Title UTJECAJ RAZLIČITIH OBLIKA INOZEMNIH DIREKTNIH ULAGANJA NA GOSPODARSKI RAST S OBZIROM NA STUPANJ INOVATIVNOSTI : Doktorska disertacija
Title (english) Rad ne sadrži naslov na drugom jeziku.
Author Darko Horvatin
Mentor Dražen Derado (mentor) MBZ: 220965
Committee member Heri Bezić (predsjednik povjerenstva) MBZ: 77351
Committee member Dražen Derado (član povjerenstva) MBZ: 220965
Committee member Mario Pečarić (član povjerenstva) MBZ: 008060
Granter University of Split Faculty of economics Split Split
Defense date and country 2020, Croatia
Scientific / art field, discipline and subdiscipline SOCIAL SCIENCES Economics General Economy
Universal decimal classification (UDC ) 330 - Economics. Economic science
Abstract Gospodarski rast predstavlja nesporni privredni fenomen i konačni politički cilj, bez obzira na prevladavajuću ekonomsku doktrinu. Omogućuje da zemlje postignu viši stupanj razvoja i da pojedinci unaprijede svoj ekonomski položaj na održiv način. Kao takav, ekonomski rast obično se temelji na interakciji rada, kapitala i tehnologije. U tom kontekstu inozemna direktna ulaganja (FDI) imaju višestruki učinak na gospodarski rast. S jedne strane priljev inozemnog kapitala povećava domaću kapitalnu bazu i zaposlenost, dok s druge strane osigurava prijenos suvremene tehnologije i know-how te unapređuje vještine domaćih zaposlenika, što se u konačnici može identificirati u rastu produktivnosti. Na razini poduzeća FDI odmah pokazuje utjecaj na poslovanje (direktni kratkoročni učinci), a s vremenom dolazi i do unutarsektorskog i međusektorskog prelijevanja pozitivnih učinaka. Ti se učinci mogu identificirati kroz rast produktivnosti, kao i u općoj učinkovitosti gospodarstva (neizravni dugoročni učinci). Međutim, empirijski nalazi o utjecaju FDI-a na gospodarski rast nisu jednoznačni. Potencijalni razlozi nejedinstvenih rezultata su: korištenje ukupnih iznosa FDI-a i izostanak diferencijacije između suštinski različitih načina ulaska FDI-a u zemlju primateljicu kapitala – greenfield-ulaganja, s jedne strane, te spajanja i akvizicije (M&A-ulaganja), s druge strane; većina istraživanja provedena je na prevelikom, a ponekad i heterogenom uzorku zemalja; empirijska analiza često je provođena na relativno kratkim vremenskim serijama; nedostatak odgovarajuće diferencijacije između kratkoročnih i dugoročnih učinaka. Glavni je cilj ovog istraživanja, temeljem teorija gospodarskog rasta i teorija inozemnih direktnih ulaganja, a uzimajući u obzir različite empirijske doprinose ranijih istraživanja ispitati i znanstveno objasniti utjecaj FDI-a na gospodarski rast i produktivnost rada zemlje primateljice kapitala, uzimajući u obzir razlike u obilježjima različitih oblika inozemnih direktnih ulaganja (greenfield- i M&A-ulaganja) i stupnja tehnološkog razvoja zemlje primateljice kapitala. Empirijska analiza zemalja članica Europske unije grupiranih prema Indeksu inovativnosti pokazala je da M&A-ulaganja imaju snažniji utjecaj na produktivnost i gospodarski rast kod zemalja na višoj tehnološkoj razini, dok su se greenfield-ulaganja pokazala važnijima u slučaju tehnološki manje razvijenih zemalja. Konačno, prelijevanje tehnologije putem FDI u najvećoj se mjeri ostvaruje kroz interakciju M&A-ulaganja i ljudskog kapitala.
Abstract (english) Economic growth represents an undisputed economic phenomenon and an ultimate policy objective irrespective of the prevailing economic doctrine. It makes possible for countries to achieve higher level of development and for individuals to improve their economic status on a sustainable manner. As such, economic growth is usually modelled as a result of the interaction of labour, capital, and technology. In this context, FDI has a multiplying effect on economic growth. On the one hand the inflow of foreign capital increases local capital base and employment, while on the other hand it ensures transfer of modern technology, know-how, and improves local labour skills, what can be ultimately identified in higher productivity growth. At the company level FDI shows an immediate effect on business performance (direct short-term effects), while later it creates the spillover effects, which spread across sectors and time spans. These effects can be identified in the improved productivity level, as well as in the general efficiency of the economy (indirect long-term effects). However, empirical findings regarding the growth effects of FDI are not so unanimous. Potential reasons for such ambiguous findings are: the use of total FDI flows and lack of differentiation between the fundamentally different ways of entering the host economy, i.e. greenfield investment and mergers and acquisition (M&A); a bulk of researches has been done on a too big, and sometimes even heterogeneous sample of countries; empirical analysis are often done on relatively short time series; lack of proper differentiation between short- and long-term effects. The main objective of this research is to establish the relationship between research variables, and to examine and scientifically explain the impact of FDI on economic growth and labour productivity through the effects of the recipient countries, taking into account the differences in the features of various forms of FDI (greenfield and M&A) and level of host country technological development. The research is based on the theory of economic growth and the theory of foreign direct investment, taking into account the various empirical contributions of earlier studies. Empirical analysis of EU members grouped according to the Innovation Union Scoreboard, showed that M&A has a stronger impact on productivity and economic growth for countries on higher technological level, whereas greenfield is more important for technologically less developed countries. Spillover of FDI technology are mostly realised through interaction of M&A and human capital.
Keywords
FDI
gospodarski rast
greenfield ulaganja
M&A ulaganja
tehnologija
inovacije
EU
Keywords (english)
FDI
economic growth
greenfield investment
M&A investment
technology
innovation
EU
Language croatian
URN:NBN urn:nbn:hr:124:785131
Promotion 2020-07-16
Study programme Title: Postgraduate doctoral study programme in Economics and Business Study programme type: university Study level: postgraduate Academic / professional title: doktor/doktorica znanosti, područje društvenih znanosti, polje ekonomija (doktor/doktorica znanosti, područje društvenih znanosti, polje ekonomija)
Type of resource Text
File origin Born digital
Access conditions Open access
Terms of use
Repository REFST
Created on 2020-09-09 12:59:46