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All Journal JURNAL SOSIAL HUMANIORA (JSH) Airlangga Journal of Innovation Management
Puput Rosita Febrianti
Institut Teknologi Sepuluh Nopember
Economics, Econometrics & Finance Social Sciences

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Environmental Social Governance Characteristics Impact on Inward Foreign Direct Investment Muhammad Ubaidillah Al Mustofa; Imron Mawardi; Raditya Sukmana; Puput Rosita Febrianti
Airlangga Journal of Innovation Management Vol. 7 No. 2 (2026): Airlangga Journal of Innovation Management
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/ajim.v7i2.87126

Abstract

This study aims to examine the influence of Environmental, Social, and Governance (ESG) characteristics and selected macroeconomic factors on inward foreign direct investment (FDI) in member states of the Organization of Islamic Cooperation (OIC). Using panel regression analysis, this study investigates 50 OIC countries over the period 2002–2019. The findings reveal that the aggregate ESG index does not significantly influence inward FDI. However, when ESG is examined separately, the Environmental dimension has a significant effect, indicating that environmental conditions are considered by foreign investors in making investment decisions. In contrast, the Social and Governance dimensions do not significantly affect inward FDI. The results also show that inflation has a positive and consistent effect on inward FDI, suggesting that foreign investors may interpret inflation as a signal of market activity and economic expansion. Meanwhile, the MENA region has a negative effect on inward FDI, reflecting investor concerns regarding political instability, regulatory uncertainty, and regional risk. The research implication of this study is that ESG should not always be treated as a single composite measure, as each ESG dimension may influence investment decisions differently. From a managerial and policy perspective, OIC governments should strengthen environmental quality, maintain macroeconomic stability, reduce regional political risk, and improve institutional credibility to attract sustainable foreign investment. This study contributes to the ESG–FDI literature by providing evidence from OIC economies.
Dampak Ekonomi Makro terhadap Inward Forect Direct Investment (FDI) di Indonesia Muhammad Ubaidillah Al Mustofa; Imron Mawardi; Tika Widiastuti; Raditya Sukmana; Tony Hanoraga; Khairun Nisa; Puput Rosita Febrianti
Jurnal Sosial Humaniora Vol 17 No 1 (2024)
Publisher : Direktorat Riset dan Pengabdian Kepada Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12962/j24433527.v17i1.20201

Abstract

This paper investigates the country-specific risks associated with inwardforeign direct investment (FDI) in Indonesia and analyzes the broadermacroeconomic consequences. The study utilizes the AutoregressiveDistributed Lag (ARDL) model to examine both the short-term and long-termcointegration between macroeconomic factors and foreign investmentinflows. The research is based on secondary annual time series data from1984 to 2015. In the short term, the exchange rate has a crucial impact, asdepreciation of the Indonesian Rupiah leads to a higher inflow of FDI.However, while financial variables do not significantly affect the dependentvariable in the long term, independent variables such as inflation, GDPgrowth risk, and economic and political risks do have a considerable effect.Rational foreign investors prioritize maximizing returns on their investmentsby closely monitoring the volatility of macroeconomic conditions. Thus, it isimperative for the government to regulate these aspects to enhance the inflowof foreign investments.
Co-Authors Hanoraga, Tony Imron Mawardi Khairun Nisa Raditya Sukmana Tika Widiastuti Ubaidillah, Muhammad