Moderating Role of Foreign Investor Characteristics on the relationship between Regulatory Factors of International Trade and Environmental Degradation in UAE
DOI:
https://doi.org/10.48165/sajssh.2022.3509%20Keywords:
foreign direct investment, foreign investor characteristics, environmental degradation, regulatory factorsAbstract
The study has been conducted to analyze the moderating role of economic factors of foreign investor over the relationship between regulatory factors and environmental degradation in Dubai. The study has been conducted in Dubai considering the country as a fastest growing economy and attracting foreign direct investment in all fields. For the purpose of fulfilment of the study objectives the research developed two hypotheses. The hypothesis was tested over a sample of 335 responses generated from the executives of multinational firms of Dubai. The results confirmed that regulatory factors have a direct impact over environmental degradation, similarly, foreign investor characteristics also have a significant moderating role over the significant relationship between regulatory factors of foreign direct investment and environmental degradation. The study is important for the policy makers to develop such rules that negative influence over the environment may be curtailed.
References
A. Bokpin, G. (2017). Foreign direct investment and environmental sustainability in Africa: The role of institutions and governance. Research in International Business and Finance, 39, 239-247. doi:https://doi.org/10.1016/j.ribaf.2016.07.038
Adeoye, A. (2007). Macro-economic level corporate governance and FDI in emerging markets: Is there a close relationship?. Available at SSRN 1120816.
Adeyanju, O. D. (2012). An assessment of the impact of corporate social responsibility on Nigerian society: The examples of banking and communication industries. Universal Journal of Marketing and Business Research, 1(1), 17-43.
Aggarwal, A. (2019). SEZs and economic transformation: towards a developmental approach. Transnational Corporations Journal, 26(2).
Ajayi, T., Gomes, J. S., & Bera, A. (2019). A review of CO2 storage in geological formations emphasizing modeling, monitoring and capacity estimation approaches. Petroleum Science, 16(5), 1028-1063.
Alber, N., & Gamal, G. (2019). The Effect of Demographic Factors on Investor’s Risk Tolerance using Fuzzy Analytic Hierarchy Process. Available at SSRN 3314721.
Aliber, R. Z. (1970). A theory of direct foreign investment. The international corporation, 12-36.
Al-Junaibi, M. (2004). Identification of the influential factors of foreign direct investment in the manufacturing sector of the United Arab Emirates.
Alkathiri, N. A. (2020). Examining foreign direct investment determinants of tourism industry in Oman and Egypt: The moderating role of investment environment. International Journal of Finance & Economics. doi:https://doi.org/10.1002/ijfe.2396
Alkhuzaie, A. S., & Asad, M. (2018). Operating cashflow, corporate governance, and sustainable dividend payout. International Journal of Entrepreneurship, 22(4), 1-9.
Allam, Z., Asad, M., Ali, A., & Ali, N. (2021). Visualization of knowledge aspects on workplace spirituality through bibliometric analysis. 2021 International Conference on Decision Aid Sciences and Application (DASA) (pp. 446-450). Sakheer: IEEE.
doi:10.1109/DASA53625.2021.9682372
Almansour, A. Z., Asad, M., & Shahzad, I. (2016). Analysis of corporate governance compliance and its impact over return on assets of listed companies in Malaysia. Science International, 28(3), 2935-2938.
Al-Mejren, A. A. (2019). Credibility of growth and development measures in rentier economies: The case of GCC. Journal of Economics and Development Studies, 7(4), 83-100.
Asad, M., & Kashif, M. (2021). Unveiling success factors for small and medium enterprises during COVID-19 pandemic. Arab Journal of Basic and Applied Sciences, 28(1), 187- 194. doi:https://doi.org/10.1080/25765299.2020.1830514
Asad, M., Altaf, N., Israr, A., & Khan, G. u. (2020). Data analytics and SME performance: A bibliometric analysis. 2020 International Conference on Data Analytics for Business and Industry: Way Towards a Sustainable Economy (ICDABI) (pp. 1-7). Sakhir: IEEE. doi:10.1109/ICDABI51230.2020.9325661
Asad, M., Asif, M. U., Bakar, L. J., & Altaf, N. (2021). Entrepreneurial orientation, big data analytics, and SMEs performance under the effects of environmental turbulence. 2021 International Conference on Data Analytics for Business and Industry (ICDABI) (pp. 144-148). Zallaq: IEEE. doi:10.1109/ICDABI53623.2021.9655870
Asad, M., Asif, M. U., Bakar, L. J., & Sheikh, U. A. (2021). Transformational leadership, sustainable human resource practices, sustainable innovation and performance of SMEs. 2021 International Conference on Decision Aid Sciences and Application (DASA) (pp. 797-802). Sakheer: IEEE. doi:10.1109/DASA53625.2021.9682400
Asad, M., Kashif, M., Sheikh, U. A., Asif, M. U., George, S., & Khan, G. u. (2021). Synergetic effect of safety culture and safety climate on safety performance in SMEs: Does transformation leadership have a moderating role. International Journal of Occupational Safety and Ergonomics, 1-7. doi:10.1080/10803548.2021.1942657
Asad, M., Muhammad, R., Rasheed, N., Chethiyar, S. D., & Ali, A. (2020). Unveiling antecedents of organizational politics: An exploratory study on science and technology universities of Pakistan. International Journal of Advanced Science and Technology, 29(6s), 2057-2066.
Asad, M., Shabbir, M. S., Salman, R., Haider, S. H., & Ahmad, I. (2018). "Do entrepreneurial orientation and size of enterprise influence the performance of micro and small enterprises? A study on mediating role of innovation. Management Science Letters, 8 (10), 1015-1026. doi:10.5267/j.msl.2018.7.008
Asif, M. U., Asad, M., Kashif, M., & Haq, A. u. (2021). Knowledge exploitation and knowledge exploration for sustainable performance of SMEs. 2021 Third International Sustainability and Resilience Conference: Climate Change (pp. 29-34). Sakheer: IEEE. doi:10.1109/IEEECONF53624.2021.9668135
Atkin, D., & Khandelwal, A. (2019). VHow Distortions Alter the Impacts of International Trade in Developing Countries. V NBER Working Paper 26230.
Babalos, V., Caporale, G. M., & Spagnolo, N. (2021). Equity fund flows and stock market returns in the USA before and after the global financial crisis: a VAR-GARCH-in-mean analysis. Empirical Economics, 60(2), 539-555.
Bakhsh, K., Rose, S., Ali, M. F., Ahmad, N., & Shahbaz, M. (2017). Economic growth, CO2 emissions, renewable waste and FDI relation in Pakistan: New evidences from 3SLS. Journal of environmental management, 196, 627-632.
Bandelj, N. (2011). From communists to foreign capitalists. In From Communists to Foreign Capitalists. Princeton University Press.
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173-1182.
Baylis, J. (2020). The globalization of world politics: An introduction to international relations. Oxford university press, USA.
Bazel, P., & Mintz, J. (2020). The 2019 Tax Competitiveness Report: Canada’s Investment and Growth Challenge. The School of Public Policy Publications.
Bednarzewska, K. (2017). Competitiveness of Selected Investment Destinations in Acquiring Foreign Investors. Characteristics of Cities. Przedsiębiorczość i Zarządzanie, 18(7.2), 21- 32.
Benfratello, L., & Samiani, M. (2019). Impact of Foreign Direct Investments flows on Sub Saharan African economies.
Beyer, J. (2002). “Please invest in our country”—how successful were the tax incentives for foreign investment in transition countries?. Communist and Post-Communist Studies, 35(2), 191-211.
Boateng, E., Amponsah, M., & Annor Baah, C. (2017). Complementarity effect of financial development and FDI on investment in Sub‐Saharan Africa: A panel data analysis. African Development Review, 29(2), 305-318.
Bollen, L., Hassink, H., & Bozic, G. (2006). Measuring and explaining the quality of Internet investor relations activities: a multinational empirical analysis. International Journal of Accounting Information Systems, 7(4), 273-298.
Bowen, R., & Broz, J. L. (2020). Designing an International Economic Order: A Research Agenda (No. w27914). National Bureau of Economic Research.
Brannen, M. Y., Piekkari, R., & Tietze, S. (2017). The multifaceted role of language in international business: Unpacking the forms, functions and features of a critical challenge to MNC theory and performance. In Language in international business (pp. 139-162). Palgrave Macmillan, Cham.
Bruhn, D. (2014). Global value chains and deep preferential trade agreements: promoting trade at the cost of domestic policy autonomy?. Available at SSRN 2464136.
Bryant, C. E., & Javalgi, R. G. (2016). Global economic integration in developing countries: The role of corruption and human capital investment. Journal of Business Ethics, 136(3), 437- 450.
Cao, Z., & Rees, W. (2020). Do employee-friendly firms invest more efficiently? Evidence from labor investment efficiency. Journal of Corporate Finance, 65, 101744.
Carboni, C., Iossa, E., & Mattera, G. (2018). Barriers towards foreign firms in international public procurement markets: a review. Economia e Politica Industriale, 45(1), 85-107.
Cheng, Z., Li, L., & Liu, J. (2018). The spatial correlation and interaction between environmental regulation and foreign direct investment. Journal of Regulatory Economics, 54(2), 124-146.
Chin, W. W. (1998). The partial least squares approach to structural equation modeling. Modern Methods For Business Research, 295(2), 295-336.
Cho, J. H. (2021). Effect of Foreign Investors’ Trade Amount by Nationality on Korean Stock Market. Journal of Digital Convergence, 19(8), 161-171.
Claes, F., & Larcker., D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39-50.
Colombo, J. A., Loncan, T. R., & Caldeira, J. F. (2019). Do foreign portfolio capital flows affect domestic investment? Evidence from Brazil. International Journal of Finance & Economics, 24(2), 855-883.
Contractor, F. J., Dangol, R., Nuruzzaman, N., & Raghunath, S. (2020). How do country regulations and business environment impact foreign direct investment (FDI) inflows? International Business Review, 29(2). doi:2020
Contreras-Alonso, M. R., Ezquerra-Canalejo, A., Pérez-Martín, E., Herrero-Tejedor, T. R., & López-Cuervo Medina, S. (2020). Environmental assessment of Obstacle Limitation Surfaces (OLS) in airports using geographic information technologies. Plos one, 15(2), e0229378.
omics, 59(3), 413-440.
doi:https://doi.org/10.1016/S0304-405X(00)00092-1
De Mello Jr, L. R. (1997). Foreign direct investment in developing countries and growth: A selective survey. The journal of development studies, 34(1), 1-34.
Dhrifi, A., Jaziri, R., & Alnahdi, S. (2020). Does foreign direct investment and environmental degradation matter for poverty? Evidence from developing countries. Structural Change and Economic Dynamics, 52, 13-21. doi:https://doi.org/10.1016/j.strueco.2019.09.008
Domazet, I., & Marjanović, D. (2017). Tax incentives as a factor of economic growth. Review of applied socio-economic research, 93-107.
Donaubauer, J., Neumayer, E., & Nunnenkamp, P. (2020). Financial market development in host and source countries and their effects on bilateral foreign direct investment. The World Economy, 43(3), 534-556.
El Banna, A., Papadopoulos, N., Murphy, S. A., Rod, M., & Rojas-Méndez, J. I. (2018). Ethnic identity, consumer ethnocentrism, and purchase intentions among bi-cultural ethnic consumers:“Divided loyalties” or “dual allegiance”?. Journal of Business Research, 82, 310-319.
Elheddad, M. (2019). Foreign direct investment and domestic investment: Do oil sectors matter? Evidence from oil-exporting Gulf Cooperation Council economies. Journal of Economics and Business, 103, 1-12.
Elkomy, S., Ingham, H., & Read, R. (2016). Economic and political determinants of the effects of FDI on growth in transition and developing countries. Thunderbird International Business Review, 58(4), 347-362.
Eweje, G. (2006). Environmental costs and responsibilities resulting from oil exploitation in developing countries: The case of the Niger Delta of Nigeria. Journal of Business Ethics, 69(1), 27-56.
Fadhel, H. A., Aljalahma, A., Almuhanadi, M., Asad, M., & Sheikh, U. (2022). Management of higher education institutions in the GCC countries during the emergence of COVID-19: A review of opportunities, challenges, and a way forward. The International Journal of Learning in Higher Education, 29(1), 83-97. doi:https://doi.org/10.18848/2327- 7955/CGP/v29i01/83-97
Farhani, S., Chaibi, A., & Rault, C. (2014). CO2 emissions, output, energy consumption, and trade in Tunisia. Economic Modelling, 38, 426-434.
Feng, Y., Wang, X., Du, W., Wu, H., & Wang, J. (2019). Effects of environmental regulation and FDI on urban innovation in China: A spatial Durbin econometric analysis. Journal of Cleaner Production, 235, 210-224. doi:https://doi.org/10.1016/j.jclepro.2019.06.184
Fernandez, M., & Joseph, R. (2019). UAE the most attractive fdi destination in the Middle East: A study on how UAE is sustaining the status. In The 7th International Research Symposium of the SGBED.
Friedman, H. L., & Heinle, M. S. (2020). Influence activities, coalitions, and uniform policies: Implications for the regulation of financial institutions. Management Science, 66(9), 4336- 4358.
Friedrich, P., & Nam, C. W. (2019). Economic decline and public intervention: do special economic zones matter?. In Handbook of regional growth and development theories. Edward Elgar Publishing.
Godey, B., Manthiou, A., Pederzoli, D., Rokka, J., Aiello, G., Donvito, R., & Singh, R. (2016). Social media marketing efforts of luxury brands: Influence on brand equity and consumer behavior. Journal of Business Research, 69(12), 5833-5841.
Goldar, B., & Banga, K. (2020). Country origin of foreign direct investment in Indian manufacturing and its impact on productivity of domestic firms. In FDI, Technology and Innovation, 13-55.
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2013). Editorial-partial least squares structural equation modeling: Rigorous applications, better results and higher acceptance. Long Range Planning, 46(1), 1-12.
Hair, J. F., Sarstedt, M., Ringle, C. M., & Mena, J. A. (2012). An assessment of the use of partial least squares structural equation modeling in marketing research. Journal of the Academy of Marketing Science, 40(3), 414-433. doi:10.1007/s11747-011-0261-6
Head, K., & Ries, J. (1996). Inter-city competition for foreign investment: static and dynamic effects of China's incentive areas. Journal of Urban Economics, 40(1), 38-60.
Hecock, R. D. (2019). Foreign Direct Investment and Its Politics in Latin America. In Oxford Research Encyclopedia of Politics.
Henisz, W. J., & Zelner, B. A. (2005). Legitimacy, interest group pressures, and change in emergent institutions: The case of foreign investors and host country governments. Academy of Management Review, 30(2), 361-382.
Henseler, J., & Chin, W. W. (2010). A comparison of approaches for the analysis of interaction effects between latent variables using partial least squares path modeling. Structural Equation Modeling: A Multidisciplinary Journal, 17(1), 82-109.
doi:10.1080/10705510903439003
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115-135. doi:10.1007/s11747-014-0403-8
Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The use of partial least squares path modeling in international marketing. Advances in International Marketing, 20, 277-319.
Hippolyte, A. R. (2019). Foreign investment law and developing countries. In Research handbook on foreign direct investment. Edward Elgar Publishing.
Hitam, M. B., & Borhan, H. B. (2012). FDI, growth and the environment: impact on quality of life in Malaysia. Procedia-Social and Behavioral Sciences, 50, 333-342.
Hoekman, B., & Saggi, K. (2000). Assessing the case for extending WTO disciplines on investment-related policies. Journal of Economic Integration, 629-653.
Höglund, A., & Mellblom, J. (2019). Impact investments-Investing with a twofold incentive: A qualitative study of impact investors´ investment evaluation process.
Hong, J. (2007). Firm-specific effects on location decisions of foreign direct investment in China's logistics industry. Regional Studies, 41(5), 673-683.
Ibrahim, M., & Acquah, A. M. (2021). Re-examining the causal relationships among FDI, economic growth and financial sector development in Africa. International Review of Applied Economics, 35(1), 45-63.
Idemudia, U., & Ite, U. E. (2006). Corporate–community relations in Nigeria's oil industry: challenges and imperatives. Corporate Social Responsibility and environmental management, 13(4), 194-206.
Jahangir, M. H., Fakouriyan, S., Rad, M. A. V., & Dehghan, H. (2020). Feasibility study of on/off grid large-scale PV/WT/WEC hybrid energy system in coastal cities: A case-based research. Renewable Energy, 162, 2075-2095.
Johansson, Å., Heady, C., Arnold, J. M., Brys, B., & Vartia, L. (2008). Taxation and economic growth.
Kadam, P., & Bhalerao, S. (2010). Sample size calculation. International journal of Ayurveda research, 1(1), 55.
Kapuria, C., & Singh, N. (2019). Determinants of sustainable FDI: A panel data investigation. Management Decision, 59(4), 877-911. doi:https://doi.org/10.1108/MD-01-2019-0064
Karlsson-Vinkhuyzen, S., Boelee, E., Cools, J., van Hoof, L., Hospes, O., Kok, M., ... & Visseren Hamakers, I. J. (2018). Identifying barriers and levers of biodiversity mainstreaming in four cases of transnational governance of land and water. Environmental Science & Policy, 85, 132-140.
Khalil, R., Asad, M., & Khan, S. N. (2018). Management motives behind the revaluation of fixed assets for sustainability of entrepreneurial companies. International Journal of Entrepreneurship, 22(Special), 1-9.
Khan, A. A., Asad, M., Khan, G. u., Asif, M. U., & Aftab, U. (2021). Sequential mediation of innovativeness and competitive advantage between resources for business model innovation and SMEs performance. 2021 International Conference on Decision Aid Sciences and Application (DASA) (pp. 724-728). Sakheer: IEEE.
doi:10.1109/DASA53625.2021.9682269
Khan, S. H., & Agha, S. (2015). Impact of FDI in UAE over the main elements of sustainable development: economy and environment. Journal of Emerging Trends in Economics and Management Sciences, 6(7), 263-267.
Khan, S. N., Asad, M., Fatima, A., Anjum, K., & Akhtar, K. (2020). Outsourcing internal audit services; A review. International Journal of Management, 11(8), 503-517. doi:International Journal of Management
Kheng, V., Sun, S., & Anwar, S. (2017). Foreign direct investment and human capital in developing countries: a panel data approach. Economic change and Restructuring, 50(4), 341-365.
Kim, H. M., & O’Connor, K. (2018). Foreign direct investment flows and urban dynamics in a developing country: a case study of Korean activities in Suzhou, China. International Planning Studies.
Kindleberger, C. P. (1969). American business abroad.
Kirkpatrick, C., Parker, D., & Zhang, Y.-F. (2004). Foreign direct investment in infrastructure in developing countries: does regulation make a difference?
Kivyiro, P., & Arminen, H. (2014). Carbon dioxide emissions, energy consumption, economic growth, and foreign direct investment: Causality analysis for Sub-Saharan Africa. Energy, 74, 595-606.
Ko, K., Kim, K., & Cho, S. H. (2007). Characteristics and performance of institutional and foreign investors in Japanese and Korean stock markets. Journal of the Japanese and International Economies, 21(2), 195-213.
Kononenko, I., & Repin, A. (2016). The regularity of the country’s GDP growth rate changes influence on the volume of gross fixed capital formation. Часопис соціально-економічної географії, (21), 16-25.
Lipsey, R. E. (2004). Home-and host-country effects of foreign direct investment. In Challenges to globalization: Analyzing the economics (pp. 333-382). University of Chicago Press.
Luo, Y. (2005). Transactional characteristics, institutional environment and joint venture contracts. Journal of International Business Studies, 36(2), 209-230.
Makoni, P. L. (2015). An extensive exploration of theories of foreign direct investment. Risk Governance & Control: Financial markets and institutions, 5(2), 77-83.
Margeirsson, O. (2015). Foreign direct investment: A focused literature review. Binzagr Institute for Sustainable Prosperity, 1-32.
Marjanović, D. (2018). Competitiveness of the Serbian Economy Through the Prism of Tax Incentives for Foreign Investors. Economic Analysis, 51(3-4), 95-104.
McCarthy, G. (2019). Class dismissed? Explaining the absence of economic injustice in the NLD’s governing agenda. Journal of Current Southeast Asian Affairs, 38(3), 358-380.
McGrattan, E. R., & Waddle, A. (2020). The impact of Brexit on foreign investment and production. American Economic Journal: Macroeconomics, 12(1), 76-103.
Mita, A. F., Utama, S., Fitriany, F., & Wulandari, E. R. (2018). The adoption of IFRS, comparability of financial statements and foreign investors’ ownership. Asian Review of Accounting. it. IEEE Transactions on Professional Communication, 57(2), 123-146. doi:10.1109/TPC.2014.2312452
Okonkwo, E. C., Wole-Osho, I., Bamisile, O., Abid, M., & Al-Ansari, T. (2021). Grid integration of renewable energy in Qatar: Potentials and limitations. Energy, 235, 121310.
Okumu, C. O., & Fee, A. (2019). Understanding the impacts of Chinese business activity in Kenya from the perspective of locals: An exploratory field study. critical perspectives on international business.
Olawuyi, D. (2020). Sustainable development and the water-energy-food nexus: Legal challenges and emerging solutions. Environmental Science & Policy, 103, 1-9.
Olsson, S., & Jungnelius, G. (2019). The impact of Sweden ́s Negative Repo Rate on FDI: A quantitative analysis of how Sweden’s monetary policy has affected foreign direct investments.
Oxford Analytica. (2020). Egypt will resist any human rights criticisms. Emerald Expert Briefings, (oxan-es).
Paleologos, E. K., Al Nahyan, M. T., & Farouk, S. (2018). Risks and threats of desalination in the Arabian Gulf 4th IOP Conf. Ser. Earth Environ. Sci. 191 01 2008 DOI: 10.1088/1755, 1315(191), 1.
Pesendorfer, D. (2020). Financial markets (Dis) integration in a post-Brexit EU: towards a more resilient financial system in Europe. Springer Nature.
Pfinder, M., Heise, T. L., Boon, M. H., Pega, F., Fenton, C., Griebler, U., ... & Lhachimi, S. K. (2020). Taxation of unprocessed sugar or sugar‐added foods for reducing their consumption and preventing obesity or other adverse health outcomes. Cochrane Database of Systematic Reviews, (4).
Pigato, M. A., Black, S. J., Dussaux, D., Mao, Z., McKenna, M., Rafaty, R., & Touboul, S. (2020). Trade and Foreign Direct Investment as Channels of Low-Carbon Technology Transfer.
Pindzo, R., & Radulovic, D. (2017). The impact of the globalization on tourism industry. Organisational Behavior and Types of Leadership Styles and Strategies in Terms of Globalization, 66.
Popovici, O. C., & Călin, A. C. (2014). FDI theories. A location-based approach. Romanian Economic Journal, 17(53).
Powell, J., & Yurchenko, Y. (2020). The evolution of private provision in urban drinking water: New geographies, institutional ambiguity and the need for political economy. New Political Economy, 25(1), 91-106.
Qamruzzaman, M., & Jianguo, W. (2020). The asymmetric relationship between financial development, trade openness, foreign capital flows, and renewable energy consumption: Fresh evidence from panel NARDL investigation. Renewable Energy, 159, 827-842.
Sabir, S., Qayyum, U., & Majeed, T. (2020). FDI and environmental degradation: the role of political institutions in South Asian countries. Environmental Science and Pollution Research, 27(26), 32544-32553.
Saidi, N., & Prasad, A. (2018). Trends in trade and investment policies in the MENA region.
Salter, A. W. (2019). Institutional Resilience in Banking Systems. LIBERTAS: SEGUNDA ÉPOCA, Forthcoming, AIER Sound Money Project Working Paper, (2019-02).
Samborskyi, O., Isai, O., Hnatenko, I., Parkhomenko, O., Rubezhanska, V., & Yershova, O. (2020). Modeling of foreign direct investment impact on economic growth in a free market. Accounting, 6 (5), 705-712.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. john wiley & sons.
Shin, D., Seidle, R., & Okhmatovskiy, I. (2016). Making the foreign familiar: The influence of top management team and board of directors characteristics on the adoption of foreign practices. Journal of World Business, 51(6), 937-949.
Shin, H. H., & Stulz, R. M. (1998). Are internal capital markets efficient?. The Quarterly Journal of Economics, 113(2), 531-552.
Shkvarya, L. V., Aidrous, I. A., Ruzina, E. I., Savinsky, A. V., & Rodin, S. I. (2019). Development of High-Tech Segment in the GCC Region on the Example of the Aviation Component of the Kingdom of Bahrain. In IOP Conference Series: Materials Science and Engineering (Vol. 476, No. 1, p. 012025). IOP Publishing.
Smith, N., & Thomas, E. (2017). Regional conditions and innovation in Russia: The impact of foreign direct investment and absorptive capacity. Regional Studies, 51(9), 1412-1428.
Tamazian, A., Chousa, J. P., & Vadlamannati, K. C. (2009). Does higher economic and financial development lead to environmental degradation: evidence from BRIC countries. Energy policy, 37(1), 246-253.
Toma, D. (2019). Tax and Taxation and its Character. International Journal of Tax Economics and Management, 3(2).
Tung, S., & Cho, S. (2000). The impact of tax incentives on foreign direct investment in China. Journal of International Accounting, Auditing and Taxation, 9(2), 105-135.
Ullah, A., Zhao, X., Kamal, M. A., & Zheng, J. (2022). Environmental regulations and inward FDI in China: Fresh evidence from the asymmetric autoregressive distributed lag approach. International Journal of Finance & Economics, 27(1), 1340-1356. doi: https://doi.org/10.1002/ijfe.2218
Van Parys, S., & James, S. (2010). The effectiveness of tax incentives in attracting investment: panel data evidence from the CFA Franc zone. International Tax and Public Finance, 17(4), 400-429.
VanDuzer, J. A., & Leblond, P. (Eds.). (2020). Promoting and Managing International Investment: Towards an Integrated Policy Approach. Routledge.
Vinzi, V. E., Chin, W. W., Henseler, J., & Wang, H. (2010). Handbook of partial least squares (Vol. 201). Berlin: Springer.
Vorley, B., Cotula, L., & Chan, M. K. (2012). Tipping the Balance: Policies to shape agricultural investments and markets in favour of small-scale farmers. Oxfam.
Wagner, T. (2017). Positive economic impact of a Free Trade Zone in the Dominican Republic.
Weintraub, S. (2019). Economic coercion and US foreign policy: implications of case studies from the Johnson administration. Routledge.
Wu, J., Zhou, N., Park, S. H., Khan, Z., & Meyer, M. (2021). The role of FDI motives in the link between institutional distance and subsidiary ownership choice by emerging market multinational enterprises. British Journal of Management.
Yao, Z. C., Tang, T., Hu, J. S., & Wan, L. J. (2021). Recent Advances on nonprecious-metal-based bifunctional oxygen electrocatalysts for zinc–air batteries. Energy & Fuels, 35(8), 6380- 6401.
Zomorrodi, A., & Zhou, X. (2017). Impact of FDI on environmental quality of China. International Journal of Business, Economics and Management, 4(1), 1-15.
Zou, L., Tang, T., & Li, X. (2016). The stock preferences of domestic versus foreign investors: Evidence from Qualified Foreign Institutional Investors (QFIIs) in China. Journal of Multinational Financial Management, 37, 12-28.