How to cite this paper
Doan, T. (2024). Panel data analysis of foreign direct investment, control of corruption, and economic growth: Evidence from ASEAN-6 countries.International Journal of Data and Network Science, 8(2), 723-732.
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Abrigo, M. R. M., & Love, I. (2016). Estimation of panel vector autoregression in Stata. The Stata Journal, 16(3), 778-804. Retrieved from https://journals.sagepub.com/doi/pdf/10.1177/1536867X1601600314
Adams, S. (2009). Foreign Direct investment, domestic investment, and economic growth in Sub-Saharan Africa. Journal of Policy Modeling, 31(6), 939-949. https://doi.org/10.1016/j.jpolmod.2009.03.003
Adegbite, E. O., & Ayadi, F. S. (2010). The role of foreign direct investment in economic development: A study of Nige-ria. World Journal of Entrepreneurship, Management and Sustainable Development, 6(1/2), 133-147. http://dx.doi.org/10.1108/20425961201000011
Aidt, T., Dutta, J., & Sena, V. (2008). Governance regimes, corruption and growth: Theory and evidence. Journal of Com-parative Economics, 36(2), 195-220. https://doi.org/10.1016/j.jce.2007.11.004
Aizenman, J., Jinjarak, Y., & Park, D. (2013). Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990–2010. Open Economies Review, 24(4), 371-396. https://doi.org/10.1007/s11079-012-9247-3
Andrews, D. W. K., & Lu, B. (2001). Consistent model and moment selection procedures for GMM estimation with appli-cation to dynamic panel data models. Journal of Econometrics, 101(1), 123-164. https://doi.org/10.1016/S0304-4076(00)00077-4
Appiah-Otoo, I., Chen, X., & Ampah, J. D. (2023). Exploring the moderating role of foreign direct investment in the renewable energy and economic growth nexus: Evidence from West Africa. Energy, 281, 128346. https://doi.org/10.1016/j.energy.2023.128346
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo ev- idence and an application to employment fluctuations. Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
Ayanwale, A. B. (2007). FDI and economic growth: evidence from Nigeria. AERC Research Paper 165, Nairobi, Kenya. Retrieved from https://aercafrica.org/wp-content/uploads/2018/07/RP_165.pdf
Blackburn, K., Bose, N., & Haque, M. E. (2006). The incidence and persistence of corruption in economic development. Journal of Economic Dynamics and Control, 30(12), 2447-2467. https://doi.org/10.1016/j.jedc.2005.07.007
Blomstrom, M., & Kokko, A. (2003). The economics of foreign direct investment incentives. Working Paper 9489, National Bureau of Economic Research, Cambridge, MA. Retrieved from https://www.nber.org/papers/w9489
Cieslik, A., & Goczek, L. (2018). Control of corruption, international investment, and economic growth – Evidence from panel data. World Development, 103, 323-335. https://doi.org/10.1016/j.worlddev.2017.10.028
Dabour, N. (2000). The role of foreign direct investment (FDI) in development and growth in OIC member countries. Journal of Economic Cooperation, 21(3), 27-55. Retrieved from https://jecd.sesric.org/pdf.php?file=ART00040102-2.pdf
D’Agostino, G., Dunne, J. P., & Pieroni, L. (2016). Government expenditure, Corruption and Economic Growth. World Development, 84, 190-205. https://doi.org/10.1016/j.worlddev.2016.03.011
Dokas, I., Panagiotidis, M., Papadamou, S., & Spyromitros, E. (2023). Does innovation affect the impact of corruption on economic growth? International evidence. Economic Analysis and Policy, 77, 1030-1054. https://doi.org/10.1016/j.eap.2022.12.032
Doku, I., Akuma, J., & Owusu-Afriyie, J. (2017). Effect of Chinese foreign direct investment on economic growth in Africa. Journal of Chinese Economic and Foreign Trade Studies, 10(2), 162-171. https://doi.org/10.1108/JCEFTS-06-2017-0014
Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio in-vestment on economic growth. European Economic Review, 48(2), 285-306. https://doi.org/10.1016/S0014-2921(02)00264-7
Gregorio, D. J. (2005). The role of foreign direct investment and natural resources in economic development. In: Graham E.M. (eds) Multinationals and Foreign Investment in Economic Development. International Economic Association Se-ries. Palgrave Macmillan, London. https://doi.org/10.1057/9780230522954_9
Gui-Diby, S. L. (2014). Impact of foreign direct Investments on economic growth in Africa: Evidence from three Decades of panel data Analyses. Research in Economics, 68(3), 248-256. https://doi.org/10.1016/j.rie.2014.04.003
Ha, D., Gillet, P., Le, P., & Vo, D. –T. (2020). Banking integration in ASEAN-6: An empirical investigation. Economic Modelling, 91, 705-719. https://doi.org/10.1016/j.econmod.2019.09.017
Hayat, A. (2019). Foreign direct investments, institutional quality, and economic growth. The Journal of International Trade & Economic Development, 28(5), 561-579. https://doi.org/10.1080/09638199.2018.1564064
Herzer, D., Klasen, S., & Nowak-Lehmann, F. D. (2008). In search of FDI-led growth in developing countries: The way forward. Economic Modelling, 25(5), 793-810. https://doi.org/10.1016/j.econmod.2007.11.005
Huang, C. -J. (2016). Is corruption bad for economic growth? Evidence from Asia-Pacific countries. The North American Journal of Economics and Finance, 35, 247-256. https://doi.org/10.1016/j.najef.2015.10.013
Ibhagui, O. (2019). How does foreign direct investment affect growth in sub-Saharan Africa? New evidence from thresh-old analysis. Journal of Economic Studies, 47(1), 149-181. https://doi.org/10.1108/JES-06-2018-0198
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-7
Jilenga, M. T., & Helian, X. (2017). Foreign direct investment and economic growth in Sub-Saharan Africa: The role of institutions. Turkish Economic Review, 4(4), 378-387. https://doi.org/10.1453/ter.v4i4.1385
Kato, A., & Sato, T. (2015). Greasing the wheels? The effect of corruption in regulated manufacturing sectors of India. Canadian Journal of Development Studies / Revue Canadienne d’études Du Développement, 36(4), 459-483. https://doi.org/10.1080/02255189.2015.1026312
Levin, A., Lin, C. -F., & Chu, C. -S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24. https://doi.org/10.1016/S0304-4076(01)00098-7
Li, H., Xu, L. C., & Zou, H. F. (2000). Corruption, income distribution, and growth. Economics & Politics, 12(2), 155-182. https://doi.org/10.1111/1468-0343.00073
Mehic, E., Silajdzic, S., & Babic-Hodovic, V. (2013). The impact of FDI on economic growth: some evidence from South-east Europe. Emerging Markets Finance and Trade, 49(1), 5-20. https://doi.org/10.2753/REE1540-496X4901S101
Méon, P. -G., & Weill, L. (2010). Is corruption an efficient grease? World Development, 38(3), 244-259. https://doi.org/10.1016/j.worlddev.2009.06.004
Miao, M., Borojo, D. G., Yushi, J., & Desalegn, T. A. (2021). The impacts of Chinese FDI on domestic investment and economic growth for Africa. Cogent Business & Management, 8(1), 1886472. https://doi.org/10.1080/23311975.2021.1886472
Ngare, E., Nyamongo, E. M., & Misati, R. N. (2014). Stock Market Development and Economic Growth in Africa. Journal of Economics and Business, 74(1), 24-39. https://doi.org/10.1016/j.jeconbus.2014.03.002
Nguyen, M. -L. T. (2022). Foreign direct investment and economic growth: The role of financial development. Cogent Business and Management, 9(1), 2127193. https://doi.org/10.1080/23311975.2022.2127193
Nguyen, M. -L. T., Bui, T. N., Thai, T. D., Nguyen, T. T., & Nguyen, H. T. (2022). Shadow Economy, Corruption, and Economic Growth: A Bayesian Analysis. Studies in Systems, Decision and Control, 427, 747-762. https://doi.org/10.1007/978-3-030-98689-6_49
Nguyen, M. -L. T., Doan, T. -T. T., & Bui, T. N. (2021). The impact of macroeconomic and control of corruption on foreign direct investment inflows. Polish Journal of Management Studies, 24(1), 236-249. https://doi.org/10.17512/pjms.2021.24.1.14
Noorzoy, M. S. (1979). Flows of direct investment and their effects on investment in Canada. Economic Letters, 2(3), 257-261. https://doi.org/10.1016/0165-1765(79)90032-6
Okada, K., & Samreth, S. (2014). How does corruption influence the effect of foreign direct investment on economic growth? Global Economic Review, 43(3), 207-220. https://doi.org/10.1080/1226508X.2014.930671
Okwu, A. T., Oseni, I. O., & Obiakor, R. T. (2020). Does foreign direct investment enhance economic growth? Evidence from 30 leading global economies. Global Journal of Emerging Market Economies, 12(2), 1-14. https://doi.org/10.1177/0974910120919042
Qureshi, F., Qureshi, S., Vo, X. V., & Junejo, I. (2021). Revisiting the nexus among Foreign Direct Investment, Corruption and Growth in Developing and Developed Markets. Borsa Istanbul Review, 21(1), 80-91. https://doi.org/10.1016/j.bir.2020.08.001
Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), 71-102. https://doi.org/10.1086/261725
Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94. https://doi.org/10.2307/1884513
Yavas, B. F., & Malladi, R. K. (2020). Foreign direct investment and financial markets influences: Results from the Unit-ed States. North American Journal of Economics and Finance, 53, 101182. https://doi.org/10.1016/j.najef.2020.101182
Adams, S. (2009). Foreign Direct investment, domestic investment, and economic growth in Sub-Saharan Africa. Journal of Policy Modeling, 31(6), 939-949. https://doi.org/10.1016/j.jpolmod.2009.03.003
Adegbite, E. O., & Ayadi, F. S. (2010). The role of foreign direct investment in economic development: A study of Nige-ria. World Journal of Entrepreneurship, Management and Sustainable Development, 6(1/2), 133-147. http://dx.doi.org/10.1108/20425961201000011
Aidt, T., Dutta, J., & Sena, V. (2008). Governance regimes, corruption and growth: Theory and evidence. Journal of Com-parative Economics, 36(2), 195-220. https://doi.org/10.1016/j.jce.2007.11.004
Aizenman, J., Jinjarak, Y., & Park, D. (2013). Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990–2010. Open Economies Review, 24(4), 371-396. https://doi.org/10.1007/s11079-012-9247-3
Andrews, D. W. K., & Lu, B. (2001). Consistent model and moment selection procedures for GMM estimation with appli-cation to dynamic panel data models. Journal of Econometrics, 101(1), 123-164. https://doi.org/10.1016/S0304-4076(00)00077-4
Appiah-Otoo, I., Chen, X., & Ampah, J. D. (2023). Exploring the moderating role of foreign direct investment in the renewable energy and economic growth nexus: Evidence from West Africa. Energy, 281, 128346. https://doi.org/10.1016/j.energy.2023.128346
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo ev- idence and an application to employment fluctuations. Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
Ayanwale, A. B. (2007). FDI and economic growth: evidence from Nigeria. AERC Research Paper 165, Nairobi, Kenya. Retrieved from https://aercafrica.org/wp-content/uploads/2018/07/RP_165.pdf
Blackburn, K., Bose, N., & Haque, M. E. (2006). The incidence and persistence of corruption in economic development. Journal of Economic Dynamics and Control, 30(12), 2447-2467. https://doi.org/10.1016/j.jedc.2005.07.007
Blomstrom, M., & Kokko, A. (2003). The economics of foreign direct investment incentives. Working Paper 9489, National Bureau of Economic Research, Cambridge, MA. Retrieved from https://www.nber.org/papers/w9489
Cieslik, A., & Goczek, L. (2018). Control of corruption, international investment, and economic growth – Evidence from panel data. World Development, 103, 323-335. https://doi.org/10.1016/j.worlddev.2017.10.028
Dabour, N. (2000). The role of foreign direct investment (FDI) in development and growth in OIC member countries. Journal of Economic Cooperation, 21(3), 27-55. Retrieved from https://jecd.sesric.org/pdf.php?file=ART00040102-2.pdf
D’Agostino, G., Dunne, J. P., & Pieroni, L. (2016). Government expenditure, Corruption and Economic Growth. World Development, 84, 190-205. https://doi.org/10.1016/j.worlddev.2016.03.011
Dokas, I., Panagiotidis, M., Papadamou, S., & Spyromitros, E. (2023). Does innovation affect the impact of corruption on economic growth? International evidence. Economic Analysis and Policy, 77, 1030-1054. https://doi.org/10.1016/j.eap.2022.12.032
Doku, I., Akuma, J., & Owusu-Afriyie, J. (2017). Effect of Chinese foreign direct investment on economic growth in Africa. Journal of Chinese Economic and Foreign Trade Studies, 10(2), 162-171. https://doi.org/10.1108/JCEFTS-06-2017-0014
Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio in-vestment on economic growth. European Economic Review, 48(2), 285-306. https://doi.org/10.1016/S0014-2921(02)00264-7
Gregorio, D. J. (2005). The role of foreign direct investment and natural resources in economic development. In: Graham E.M. (eds) Multinationals and Foreign Investment in Economic Development. International Economic Association Se-ries. Palgrave Macmillan, London. https://doi.org/10.1057/9780230522954_9
Gui-Diby, S. L. (2014). Impact of foreign direct Investments on economic growth in Africa: Evidence from three Decades of panel data Analyses. Research in Economics, 68(3), 248-256. https://doi.org/10.1016/j.rie.2014.04.003
Ha, D., Gillet, P., Le, P., & Vo, D. –T. (2020). Banking integration in ASEAN-6: An empirical investigation. Economic Modelling, 91, 705-719. https://doi.org/10.1016/j.econmod.2019.09.017
Hayat, A. (2019). Foreign direct investments, institutional quality, and economic growth. The Journal of International Trade & Economic Development, 28(5), 561-579. https://doi.org/10.1080/09638199.2018.1564064
Herzer, D., Klasen, S., & Nowak-Lehmann, F. D. (2008). In search of FDI-led growth in developing countries: The way forward. Economic Modelling, 25(5), 793-810. https://doi.org/10.1016/j.econmod.2007.11.005
Huang, C. -J. (2016). Is corruption bad for economic growth? Evidence from Asia-Pacific countries. The North American Journal of Economics and Finance, 35, 247-256. https://doi.org/10.1016/j.najef.2015.10.013
Ibhagui, O. (2019). How does foreign direct investment affect growth in sub-Saharan Africa? New evidence from thresh-old analysis. Journal of Economic Studies, 47(1), 149-181. https://doi.org/10.1108/JES-06-2018-0198
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-7
Jilenga, M. T., & Helian, X. (2017). Foreign direct investment and economic growth in Sub-Saharan Africa: The role of institutions. Turkish Economic Review, 4(4), 378-387. https://doi.org/10.1453/ter.v4i4.1385
Kato, A., & Sato, T. (2015). Greasing the wheels? The effect of corruption in regulated manufacturing sectors of India. Canadian Journal of Development Studies / Revue Canadienne d’études Du Développement, 36(4), 459-483. https://doi.org/10.1080/02255189.2015.1026312
Levin, A., Lin, C. -F., & Chu, C. -S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24. https://doi.org/10.1016/S0304-4076(01)00098-7
Li, H., Xu, L. C., & Zou, H. F. (2000). Corruption, income distribution, and growth. Economics & Politics, 12(2), 155-182. https://doi.org/10.1111/1468-0343.00073
Mehic, E., Silajdzic, S., & Babic-Hodovic, V. (2013). The impact of FDI on economic growth: some evidence from South-east Europe. Emerging Markets Finance and Trade, 49(1), 5-20. https://doi.org/10.2753/REE1540-496X4901S101
Méon, P. -G., & Weill, L. (2010). Is corruption an efficient grease? World Development, 38(3), 244-259. https://doi.org/10.1016/j.worlddev.2009.06.004
Miao, M., Borojo, D. G., Yushi, J., & Desalegn, T. A. (2021). The impacts of Chinese FDI on domestic investment and economic growth for Africa. Cogent Business & Management, 8(1), 1886472. https://doi.org/10.1080/23311975.2021.1886472
Ngare, E., Nyamongo, E. M., & Misati, R. N. (2014). Stock Market Development and Economic Growth in Africa. Journal of Economics and Business, 74(1), 24-39. https://doi.org/10.1016/j.jeconbus.2014.03.002
Nguyen, M. -L. T. (2022). Foreign direct investment and economic growth: The role of financial development. Cogent Business and Management, 9(1), 2127193. https://doi.org/10.1080/23311975.2022.2127193
Nguyen, M. -L. T., Bui, T. N., Thai, T. D., Nguyen, T. T., & Nguyen, H. T. (2022). Shadow Economy, Corruption, and Economic Growth: A Bayesian Analysis. Studies in Systems, Decision and Control, 427, 747-762. https://doi.org/10.1007/978-3-030-98689-6_49
Nguyen, M. -L. T., Doan, T. -T. T., & Bui, T. N. (2021). The impact of macroeconomic and control of corruption on foreign direct investment inflows. Polish Journal of Management Studies, 24(1), 236-249. https://doi.org/10.17512/pjms.2021.24.1.14
Noorzoy, M. S. (1979). Flows of direct investment and their effects on investment in Canada. Economic Letters, 2(3), 257-261. https://doi.org/10.1016/0165-1765(79)90032-6
Okada, K., & Samreth, S. (2014). How does corruption influence the effect of foreign direct investment on economic growth? Global Economic Review, 43(3), 207-220. https://doi.org/10.1080/1226508X.2014.930671
Okwu, A. T., Oseni, I. O., & Obiakor, R. T. (2020). Does foreign direct investment enhance economic growth? Evidence from 30 leading global economies. Global Journal of Emerging Market Economies, 12(2), 1-14. https://doi.org/10.1177/0974910120919042
Qureshi, F., Qureshi, S., Vo, X. V., & Junejo, I. (2021). Revisiting the nexus among Foreign Direct Investment, Corruption and Growth in Developing and Developed Markets. Borsa Istanbul Review, 21(1), 80-91. https://doi.org/10.1016/j.bir.2020.08.001
Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), 71-102. https://doi.org/10.1086/261725
Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94. https://doi.org/10.2307/1884513
Yavas, B. F., & Malladi, R. K. (2020). Foreign direct investment and financial markets influences: Results from the Unit-ed States. North American Journal of Economics and Finance, 53, 101182. https://doi.org/10.1016/j.najef.2020.101182