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ijcrb.webs.com INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS Table 6: Polynomial Distributed Lag Coefficients of Exchange Rates and Trends on Nigeria‟s Imports by Product Group (1986-2008) COPY RIGHT © 2011 Institute of Interdisciplinary Business Research 236 JANUARY 2011 VOL 2, NO 9 Explanatory Manufactured Machinery and Transport Miscellaneous Variable goods (MG) Equipments (MTE) Transactions (MTS) 8.2915 8.3027 6.3697 Intercept (156243) (20.5988) (23.2143) EXCrt 0.0134 0.0154** 0.0216** (2.0957) (3.1850) (6.5476) EXCrt-1 -0.0078 -0.0135** -0.0087 (-0.9461) (-2.1663) (-2.0364) EXCrT-2 6.0036 0.0011 0.0020 (0.4362) (0.1795) (0.4698) EXCrt-3 -0.0051 -0.0055 -0.0068 (-0.6151) (-0.8803) (-1.5941) EXCrt-4 -0.0090 -0.0095 -0.0103* (-1.2370) (-1.7266) (-2.7487) Trend 0.2958** 0.3222** 0.2712** (3.5119) (5.0362) (6.2279) Log Likelihood -2.1880 3.0380 10.3448 R-Squared D.W. Statistic 0.96183 0.97053 0.98919 2.0796 2.0972 1.6244 ** Significant at one percent level; * Significant at five percent level; T-statistics of the coefficients are provided within the parentheses.
ijcrb.webs.com INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS Does market size affect FDI? The Case of Pakistan Muhammad Muazzam Mughal Assistant Professor, Hailey College of Commerce University of the Punjab, Lahore Muhammad Akram (Corresponding Author) Lecturer, Hailey College of Commerce University of the Punjab, Lahore Abstract Market size normally remains a vital determinant for FDI inflows and it is endorsing the emergence of regionalization. The aim of this study is to investigate the impact of market size along with exchange rate and corporate tax rate on FDI inflows in a low income country like Pakistan. ARDL approach to cointegration and an error correction model based on ARDL is used to estimate relationships among variables. Time series data from 1984 to 2008 is used in this study. This study observes market size as the most important factor that affects FDI inflows. This work provides a better understanding about the role of market size in attracting FDI inflows to a developing country. On the other hand, it highlights the importance of regionalization for the purpose of increased market size for availing higher FDI inflows along with other supplementary benefits. Key words: Market size, Corporate tax rate, ARDL, FDI, Pakistan. 1. Introduction Foreign direct investment (FDI) is deemed as a blessing in developing countries as it results in enhancement of exchange reserves, increase in productivity, increase in employment level, rise in exports and indeed, increased pace of transfer of technology. The contribution of FDI as key participant in economic growth in developing countries has been widely acknowledged. In developing countries, it is regarded as most important source of external resources and make significant addition in capital formation even the share of developing countries in world distribution of FDI remain small or sometimes declining (Kumar,1997 and Pardhan, 2001) The traditional benefits of FDI are also important in uplifting the economic growth pace of a developing country like usage of local raw material, introduction of new techniques of management and marketing, increase in quality of labour through on job training facilities and no generation of repayment of principal and interests (as opposed to external debt) (Bhagwati, 1994). There are a lot of determinants of FDI like labour cost, real interest rate, openness, corporate tax rate, real exchange rate and infrastructure. Besides these traditional factors, market size has gained relative vital place in literature on FDI for developing and emerging economies. Few among of a lot, who acknowledged the role of market size in attracting FDI inflows are Bander & White (1968), Schmitz & Bier (1972), Wheeler & Mody (1992), Pistoresi (2000). And among recent literature, Asiedu (2006), Mlambo (2006) and Zhang (2008) explored the pivotal importance of market size in attracting FDI inflows. These authors COPY RIGHT © 2011 Institute of Interdisciplinary Business Research 237 JANUARY 2011 VOL 2, NO 9 Listed in ULRICH’S
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