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All Journal Jurnal REP (Riset Ekonomi Pembangunan)
Jordi Fitriano
Universitas Muhammadiyah Malang
Economics, Econometrics & Finance

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Determinants of Foreign Direct Investment in Asean: A Macroeconomic and Institutional Approach Jordi Fitriano; Muhammad Firmansyah; Sri Budi Cantika Yuli; Tran Thai Ha Nguyen
Jurnal REP (Riset Ekonomi Pembangunan) Vol. 11 No. 1 (2026): April 2026
Publisher : Universitas Tidar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31002/rep.v11i1.4215

Abstract

This study aims to examine the influence of several factors on Foreign Direct Investment (FDI) inflows in ASEAN countries. These factors include macroeconomic variables (exchange rate, economic growth, trade balance, and trade openness) and an institutional variable (political stability). The study covers eight ASEAN member countries (Indonesia, Malaysia, Thailand, Vietnam, the Philippines, Cambodia, Brunei Darussalam, and Timor-Leste) over the period of 2014–2023. A quantitative approach using panel data regression was employed. Based on the Chow, Hausman, and LM tests, the Random Effect Model (REM) was selected as the best model. The results indicate that, collectively, all independent variables have a significant influence on FDI in the ASEAN region. Partial test results show that trade openness and economic growth have a positive and significant effect on FDI, whereas the exchange rate and political stability have a negative and significant effect. The trade balance does not have a significant influence. An Adjusted R-squared value of 0.161 indicates that 16.13 percent of the variation in FDI is explained by these five variables, with the remainder attributed to factors outside the model. This confirms that foreign investors are more responsive to long-term structural factors such as economic growth and trade openness.
Co-Authors Muhammad Firmansyah Sri Budi Cantika Yuli Tran Thai Ha Nguyen