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All Journal TECHNOBIZ : International Journal of Business
Sari, Okta Dian
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The The Role of Energy Consumption, FDI, and HDI in Economic Growth: A Panel Data Analysis Sari, Okta Dian; Lestari, Winda Fuji
TECHNOBIZ : International Journal of Business Vol. 9 No. 1 (2026): April 2026
Publisher : TECHNOBIZ : International Journal of Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33365/technobiz.v9i1.1700

Abstract

This study aims to examine the impact of energy consumption, foreign direct investment, and the Human Development Index on economic growth in ASEAN countries, namely Indonesia, Malaysia, Thailand, the Philippines, and Vietnam, over the period 2010–2023. Using panel data and the Fixed Effect Model (FEM) estimation method, the results indicate that all three independent variables have a significant effect on economic growth. The findings of the Chow test and Hausman test support the selection of the FEM as the most appropriate approach for explaining variations across countries and over time. These results underscore that increases in energy consumption, foreign direct investment, and the Human Development Index are strategic factors in promoting economic growth in the ASEAN region.
Co-Authors Lestari, Winda Fuji