How to cite this paper
Koko, M., Aminurraasyid, Y & Tapiwa, Z. (2017). Political risk and foreign direct investment in Nigeria: New empirical evidence.Accounting, 3(3), 171-180.
Refrences
Adams, S. (2009). Can foreign direct investment (FDI) help to promote growth in Africa? African Journal of Business Management, 3, 178–183.
Agarwal, S., & Ramaswami, S. N. (1992). Choice of foreign market entry mode: impact of ownership,location and internalisation factors. Journal of International Business Studies, 23(1), 1–27.
Ajayi, S. I. (2006). The determinants of foreign direct investment in Africa: A survey of the evidence. African Economic Research Consortium (pp. 1–244).
Akinde, M. A., & Yusuff, M. A. (2014). Ineffective national security administration : The implication on foreign direct investment ( FDI ) in Nigeria. Research Journal of Finance and Accounting, 5(10), 1–10.
Al Khattab, A., Anchor, J., & Davies, E. M. M. (2008). The institutionalisation of political risk assessment (IPRA) in Jordanian international firms. International Business Review, 17(6), 688–702.
Albuquerque, R. (2003). The composition of international capital flows: Risk sharing through foreign direct investment. Journal of International Economics, 61(2), 353–383.
Alesina, A., Arnaud, D., Easterly, W., Kurlat, S., & Wacziarg, R. (2002). Fractionalization (No. 1959). HIER working paper.
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.
Asiedu, E., & Freeman, J. (2009). The effect of corruption on investment growth: evidence from firms in Latin America, sub-Saharan Africa, and transition countries. Review of Development Economics, 13(2), 1–15.
Ayanwale, A. B. (2007). FDI and economic growth : evidence from Nigeria (No. 165) AERC working paper. Nairobi.
Baek, K., & Qian, X. (2011). An analysis on political risks and the flow of foreign direct investment in developing and industrialized economies. Economics, Management and Financial Markets, 6(4), 60–91.
Bandyopadhyay, S., Sandler, T., & Younas, J. (2013). Foreign direct investment, aid, and terrorism. Oxford Economic Papers, 66(1), 25–50.
Barros, C. P. (2003). An intervention analysis of terrorism: The spanish ETA case. Defence and Peace Economics, 14(6), 401–412.
Bartels, F. L., Kratzsch, S., & Eicher, M. (2008). Foreign Direct Investment in Sub-Saharan Africa : Determinants and Location Decisions, UNIDO working paper (No. 08).
Benáček, V., Lenihan, H., Andreosso-O’Callaghan, B., Michalíková, E., & Kan, D. (2014). Political risk, institutions and foreign direct investment: how do they relate in various European countries? The World Economy, 37(5), 625–653.
Besley, T., & Persson, T. (2011). The logic of political violence. The Quarterly Journal of Economics, 126(3), 1–62.
Bischoff, E., & Lambrechts, D. (2010). The regional impact of political risk: The conflict in the Niger Delta and the political risk of the Gulf of Guinea. Strategic Review for Southern Africa.
Blanquart, G. (2012). Boko Haram: terrorist organization , freedom fighters or religious fanatics ? An analysis of Boko Haram within Nigeria , an Australian perspective and the need for counter terrorism responses that involves prescribing them as a terrorist organisation, Research Online
Brouthers, L. E., Gao, Y., & Mcnicol, J. P. (2008). Corruption and market attractiveness influences on different types of FDI. Strategic Management Journal, 29, 1–9.
Busse, M., & Hefeker, C. (2005). Political risk , institutions and foreign direct investment, HWWA working paper (No. 315). Hamburg.
Casimir, A., Nwaoga, C. T., & Ogbozor, R. F. C. (2014). Religion, violence, poverty and underdevelopment in West Africa: issues and challenges of Boko Haram phenomenon in Nigeria. Open Journal of Philosophy, 4(1), 1–9.
Cheng, L. K., & Kwan, Y. K. (2000). What are the determinants of the location of foreign direct investment? The Chinese experience. Journal of International Economics, 51(2), 379–400.
Cherian, J., & Perotti, E. (2001). Option pricing and foreign investment under political risk. Journal of International Economics, 55(2), 359–377.
Collier, P., & Gunning, J. W. (1999). Why has Africa grown slowly ? The Journal of Economics Perspectives, 13(3), 3–22.
Collier, P., & Hoeffler, A. (2002). On the incidence of civil war in Africa. The Journal of Conflict Resolutions, 46(1), 13–28.
Dinda, S. (2014). Natural resources determining FDI in Nigeria : an empirical investigation. International Journal of Research in Business and Social Science ., 3(1), 75–88.
Disatnik, D., & Sivan, L. (2014). The multicollinearity illusion in moderated regression analysis. Marketing Letters, 27(2), 403–408.
Dolansky, E., & Alon, I. (2008). Religious freedom, religious diversity and Japanese foreign direct investment. Research in International Business and Finance, 22(1), 22–39.
Dunning, J. H. (2001). The eclectic (OLI) paradigm of international production: past, present and future. International Journal of the Economics of Business, 8(2), 173–190.
Easterly, W., & Levine, R. (1997). Africa ’ s growth tragedy : policies and ethnic Divisions. The Quarterly Journal of Economics, 112(4), 1203–1250.
Edwards, S. (1990). Capital Flows, Foreign Direct Investment, and Debt-Equity Swaps in Developing Countries (No. 3497). NBER Workng paper. Cambridge.
Eme, O. I., & Ibietan, J. (2012). The cost of Boko Haram activities in Nigeria. Arabian Journal of Business and Management Review(OMAN Chapter), 2(2), 10–32.
Esew, N. G., & Yaroson, E. (2014). Institutional quality and foreign direct investment (FDI) in Nigeria: a prognosis\n. IOSR Journal Of Humanities And Social Science (IOSR-JHSS), 19(6), 37–45.
Etzioni, A. (2008). Religion and Social Order. Policy Review, (May), 1–25.
Everhart, S. S. (2010). The resource curse and private investment: a theoretical model of the impact of corruption. Education, Business and Society: Contemporary Middle Eastern Issues, 3(2), 117–135.
Fedderke, J. W., & Romm, A.T. (2006). Growth impact and determinants of foreign direct investment into South Africa, 1956-2003. Economic Modelling, 23(5), 738–760.
Filer, R., & Stanisic, D. (2012). The Effect of Terrorist Incidents on Capital Flows (Monetary policy and International finance No. 3998). Review of Development Economics.
Frynas, J. G., & Mellahi, K. (2003). Political risks as firm-specific (Dis)advantages: Evidence on transnational oil firms in Nigeria. Thunderbird International Business Review, 45(5), 541–565.
Globerman, S., & Shapiro, D. M. (1999). The impact of government policies on foreign direct nvestment: The Canadian experience. Journal of International Business Studies, 30(3), 513–532.
Goswami, G. G., & Haider, S. (2014). Does political risk deter FDI inflow?: An analytical approach using panel data and factor analysis. Journal of Economic Studies, 41(2), 233–252.
Habib, M., & Zurawicki, L. (2002). Corruption and foreign direct investment. Journal of International Business Studies, 33(2), 291–307.
Inyang, J. D., & Abraham, U. E. (2013). The social problem of kidnapping and its implications on the socio-economic development of Nigeria:A study of Uyo metropolis. Mediterranean Journal of Social Sciences, 4(6), 531–544.
Jakobsen, J., & & Soysa, I. (2006). Do foreign investors punish democracy ? Theory and empirics , 1984 – 2001. Kyklos, 59(3), 383–410.
Jensen, N. (2008). Political risk, democratic institutions, and foreign direct investment. The Journal of Politics, 70(4), 1–14.
Kareem, D. S., Kari, F., Alam, G. M., Chukwu, M. G. O., & David, M. O. (2012). Foreign direct investment into oil sector and economic growth in Nigeria. The International Journal of Applied Economics and Finance, 6(4), 127–135.
Kennedy, P. (2008). A Guide to Econometrics (6th ed.). Blackwell Publishing, MA.
Kurtzman, J., Yago, G., & Phumiwasana, T. (2004). The global costs of opacity. MIT Sloan Management Review, 46(1), 1–10.
Laverde, J. C. F., Varua, M. E., & Garces-Ozanne, A. (2009). Understanding crime, political uncertainty and stock market returns: A case study of the Colombian stock market. World Economics, 10(2), 109–116.
Li, Q. (2006). Political violence and foreign direct investment. Research in Global Strategic Management, 12, 231–255.
Mark, J., & Nwaiwu, J. N. (2015). Impact of political environment on business performance of multinational companies in Nigeria. African Research Review, 9(3), 1–10.
Meldrum, D. H. (2000). Country risk and foreign direct investment. Business Economics, 35(1), 33–40.
Mohamed, S., & Sidiropoulos, M. (2010). Another look at the determinants of foreign direct investment in MENA countries: an empirical investigation. Journal of Economic Development, 35(2), 75–95.
Moosa, I. A. (2002). Foreign direct investment: theory, evidence, and practice. Palgrave New york
Narula, R. (2006). Globalization, new ecologies, new zoologies, and the purported death of the eclectic paradigm. Asia Pacific Journal of Management, 23, 143–151.
National Bureau of Statistics (2010). The Review of the Nigerian Economy. Abuja.
Nicklas, J., & Mandela, L. (2014). The Rise of Boko Haram and its Economic Implications. Student Center for African Research and Resolutions.
Nwogwugwu, N., Alao, O. E., & Egwuonwu, C. (2012). Militancy and insecurity in the Niger Delta: impact on the inflow of foreign direct investment to Nigeria. Kuwait Chapter of Arabian Journal of Businees and Management Review, 2(1), 23–37.
Obadan, M. I. (1982). Direct foreign investment in Nigeria : An empirical analysis. African Studies Review, 25(1), 1–16.
Okoli, A. C., & Agada, F. T. (2014). Kidnapping and national security in Nigeria. Research on Humanities and Social Sciences, 4(6), 137–146.
Okpara, G. C., Ajuka, F. N., & Nwaoha, W. C. (2012). An Error Correction Model Analysis of the Determinant of Foreign Direct Investment: Evidence from Nigeria. MPRA working paper (No. 36676). Muenchen.
Overseas Development Institution. (1997). Political Risk and Foreign Direct Investment.
Pan, Y. (2003). The inflow of foreign direct investment to China: The impact of country-specific factors. Journal of Business Research, 56(10), 829–833.
Posner, D. N. (2004). Measuring ethnic fractionalization in Africa. American Journal of Political Science, 48(4), 849–863.
Powers, M., & Choi, S.W. (2012). Does transnational terrorism reduce foreign direct investment? Business-related versus non-business-related terrorism. Journal of Peace Research, 49(3), 407–422.
Pshisva, R., & Suarez, G. A. (2006). “Captive Markets”: The impact of kidnappings on corporate investment in Colombia. Coyuntura Economica, 36(1), 1-36
Schmidt, D. A. (1986). Analyzing political risk. Business Horizons, 29(4), 43–50.
Smith, K. W., & Sasaki, M. S. (1979). Decreasing multicollinearity: A method for models with multiplicative functions. Sociological Methods and Research, 8(I), 35–56.
Somers-cox, T. J. (2014). Political Risk in the Oil and Gas Industry in Emerging Markets : A comparative study of Nigeria and Mexico. Master thesis University of Stellenbosch.
Sottilotta, C. E. (2013). Political Risk : Concepts, definitions, challenges, LUISS SOG (No. 6). Rome.
The PRS Group. (2013). Nigeria Country Report (Vol. 1). New York.
Udoh, E., & Egwaikhide, F. O. (2008). Exchange rate volatility , inflation uncertainty and foreign direct investment in Nigeria. Botswana Journal of Economics, 5(7), 14–31.
Ugwuanyi, U., & Odigbo, B. (2012). Public relations strategies for managing religious , ethnic and social conflicts for the promotion of foreign direct investment ( FDI ) and development in Nigeria. European Journal of Business and Management, 4(17), 40–52.
UNCTAD. (2015). United Nations Conference on Trade and Development World Investement Report 2015. Geneva.
van Wyk, J., & Lal, A. K. (2008). Risk and FDI flows to developing countries. South African Journal of Economic and Management Science, 11(4), 261–262.
Wafure, O. G., & Abu, N. (2010). Determinants of foreign direct investment in Nigeria: An empirical analysis. Global Journal of Human Social Science, 10(1), 26–34.
Yun, M. (2007). Implications of global terrorist hostage-taking and kidnapping. Korea Journal of Defense Analysis, 19(2).
Agarwal, S., & Ramaswami, S. N. (1992). Choice of foreign market entry mode: impact of ownership,location and internalisation factors. Journal of International Business Studies, 23(1), 1–27.
Ajayi, S. I. (2006). The determinants of foreign direct investment in Africa: A survey of the evidence. African Economic Research Consortium (pp. 1–244).
Akinde, M. A., & Yusuff, M. A. (2014). Ineffective national security administration : The implication on foreign direct investment ( FDI ) in Nigeria. Research Journal of Finance and Accounting, 5(10), 1–10.
Al Khattab, A., Anchor, J., & Davies, E. M. M. (2008). The institutionalisation of political risk assessment (IPRA) in Jordanian international firms. International Business Review, 17(6), 688–702.
Albuquerque, R. (2003). The composition of international capital flows: Risk sharing through foreign direct investment. Journal of International Economics, 61(2), 353–383.
Alesina, A., Arnaud, D., Easterly, W., Kurlat, S., & Wacziarg, R. (2002). Fractionalization (No. 1959). HIER working paper.
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.
Asiedu, E., & Freeman, J. (2009). The effect of corruption on investment growth: evidence from firms in Latin America, sub-Saharan Africa, and transition countries. Review of Development Economics, 13(2), 1–15.
Ayanwale, A. B. (2007). FDI and economic growth : evidence from Nigeria (No. 165) AERC working paper. Nairobi.
Baek, K., & Qian, X. (2011). An analysis on political risks and the flow of foreign direct investment in developing and industrialized economies. Economics, Management and Financial Markets, 6(4), 60–91.
Bandyopadhyay, S., Sandler, T., & Younas, J. (2013). Foreign direct investment, aid, and terrorism. Oxford Economic Papers, 66(1), 25–50.
Barros, C. P. (2003). An intervention analysis of terrorism: The spanish ETA case. Defence and Peace Economics, 14(6), 401–412.
Bartels, F. L., Kratzsch, S., & Eicher, M. (2008). Foreign Direct Investment in Sub-Saharan Africa : Determinants and Location Decisions, UNIDO working paper (No. 08).
Benáček, V., Lenihan, H., Andreosso-O’Callaghan, B., Michalíková, E., & Kan, D. (2014). Political risk, institutions and foreign direct investment: how do they relate in various European countries? The World Economy, 37(5), 625–653.
Besley, T., & Persson, T. (2011). The logic of political violence. The Quarterly Journal of Economics, 126(3), 1–62.
Bischoff, E., & Lambrechts, D. (2010). The regional impact of political risk: The conflict in the Niger Delta and the political risk of the Gulf of Guinea. Strategic Review for Southern Africa.
Blanquart, G. (2012). Boko Haram: terrorist organization , freedom fighters or religious fanatics ? An analysis of Boko Haram within Nigeria , an Australian perspective and the need for counter terrorism responses that involves prescribing them as a terrorist organisation, Research Online
Brouthers, L. E., Gao, Y., & Mcnicol, J. P. (2008). Corruption and market attractiveness influences on different types of FDI. Strategic Management Journal, 29, 1–9.
Busse, M., & Hefeker, C. (2005). Political risk , institutions and foreign direct investment, HWWA working paper (No. 315). Hamburg.
Casimir, A., Nwaoga, C. T., & Ogbozor, R. F. C. (2014). Religion, violence, poverty and underdevelopment in West Africa: issues and challenges of Boko Haram phenomenon in Nigeria. Open Journal of Philosophy, 4(1), 1–9.
Cheng, L. K., & Kwan, Y. K. (2000). What are the determinants of the location of foreign direct investment? The Chinese experience. Journal of International Economics, 51(2), 379–400.
Cherian, J., & Perotti, E. (2001). Option pricing and foreign investment under political risk. Journal of International Economics, 55(2), 359–377.
Collier, P., & Gunning, J. W. (1999). Why has Africa grown slowly ? The Journal of Economics Perspectives, 13(3), 3–22.
Collier, P., & Hoeffler, A. (2002). On the incidence of civil war in Africa. The Journal of Conflict Resolutions, 46(1), 13–28.
Dinda, S. (2014). Natural resources determining FDI in Nigeria : an empirical investigation. International Journal of Research in Business and Social Science ., 3(1), 75–88.
Disatnik, D., & Sivan, L. (2014). The multicollinearity illusion in moderated regression analysis. Marketing Letters, 27(2), 403–408.
Dolansky, E., & Alon, I. (2008). Religious freedom, religious diversity and Japanese foreign direct investment. Research in International Business and Finance, 22(1), 22–39.
Dunning, J. H. (2001). The eclectic (OLI) paradigm of international production: past, present and future. International Journal of the Economics of Business, 8(2), 173–190.
Easterly, W., & Levine, R. (1997). Africa ’ s growth tragedy : policies and ethnic Divisions. The Quarterly Journal of Economics, 112(4), 1203–1250.
Edwards, S. (1990). Capital Flows, Foreign Direct Investment, and Debt-Equity Swaps in Developing Countries (No. 3497). NBER Workng paper. Cambridge.
Eme, O. I., & Ibietan, J. (2012). The cost of Boko Haram activities in Nigeria. Arabian Journal of Business and Management Review(OMAN Chapter), 2(2), 10–32.
Esew, N. G., & Yaroson, E. (2014). Institutional quality and foreign direct investment (FDI) in Nigeria: a prognosis\n. IOSR Journal Of Humanities And Social Science (IOSR-JHSS), 19(6), 37–45.
Etzioni, A. (2008). Religion and Social Order. Policy Review, (May), 1–25.
Everhart, S. S. (2010). The resource curse and private investment: a theoretical model of the impact of corruption. Education, Business and Society: Contemporary Middle Eastern Issues, 3(2), 117–135.
Fedderke, J. W., & Romm, A.T. (2006). Growth impact and determinants of foreign direct investment into South Africa, 1956-2003. Economic Modelling, 23(5), 738–760.
Filer, R., & Stanisic, D. (2012). The Effect of Terrorist Incidents on Capital Flows (Monetary policy and International finance No. 3998). Review of Development Economics.
Frynas, J. G., & Mellahi, K. (2003). Political risks as firm-specific (Dis)advantages: Evidence on transnational oil firms in Nigeria. Thunderbird International Business Review, 45(5), 541–565.
Globerman, S., & Shapiro, D. M. (1999). The impact of government policies on foreign direct nvestment: The Canadian experience. Journal of International Business Studies, 30(3), 513–532.
Goswami, G. G., & Haider, S. (2014). Does political risk deter FDI inflow?: An analytical approach using panel data and factor analysis. Journal of Economic Studies, 41(2), 233–252.
Habib, M., & Zurawicki, L. (2002). Corruption and foreign direct investment. Journal of International Business Studies, 33(2), 291–307.
Inyang, J. D., & Abraham, U. E. (2013). The social problem of kidnapping and its implications on the socio-economic development of Nigeria:A study of Uyo metropolis. Mediterranean Journal of Social Sciences, 4(6), 531–544.
Jakobsen, J., & & Soysa, I. (2006). Do foreign investors punish democracy ? Theory and empirics , 1984 – 2001. Kyklos, 59(3), 383–410.
Jensen, N. (2008). Political risk, democratic institutions, and foreign direct investment. The Journal of Politics, 70(4), 1–14.
Kareem, D. S., Kari, F., Alam, G. M., Chukwu, M. G. O., & David, M. O. (2012). Foreign direct investment into oil sector and economic growth in Nigeria. The International Journal of Applied Economics and Finance, 6(4), 127–135.
Kennedy, P. (2008). A Guide to Econometrics (6th ed.). Blackwell Publishing, MA.
Kurtzman, J., Yago, G., & Phumiwasana, T. (2004). The global costs of opacity. MIT Sloan Management Review, 46(1), 1–10.
Laverde, J. C. F., Varua, M. E., & Garces-Ozanne, A. (2009). Understanding crime, political uncertainty and stock market returns: A case study of the Colombian stock market. World Economics, 10(2), 109–116.
Li, Q. (2006). Political violence and foreign direct investment. Research in Global Strategic Management, 12, 231–255.
Mark, J., & Nwaiwu, J. N. (2015). Impact of political environment on business performance of multinational companies in Nigeria. African Research Review, 9(3), 1–10.
Meldrum, D. H. (2000). Country risk and foreign direct investment. Business Economics, 35(1), 33–40.
Mohamed, S., & Sidiropoulos, M. (2010). Another look at the determinants of foreign direct investment in MENA countries: an empirical investigation. Journal of Economic Development, 35(2), 75–95.
Moosa, I. A. (2002). Foreign direct investment: theory, evidence, and practice. Palgrave New york
Narula, R. (2006). Globalization, new ecologies, new zoologies, and the purported death of the eclectic paradigm. Asia Pacific Journal of Management, 23, 143–151.
National Bureau of Statistics (2010). The Review of the Nigerian Economy. Abuja.
Nicklas, J., & Mandela, L. (2014). The Rise of Boko Haram and its Economic Implications. Student Center for African Research and Resolutions.
Nwogwugwu, N., Alao, O. E., & Egwuonwu, C. (2012). Militancy and insecurity in the Niger Delta: impact on the inflow of foreign direct investment to Nigeria. Kuwait Chapter of Arabian Journal of Businees and Management Review, 2(1), 23–37.
Obadan, M. I. (1982). Direct foreign investment in Nigeria : An empirical analysis. African Studies Review, 25(1), 1–16.
Okoli, A. C., & Agada, F. T. (2014). Kidnapping and national security in Nigeria. Research on Humanities and Social Sciences, 4(6), 137–146.
Okpara, G. C., Ajuka, F. N., & Nwaoha, W. C. (2012). An Error Correction Model Analysis of the Determinant of Foreign Direct Investment: Evidence from Nigeria. MPRA working paper (No. 36676). Muenchen.
Overseas Development Institution. (1997). Political Risk and Foreign Direct Investment.
Pan, Y. (2003). The inflow of foreign direct investment to China: The impact of country-specific factors. Journal of Business Research, 56(10), 829–833.
Posner, D. N. (2004). Measuring ethnic fractionalization in Africa. American Journal of Political Science, 48(4), 849–863.
Powers, M., & Choi, S.W. (2012). Does transnational terrorism reduce foreign direct investment? Business-related versus non-business-related terrorism. Journal of Peace Research, 49(3), 407–422.
Pshisva, R., & Suarez, G. A. (2006). “Captive Markets”: The impact of kidnappings on corporate investment in Colombia. Coyuntura Economica, 36(1), 1-36
Schmidt, D. A. (1986). Analyzing political risk. Business Horizons, 29(4), 43–50.
Smith, K. W., & Sasaki, M. S. (1979). Decreasing multicollinearity: A method for models with multiplicative functions. Sociological Methods and Research, 8(I), 35–56.
Somers-cox, T. J. (2014). Political Risk in the Oil and Gas Industry in Emerging Markets : A comparative study of Nigeria and Mexico. Master thesis University of Stellenbosch.
Sottilotta, C. E. (2013). Political Risk : Concepts, definitions, challenges, LUISS SOG (No. 6). Rome.
The PRS Group. (2013). Nigeria Country Report (Vol. 1). New York.
Udoh, E., & Egwaikhide, F. O. (2008). Exchange rate volatility , inflation uncertainty and foreign direct investment in Nigeria. Botswana Journal of Economics, 5(7), 14–31.
Ugwuanyi, U., & Odigbo, B. (2012). Public relations strategies for managing religious , ethnic and social conflicts for the promotion of foreign direct investment ( FDI ) and development in Nigeria. European Journal of Business and Management, 4(17), 40–52.
UNCTAD. (2015). United Nations Conference on Trade and Development World Investement Report 2015. Geneva.
van Wyk, J., & Lal, A. K. (2008). Risk and FDI flows to developing countries. South African Journal of Economic and Management Science, 11(4), 261–262.
Wafure, O. G., & Abu, N. (2010). Determinants of foreign direct investment in Nigeria: An empirical analysis. Global Journal of Human Social Science, 10(1), 26–34.
Yun, M. (2007). Implications of global terrorist hostage-taking and kidnapping. Korea Journal of Defense Analysis, 19(2).