PENGARUH FINANCIAL STABILITY DAN FINANCIAL DEPTH TERHADAP FOREIGN DIRECT INVESTMENT PADA PASAR MODAL SEBAGAI INDIKATOR KEDALAMAN KEUANGAN ASEAN TAHUN 2013 - 2023

Wira Ganet Aribowo (Universitas Widya Gama Malang)
Sodik (Universitas Widya Gama Malang)
Henry Windrianto Darmoko (Universitas Merdeka Madiun)

MANAJEMEN DEWANTARA
Vol 10 No 1 (2026): MANAJEMEN DEWANTARA

Objectives: To examine the effects of financial stability and financial depth on Foreign Direct Investment (FDI) in ASEAN-5 during 2013–2023. Methods: Quantitative panel data analysis employing static (FE/RE) and dynamic (System-GMM) models. Research Gap/Novelty: Integrates banking stability and financial depth indicators within OLI and endogenous growth frameworks, distinguishing static and dynamic effects. Results: Both variables positively and significantly influenced FDI in static models. Dynamically, financial depth showed a significant negative effect, while financial stability was insignificant. Conclusion: Financial deepening must be balanced with banking stability to attract sustainable FDI.