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Environmental Policy and FDI Inflows: Evidence From OECD Countries
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Author(s): Muhammed Sehid Gorus (Ankara Yildirim Beyazit University, Turkey)and Erdal Tanas Karagol (Berlin Education Attaché of Turkey, Germany)
Copyright: 2022
Pages: 27
Source title:
Handbook of Research on Energy and Environmental Finance 4.0
Source Author(s)/Editor(s): Abdul Rafay (University of Management and Technology, Pakistan)
DOI: 10.4018/978-1-7998-8210-7.ch016
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Abstract
This chapter explores the impact of environmental policy stringency index (EPS) on FDI inflows in 26 OECD countries for the period 1995-2012. The study employed Durbin-Hausman panel cointegration and Emirmahmutoglu-Kose panel Granger causality tests to determine the long-run and the causal relationship between the relevant variables, respectively. According to findings, variables move together in the long run. On the one hand, in the long run, capital formation and economic globalization increase FDI inflows, while real effective exchange rate, EPS, and non-market EPS decrease these inflows. On the other hand, the coefficients of the parameters are estimated positively for capital formation and negatively for the real effective exchange rate. It was determined that environmental policies cause FDI inflows in 12 out of 26 countries. These empirical findings suggest several courses of action for policymakers.
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