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All Journal Jurnal Ekonomi Pembangunan
Kayla Asyifa
Universitas Pasundan
Economics, Econometrics & Finance

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Beyond Macroeconomic Stability Dynamic Determinant of Foreign Direct Investment in ASEAN Kayla Asyifa; Horas Djulius; Restu A Suryaman
Jurnal Ekonomi Pembangunan Vol 15 No 2 (2026): Volume 15 Nomor 2 Tahun 2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23960/jep.v15i2.4808

Abstract

This study aims to analyze the determinants of Foreign Direct Investment (FDI) in ASEAN countries during the period 2005–2024. This study is motivated by the important role of FDI as a source of development financing, technology transfer, and regional integration in the global value chain. Different from previous research that tended to be partial, this study integrates macroeconomic, financial, human resources, and economic globalization factors in one empirical framework. The methods used are static panel data through Fixed Effect Model (FEM) and Random Effect Model (REM), as well as dynamic panel data using the Generalized Method of Moments (GMM) to capture investment persistence and address potential endogeneity. The results show that economic growth, exports, and labor productivity have a positive effect on FDI. The FDI lag variable is significant across all dynamic models, indicating the persistence of foreign investment in ASEAN. In contrast, inflation, exchange rates, and interest rates show inconsistent influences. These findings confirm that macroeconomic stability remains important, but it is no longer enough to be a major factor in attracting investment. The quality of the workforce, production capacity, and integration in global production networks increasingly determine the attractiveness of FDI in ASEAN.
Co-Authors Horas Djulius Restu Akbar Suryaman