IDEAS home Printed from https://ideas.repec.org/p/col/000094/009672.html
   My bibliography  Save this paper

Determinantes de la inversión extranjera directa en Colombia: Un estudio a nivel de firma

Author

Listed:
  • Aarón Garavito A.
  • Ana María Iregui B.
  • María Teresa Ramírez G.

Abstract

En este artículo se investigan los determinantes de la inversión extranjera directa (IED) en Colombia, utilizando una detallada base de datos a nivel de firma. En particular, se comparan las características de las empresas que reciben IED y de aquellas que no reciben este tipo de inversión. También, se estima una ecuación de los determinantes de la probabilidad de que una empresa tenga IED y otra sobre los determinantes de la participación extranjera en el capital de las empresas. Los resultados indican que la probabilidad de que una empresa tenga IED disminuye para empresas localizadas fuera de Bogotá, en sectores económicos diferentes al petróleo y en empresas pequeñas y medianas. Por el contrario, esta probabilidad aumenta en empresas inscritas en el registro nacional de valores, en las involucradas en actividades de comercio exterior y para aquellas empresas en sectores con mayor intensidad del capital. Los resultados son similares para la segunda ecuación.

Suggested Citation

  • Aarón Garavito A. & Ana María Iregui B. & María Teresa Ramírez G., 2012. "Determinantes de la inversión extranjera directa en Colombia: Un estudio a nivel de firma," Borradores de Economia 9672, Banco de la Republica.
  • Handle: RePEc:col:000094:009672
    as

    Download full text from publisher

    File URL: http://www.banrep.gov.co/docum/ftp/be_714.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Kugler, Maurice, 2006. "Spillovers from foreign direct investment: Within or between industries?," Journal of Development Economics, Elsevier, vol. 80(2), pages 444-477, August.
    2. Asiedu, Elizabeth, 2002. "On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different?," World Development, Elsevier, vol. 30(1), pages 107-119, January.
    3. Satomi Kimino & David S. Saal & Nigel Driffield, 2007. "Macro Determinants of FDI Inflows to Japan: An Analysis of Source Country Characteristics," The World Economy, Wiley Blackwell, vol. 30(3), pages 446-469, March.
    4. Nunnenkamp, Peter, 2002. "Determinants of FDI in developing countries: has globalization changed the rules of the game?," Kiel Working Papers 1122, Kiel Institute for the World Economy (IfW Kiel).
    5. C. Bellak & M. Leibrecht & R. Stehrer, 2010. "The role of public policy in closing foreign direct investment gaps: an empirical analysis," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 37(1), pages 19-46, February.
    6. Isabel Faeth, 2009. "Determinants Of Foreign Direct Investment – A Tale Of Nine Theoretical Models," Journal of Economic Surveys, Wiley Blackwell, vol. 23(1), pages 165-196, February.
    7. Agnès Bénassy‐Quéré & Maylis Coupet & Thierry Mayer, 2007. "Institutional Determinants of Foreign Direct Investment," The World Economy, Wiley Blackwell, vol. 30(5), pages 764-782, May.
    8. Bruce A. Blonigen & Jeremy Piger, 2019. "Determinants of Foreign Direct Investment," World Scientific Book Chapters, in: Foreign Direct Investment, chapter 1, pages 3-54, World Scientific Publishing Co. Pte. Ltd..
    9. Markusen, James R. & Venables, Anthony J. & Eby Konan, Denise & Zhang, Kevin H., 1996. "A Unified Treatment of Horizontal Direct Investment, Vertical Direct Investment, and the Pattern of Trade in Goods and Services," Working Paper Series 465, Research Institute of Industrial Economics.
    10. Joshua Abor, 2010. "Foreign direct investment and firm productivity: evidence from firm-level data," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 12(4), pages 267-285.
    11. Miguel D. Ramirez, 2010. "Economic and Institutional Determinants of FDI Flows to Latin America: A Panel Study," Working Papers 1003, Trinity College, Department of Economics.
    12. Peter Rowland, 2006. "Foreign and Domestic Firms in Colombia:," Borradores de Economia 2740, Banco de la Republica.
    13. Peter Rowland, 2005. "Foreign and Domestic Firms in Colombia: Exports, Imports and External Debt," Borradores de Economia 2739, Banco de la Republica.
    14. Claudia M. Buch & Jörn Kleinert & Alexander Lipponer & Farid Toubal & Richard Baldwin, 2005. "Determinants and effects of foreign direct investment: evidence from German firm-level data [‘Estimating the knowledge-capital model of the multinational enterprise: comment on Carr, David L.’]," Economic Policy, CEPR;CES;MSH, vol. 20(41), pages 52-110.
    15. M. Giulietti & S. Mccorriston & P. Osborne, 2004. "Foreign direct investment in the UK: evidence from a disaggregated panel of the UK food sector," Applied Economics, Taylor & Francis Journals, vol. 36(7), pages 653-663.
    16. Robert Grosse & Len J Trevino, 1996. "Foreign Direct Investment in the United States: An Analysis by Country of Origin," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 27(1), pages 139-155, March.
    17. K. C. Fung & Alicia Garcia‐Herrero & Hitomi Iizaka & Alan Siu, 2005. "Hard Or Soft? Institutional Reforms And Infrastructure Spending As Determinants Of Foreign Direct Investment In China," The Japanese Economic Review, Japanese Economic Association, vol. 56(4), pages 408-416, December.
    18. Erdal Demirhan & Mahmut Masca, 2008. "Determinants of foreign direct investment flows to developing countries: a cross-sectional analysis," Prague Economic Papers, Prague University of Economics and Business, vol. 2008(4), pages 356-369.
    19. Zhen Quan Wang & Nigel Swain, 1997. "Determinants of Inflow of Foreign Direct Investment in Hungary and China: Time-Series Approach," Journal of International Development, John Wiley & Sons, Ltd., vol. 9(5), pages 695-726.
    20. Joshua Abor & Charles Adjasi & Mac‐Clara Hayford, 2008. "How Does Foreign Direct Investment Affect the Export Decisions of Firms in Ghana?," African Development Review, African Development Bank, vol. 20(3), pages 446-465.
    21. Olajide S. Oladipo, 2010. "Foreign Direct Investment (Fdi): Determinants And Growth Effects In A Small Open Economy," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(4), pages 75-88.
    22. James R. Markusen & Keith E. Maskus, 2002. "Discriminating Among Alternative Theories of the Multinational Enterprise," Review of International Economics, Wiley Blackwell, vol. 10(4), pages 694-707, November.
    23. John H Dunning, 1998. "Location and the Multinational Enterprise: A Neglected Factor?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 29(1), pages 45-66, March.
    24. John H Dunning, 1988. "The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 19(1), pages 1-31, March.
    25. Kugler, Maurice, 2000. "The diffusion of externalities from foreign direct investment: theory ahead of measurement," Discussion Paper Series In Economics And Econometrics 0023, Economics Division, School of Social Sciences, University of Southampton.
    26. Singh, Harinder & Kwang W. Jun, 1995. "Some new evidence on determinants of foreign direct investment in developing countries," Policy Research Working Paper Series 1531, The World Bank.
    27. Albuquerque, Rui & Loayza, Norman & Serven, Luis, 2005. "World market integration through the lens of foreign direct investors," Journal of International Economics, Elsevier, vol. 66(2), pages 267-295, July.
    28. Kugler, Maurice, 2000. "The diffusion of externalities from foreign direct investment: theory ahead of measurement," Discussion Paper Series In Economics And Econometrics 23, Economics Division, School of Social Sciences, University of Southampton.
    29. Anjum Aqeel & Mohammed Nishat, 2004. "The Determinants of Foreign Direct Investment in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 43(4), pages 651-664.
    30. Cameron,A. Colin & Trivedi,Pravin K., 2005. "Microeconometrics," Cambridge Books, Cambridge University Press, number 9780521848053.
    31. Yong Ting Aw & Tuck Cheong Tang, 2009. "The Determinants of Inward Foreign Direct Investment: the Case of Malaysia," Monash Economics Working Papers 22-09, Monash University, Department of Economics.
    32. Cribari-Neto, Francisco & Zeileis, Achim, 2010. "Beta Regression in R," Journal of Statistical Software, Foundation for Open Access Statistics, vol. 34(i02).
    33. László Mátyás & Patrick Sevestre (ed.), 2008. "The Econometrics of Panel Data," Advanced Studies in Theoretical and Applied Econometrics, Springer, number 978-3-540-75892-1.
    34. Dunning, John H, 1979. "Explaining Changing Patterns of International Production: In Defence of the Eclectic Theory," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 41(4), pages 269-295, November.
    35. Peter Rowland, 2006. "Foreign and Domestic Firms in Colombia: How Do They Differ?," Borradores de Economia 375, Banco de la Republica de Colombia.
    36. D. Alba, Joseph & Park, Donghyun & Wang, Peiming, 2010. "Determinants of Different Modes of FDI: Firm-Level Evidence from Japanese FDI into the United States," ADB Economics Working Paper Series 197, Asian Development Bank.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Aarón Garavito & Ana María Iregui & María Teresa Ramírez, 2014. "An Empirical Examination of the Determinants of Foreign Direct Investment: A Firm-Level Analysis for the Colombian Economy," Revista de Economía del Rosario, Universidad del Rosario, June.
    2. Gil C., Edgar Ariel & López M., Silvio Fernando & Espinosa C., Dorian Alonso, 2013. "Factores determinantes de la inversión extranjera directa en América del Sur," Perfil de Coyuntura Económica, Universidad de Antioquia, CIE, issue 22, pages 55-85, May.
    3. Aarón Garavito A. & Ana María Iregui & María Teresa Ramírez G., 2012. "Inversión Extranjera Directa en Colombia: Evolución reciente y marco normativo," Borradores de Economia 9655, Banco de la Republica.
    4. Oscar Alberto Gómez & José Roberto Concha, 2016. "Análisis de atracción de inversión extranjera a países de la Alianza del Pacífico," Estudios Gerenciales, Universidad Icesi, vol. 32(141), pages 369-380, December.
    5. -, 2018. "Economic Survey of Latin America and the Caribbean 2018. Evolution of investment in Latin America and the Caribbean: stylized facts, determinants and policy challenges," Estudio Económico de América Latina y el Caribe, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 43965 edited by Eclac, July.
    6. Luis Miguel Bolívar Caro & Gabriel Orlando Rodríguez Puello & Daniel Alfonso Forero vargas, 2016. "La inversión extranjera directa y su desempeno en Colombia, 1994 - 2014," Revista Economía y Región, Universidad Tecnológica de Bolívar, vol. 10(2), pages 241-278, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Aarón Garavito A. & Ana María Iregui B. & María Teresa Ramírez G., 2012. "Determinantes de la inversión extranjera directa en Colombia: Un estudio a nivel de firma," Borradores de Economia 714, Banco de la Republica de Colombia.
    2. Garavito-Acosta, Aarón Levi & Iregui-Bohórquez, Ana María & Ramírez-Giraldo, María Teresa, 2013. "Inversión extranjera directa en Colombia : evolución, indicadores y determinantes por firma," Chapters, in: Rincón-Castro, Hernán & Velasco, Andrés M. (ed.), Flujos de capitales, choques externos y respuestas de política en países emergentes, chapter 3, pages 83-136, Banco de la Republica de Colombia.
    3. Aarón Garavito & Ana María Iregui & María Teresa Ramírez, 2014. "An Empirical Examination of the Determinants of Foreign Direct Investment: A Firm-Level Analysis for the Colombian Economy," Revista de Economía del Rosario, Universidad del Rosario, June.
    4. Nielsen, Bo Bernhard & Asmussen, Christian Geisler & Weatherall, Cecilie Dohlmann, 2017. "The location choice of foreign direct investments: Empirical evidence and methodological challenges," Journal of World Business, Elsevier, vol. 52(1), pages 62-82.
    5. Camarero, Mariam & Montolio, Laura & Tamarit, Cecilio, 2019. "What drives German foreign direct investment? New evidence using Bayesian statistical techniques," Economic Modelling, Elsevier, vol. 83(C), pages 326-345.
    6. Mariam Camarero & Laura Montolio & Cecilio Tamarit, 2020. "Determinants of FDI for Spanish regions: evidence using stock data," Empirical Economics, Springer, vol. 59(6), pages 2779-2820, December.
    7. Dell'Anno, Roberto & Strat, Vasile Alecsandru, 2018. "The potential of the EU economies in attracting FDI – A composite index based approach," MPRA Paper 93384, University Library of Munich, Germany.
    8. Bailey, Nicholas, 2018. "Exploring the relationship between institutional factors and FDI attractiveness: A meta-analytic review," International Business Review, Elsevier, vol. 27(1), pages 139-148.
    9. Bartels, Frank L. & Napolitano, Francesco & Tissi, Nicola E., 2014. "FDI in Sub-Saharan Africa: A longitudinal perspective on location-specific factors (2003–2010)," International Business Review, Elsevier, vol. 23(3), pages 516-529.
    10. Bailey, Nicholas & Li, Sali, 2015. "Cross-national Distance and FDI: The Moderating Role of Host Country Local Demand," Journal of International Management, Elsevier, vol. 21(4), pages 267-276.
    11. Mariam Camarero & Laura Montolio & Cecilio Tamarit, 2019. "Determinants of German outward FDI: variable selection using Bayesian statistical," Working Papers 1906, Department of Applied Economics II, Universidad de Valencia.
    12. Zaneta Kubik, 2023. "The role of agricultural sector performance in attracting foreign direct investment in the food and beverages sector. Evidence from planned investments in Africa," Agribusiness, John Wiley & Sons, Ltd., vol. 39(3), pages 875-903, July.
    13. Marouane ALAYA (GREThA-GRES) & Dalila NICET-CHENAF (GREThA-GRES) & Eric ROUGIER (GREThA-GRES), 2007. "FDI Promotion policies and dynamic of growth in the South East Mediterranean countries (In French)," Cahiers du GRES (2002-2009) 2007-13, Groupement de Recherches Economiques et Sociales.
    14. Oana Cristina POPOVICI & Adrian Cantemir CĂLIN & Diana IVANA & Sorin DAN, 2021. "FDI Determinants Revisited: Extensive Evidence," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 103-123, December.
    15. Godwin Okafor & Jenifer Piesse & Allan Webster, 2017. "FDI Determinants in Least Recipient Regions: The Case of Sub†Saharan Africa and MENA," African Development Review, African Development Bank, vol. 29(4), pages 589-600, December.
    16. Saleh, Ali Salman & Anh Nguyen, Thi Lan & Vinen, Denis & Safari, Arsalan, 2017. "A new theoretical framework to assess Multinational Corporations’ motivation for Foreign Direct Investment: A case study on Vietnamese service industries," Research in International Business and Finance, Elsevier, vol. 42(C), pages 630-644.
    17. Argentino Pessoa, 2008. "Multinational Corporations, Foreign Investment, and Royalties and License Fees: Effects on Host-Country Total Factor Productivity," Notas Económicas, Faculty of Economics, University of Coimbra, issue 28, pages 6-31, December.
    18. Raphael Chiappini & François Viaud, 2021. "Macroeconomic, institutional, and sectoral determinants of outward foreign direct investment: Evidence from Japan," Pacific Economic Review, Wiley Blackwell, vol. 26(3), pages 404-433, August.
    19. Cleeve, Emmanuel A. & Debrah, Yaw & Yiheyis, Zelealem, 2015. "Human Capital and FDI Inflow: An Assessment of the African Case," World Development, Elsevier, vol. 74(C), pages 1-14.
    20. Bergstrand, Jeffrey H. & Egger, Peter, 2013. "What determines BITs?," Journal of International Economics, Elsevier, vol. 90(1), pages 107-122.

    More about this item

    Keywords

    Inversión extrajera directa; datos a nivel de firma; Colombia.;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
    • F20 - International Economics - - International Factor Movements and International Business - - - General
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000094:009672. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Clorith Angelica Bahos Olivera (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.