The impact of regulatory quality on intra-foreign direct investment flows in the ASEAN markets |
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| Affiliation: | 1. Department of Management, Birkbeck, University of London, Malet Street, Bloomsbury, London WC1E 7HX, United Kingdom;2. School of International Business, Southwestern University of Finance and Economics, 555 Liutai Rd, Wenjiang, Chengdu, China;3. School of Business and Technology, BPP University, 142-144 Uxbridge Road, London W12 8AA, United Kingdom;1. Centre for International Business, University of Leeds, LS2 9JT, UK;2. Department of Management and Marketing, University of Melbourne, Parkville, 3010, Australia;1. Sao Paulo State Environmental Agency, Brazil;2. FEA – Economy, Business and Accounting Faculty, USP – Sao Paulo University, Brazil;1. School of Economic Sciences and Administration, Frederick University, 7, Y. Frederickou Street, Pallouriotisa, Nicosia, 1036, Cyprus;2. Department of Economics, University of Piraeus, Karaoli & Dimitriou 80, 18534 Piraeus, Greece |
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| Abstract: | Using a panel data set containing information on FDI flows from home to host countries, this paper examines the impact of changes in the quality of government regulatory effectiveness and governance practices upon the direction of outward FDI flows between five ASEAN economies of Indonesia, Malaysia, Philippines, Singapore, and Thailand. The results show that a deterioration in the effectiveness and enforcement of investment regulations (such as price controls and excessive regulation in foreign trade and business development) have an adverse effect upon intra-ASEAN FDI, and are significant factors in explaining the recent downward trend in ASEAN FDI flows. These results are robust to changes in a number of controlling variables for various economic conditions that the extant FDI literature consider. Also, these results have several significant implications for future policy makers in recommending means to revitalize intra-ASEAN investment. |
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