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The Effect of Corruption on Foreign Direct Investment: A Panel Data Study

Author

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  • Manamba EPAPHRA

    (Department of Accounting and Finance, Institute of Accountancy Arusha, Tanzania.)

  • John MASSAWE

    (Institute of Accountancy Arusha, Arusha, Tanzania.)

Abstract

Foreign direct investment (FDI) has become an important factor of development in low income countries. At the same time, corruption continues to be one of the greatest obstacles to economic and social development in these countries. However, in East Africa, the study of the nature of corruption as well as its relationship with FDI is scanty in socio-economic literature. In addition, the existing literature provides controversial results. Motivated by these issues, this paper examines the effects of corruption on FDI inflows by incorporating an econometric method based on panel data from 5 East African countries over the 1996-2015 period. The paper contributes to the existing literature by modeling the relationship between corruption and FDI inflows using two measures of corruption, namely corruption perception index (CPI) and control of corruption (CC). Equally important, both economic factors such as GDP per capita, GDP growth, inflation and degree of openness, and quality of institutions or governance indicators such as voice and accountability, political stability and absence of violence, government effectiveness and rule of law are considered in the analysis. Data were obtained from Transparency International, World Bank Development Indicators, Worldwide Governance Indicators and United Nations Conference on Trade and Development. Analytically the paper uses fixed effects (FE) as the preferable model. The results show that the corruption level in the host country has an adverse effect on FDI inflows when eliminating GDP per capita in the regression. Nonetheless, the results show that the GDP per capita as a proxy for market size and country’s quality of institutions are more important than the level of corruption in encouraging FDI inflows into the country. The key implication of these results is that improvement in the quality of institutions and control of corruption may be an important strategy for increase FDI inflows. The key implication of these results is that an increase in the real GDP per capita, improvement in the quality of institutions as well as control of corruption may be an important strategy for increase FDI inflows.

Suggested Citation

  • Manamba EPAPHRA & John MASSAWE, 2017. "The Effect of Corruption on Foreign Direct Investment: A Panel Data Study," Turkish Economic Review, KSP Journals, vol. 4(1), pages 19-54, March.
    • Handle: RePEc:ksp:journ2:v:4:y:2017:i:1:p:19-54
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    Cited by:

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    2. Manamba Epaphra, 2018. "An Econometric Analysis of the Determinants of Foreign Direct Investment in Africa," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 21(67), pages 63-97, March.
    3. Eric M. Bosire, 2019. "Foreign Direct Investments into Eastern Africa Region: The Governance Paradox," International Journal of Economics and Financial Issues, Econjournals, vol. 9(1), pages 169-182.
    4. Eric Mokwaro Bosire, 2019. "Does Better Business Regulatory Environment Translate to Increased Foreign Direct Investment Inflows? Evidence from Eastern Africa," International Journal of Economics and Financial Issues, Econjournals, vol. 9(4), pages 119-136.
    5. Nour Mohamad Fayad, 2024. "The Causality Between Corruption and Economic Growth in MENA Countries: A Dynamic Panel-Data Analysis," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 14(1), pages 28-49.
    6. Polyxeni Kechagia & Theodore Metaxas, 2022. "FDI and Institutions in BRIC and CIVETS Countries: An Empirical Investigation," Economies, MDPI, vol. 10(4), pages 1-23, March.
    7. Manamba Epaphra, & John Massawe,, 2017. "Corruption, governance and tax revenues in Africa," Business and Economic Horizons (BEH), Prague Development Center, vol. 13(4), pages 439-467, October.
    8. Emmanuel Ekow Asmah & Francis Kwaw Andoh & Edem Titriku, 2020. "Trade misinvoicing effects on tax revenue in sub‐Saharan Africa: The role of tax holidays and regulatory quality," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 91(4), pages 649-672, December.
    9. Mohd Shahidan Shaari & Muhamad Huzaifah Asbullah & Noorazeela Zainol Abidin & Zulkefly Abdul Karim & Benjamin Nangle, 2023. "Determinants of Foreign Direct Investment in ASEAN+3 Countries: The Role of Environmental Degradation," IJERPH, MDPI, vol. 20(3), pages 1-14, January.

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    More about this item

    Keywords

    Corruption; Foreign direct investment; Quality of institutions.;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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