshita (2008)

(-) Bengoa et al. (2003)

(+/-) Frenkel et al. (2004)

(+) Nasser (2007)

Exchange rate variability

Fixed exchange rate dummy
Financial stability

(+/-) Lemi and Asefa (2003)
(-) Ancharaz (2002)

(+/-) Wezel (2003)

(+) Frenkel et al. (2004)

(+ /-) Wezel (2003)

(+/-) Tuman and Emmert (1999, 2004)

(+/-) Frenkel et al. (2004)

External debt

Debt service record

International reserves

Overall indices

Index of economic freedom

ICRG

Euromoney

Political risk

Political instability

Political risk index

(-) Lemi and Asefa (2003)
(+/-) Onyeiwu et al. (2004)
(-) Ancharaz (2002)
(-) Onyeiwu et al. (2004)

(-) Naudé and Krugell (2007)

(+/-) Wezel (2003)

(+) Frenkel et al. (2004)

(+/-) Wezel (2003)

(+ /-) Wezel (2003)

(-) Bengoa et al. (2003)

(+) Baumgarten and Hausman (2000)

(+) Bengoa et al. (2003)

(+) Wezel (2003)

(+/-) Frenkel et al. (2004)

(+ /-) Wezel (2003)

(-) Baumgarten and Hausman (2000)

Political violence

Political freedom index

Political rights

Executive constraints
Corruption

Corruption index

Government size

Accountability

Commercial risk

Investment climate

Openness to FDI

Expropriation (settler mortality)
Business environment

Bureaucratic quality
Institutional quality
Regulatory burden
Rule of law index

Financial risk index

(-) Asiedu (2005, 2006)

(+) Lemi and Asefa (2003)

(+/-) Onyeiwu et al. (2004)

(-) Asiedu et al. (2007)

(-) Asiedu (2005, 2006)

(+/-) Ancharaz (2002)

(+) Naudé and Krugell (2007)

(-) Naudé and Krugell (2007)

(+) Asiedu (2006)

(+) Asiedu et al. (2007)

(+/-) Naudé and Krugell (2007)

(+/-) Ancharaz (2002)

(+) Naudé and Krugell (2007)

(+) Asiedu (2005, 2006)

(+) Asiedu et al. (2007)

(+) Nasser (2007)

(+/-) Nasser (2007)

(-) Nasser (2007)

(-) Tuman and Emmert (1999, 2004)

(+/-) Ferris et al. (1997)

(+) Tuman and Emmert (2004)

(+) Nasser (2007)

(-) Campos and Kinoshita (2008)

(+/-) Campos and Kinoshita (2008)

(+) Campos and Kinoshita (2008)

(+/-) Campos and Kinoshita (2008)

Note: (-), (+) and (+/-) indicate a significant negative, a significant positive and an insignificant explanatory variable at a 10%
significance level, respectively.

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