The primary objective of the present research was the examination of environmental pollution, economic growth, and supplementary selected macroeconomic elements as determinants of foreign direct investment inflows into Sub-Saharan Sierra Leone for the post-conflict period, 2002-2020, and whether the association between the determinants and foreign direct investment is long-term and short-term. The research methodology was quantitative, and the dataset was time series with 76 observations and 10 variables. Using the AR(2) model, the findings indicated the lags of foreign direct investment, gross fixed capital formation, carbon dioxide, trade, and population growth were significant determinants of foreign direct investment inflows. Furthermore, applying the Phillips-Ouliaris cointegration model, the results indicated a statistically significant long-run association between foreign direct investment and, at least, one determinant (Rho = -39.458, Tau = -5.024, p < .05). Additionally, the error correction model (errorECM1) applied to explore the short-run deviation from the long-run had the expected sign, and was statistically significant (?errorECM1 = -.524, SE = .158, t = -3.31, p = .002), representing a speedy conversion movement to long-run equilibrium of about 52.4% annually. Nonetheless, the research restricted itself to 19 post-conflict years (2002-2020), which may be inadequate to recognize the comprehensive determinant of foreign direct investment inflows. Succeeding studies must embrace additional years, including pre-conflict periods, to recognize the comprehensive determinants of foreign direct investment inflows into Sub-Saharan Sierra Leone.
Acharyya, J. (2009). FDI, growth and the environment: Evidence from India on CO2 emission
during the last decades. Journal of Economic Development, 34(1), 43-58.
Acheampong, A. O., Erdiaw-Kwasie, M. O., & Abunyewah, M. (2021). Does energy accessibility
improve human development? Evidence from energy-poor regions. Energy Economics, 96, 1-23. https://doi.org/10.1016/j.eneco.2021.105165
Acheampong, P., & Osei, V. (2014). Foreign direct investment (FDI) inflows into Ghana: Should
the focus be on infrastructure or natural resources? Short-run and long-run analyses. International Journal of Financial Research, 5(1), 42-51.
https://doi.org/10.5430/ijfr.v5n1p42
Adejumo, A. V. (2013). Foreign direct investments and manufacturing sector performance in
Nigeria, (1970-2009). Australian Journal of Business and Management Research, 3(4), 39-56. http://doi.org/10.52283/NSWRCA.AJBMR.20130304A05
Adeleke, A. I. (2014). FDI-growth nexus in Africa: Does governance matter? Journal of
Economic Development, 39(1), 111-135.
African Union. (2010). Africa mining vision (AMV).
https://au.int/en/documents/20100212/africa-mining-vision-amv
Ahmed, M. U., & Pulok, M. H. (2013). The role of political stability on economic performance:
The case of Bangladesh. Journal of Economic Cooperation and Development, 34(3), 61- 99.
Akhtar, M. A., Khan, M. B., & Hussain, S. (2013). Determinants of resource-seeking foreign
direct investment: Co-integration and causality analysis for Saudi Arabia. British Journal of Economics, Management & Trade, 3(4), 468-478.
http://dx.doi.org/10.9734/BJEMT/2013/3739
Akin, M. S. (2009, June 9-10). How is the market size relevant as a determinant of FDI in
developing countries? A research on population and the cohort size [Paper presentation]. International Symposium on Sustainable Development, Sarajevo, Bosnia, and Herzegovina.
Aliber, R. Z. (1970). A theory of direct foreign investment. In C. Kindleberger (Ed.), The
International Corporation. MIT Press.
Aliyu, A. J., & Ismail, N. W. (2015). Foreign direct investment and pollution haven: Does energy
consumption matter in African countries? International Journal of Economics and Management, 9(S), 21 - 39.
Aller, C., Ductor, L., & Grechyna, D. (2021). Robust determinants of CO2 emissions. Energy
Economics, 31(105154). https://doi.org/10.1016/j.eneco.2021.105154
Al-Sadig, A. (2009). The effects of corruption on foreign direct investment: A panel data
analysis. Cato Journal, 29(2), 267-294.
Anderson, T. W., & Mentz, R. P. (1980). On the structure of the likelihood function of
autoregressive and moving average models. Journal of Time Series Analysis, 1, 83-94. https://doi.org/10.1111/j.1467-9892.1980.tb00302.x
Ang, J. B. (2008). Determinants of foreign direct investment in Malaysia. Journal of Policy
Modeling, 30(1), 185–189. https://doi.org/10.1016/j.jpolmod.2007.06.014
Ankrah, I., & Lin, B. (2020). Renewable energy development in Ghana: Beyond potentials and
commitment. Energy, 198(117357). https://doi.org/10.1016/j.energy.2020.117356
Anna, C., Karambakuwa, R. T., Webster, D., Felex, T., Zivanai, O., Lovenmore, M., & Mudavanhu, V. (2012). The impact of interest rate on foreign direct investment: A case study of the Zimbabwean economy. International Journal of Management Sciences and Business Research, 1(5), 1-24.
Asiedu, E. (2002). On the determinants of foreign direct investment to developing countries: Is Africa dfferent? World Development, 30(1), 107-119. https://doi.org/10.1016/S0305-750X(01)00100-0
Awan, M. Z., Khan, B., & Zaman, K. U. (2011). Economic determinants of foreign direct investment (FDI) in commodity producing sector: A case study of Pakistan. African Journal of Business Management, 5(2), 537-545. https://doi.org/10.5897/AJBM10.767
Aziz, A., & Makkawi, B. (2012). Relationship between foreign direct investment and country population. International Journal of Business and Management, 7(8), 63-70. https://doi.org/10.5539/ijbm.v7n8p63
Babatunde, A. (2011). Trade openness, infrastructure, FDI and growth in Sub-Saharan African countries. Journal of Management Policy & Practice, 12(7), 27-36.
Baby S., & Sharma, A. M. (2017). Determinants of foreign direct investment inflows in India. International Journal of Applied Business and Economic Research, 15(2), 139-149.
Bartels, F. L., Napolitano, F., & Tissi, N. E. (2014). FDI in Sub-Saharan Africa: A longitudinal perspective on location-specific factors (2003–2010). International Business Review, 23, 516-529. https://doi.org/10.1016/j.ibusrev.2013.08.013
Bayar, Y., & Ozel, H. A. (2014). Determinants of foreign direct investment inflows in the transition economies of European Union. International Journal of Research in Commerce, Economics, and Management, 4(10), 49-53.
Belloumi, M. (2014). The Relationship between trade, FDI and economic growth in Tunisia: An application of the autoregressive distributed lag model. Economic Systems, 38, 269-287. https://doi.org/10.1016/j.ecosys.2013.09.002
Bekana, D. M. (2016). Determinants of foreign direct investment in Ethiopia: Time series evidence from 1991 – 2013. The Journal of Developing Areas, 50(1), 141-155. http://dx.doi.org/10.1353/jda.2016.0002
Bibi, S., Ahmad, S. T., & Rashid, H. (2014). Impact of trade openness, FDI, exchange rate and inflation on economic growth: A case study of Pakistan. International Journal of Accounting and Financial Reporting, 4(2), 236-257.
https://doi.org/10.5296/ijafr.v4i2.6482
Billington, N. (1999). The location of foreign direct investment: An empirical analysis. Applied Economics, 31, 65-72. https://doi.org/10.1080/00036846.2019.12067087
Brima, S. (2015). Macroeconomic determinants of foreign direct investment in Sierra Leone: An empirical analysis. International Journal of Economics and Finance, 7(3), 123-133. https://doi.org/10.5539/ijef.v7n3p123
Bommer, R. (1999). Environmental policy and industrial competitiveness: The pollution-haven hypothesis reconsidered. Review of International Economics, 7(2), 342-355. https://doi.org/10.1111/1467-9396.00168
Boutabba, M. A. (2014). The impact of financial development, income, energy and trade on carbon emissions: Evidence from the Indian economy. Economic Modelling, 40, 33-41. https://doi.org/10.1016/j.econmod.2014.03.005
Brima, S. (2015). Macroeconomic determinants of foreign direct investment in Sierra Leone: An empirical analysis. International Journal of Economics and Finance, 7(3), 123-133. https://doi.org/10.5539/ijef.v7n3p123
Buckley, P. J., & Casson, M. C. (2009). The internalisation theory of the multinational enterprise: A review of the progress of a research agenda after 30 years. Journal of International Business Studies, 40(9), 1563-1580.
Buckley, P., & Casson, M. (2011). Marketing and the multinational: Extending internalization theory. Journal of the Academy of Marketing Science, 39(4), 492-508. https://doi.org/10.1007/s11747-010-0243-0
Chakraborty, D., & Mukherjee, J. (2012). Is there any relationship between foreign direct investment, domestic investment and economic growth in India? A time series analysis. Review of Market Integration, 4(3), 309-337.
https://doi.org/10.1177/0974929213481712
Chia, S. M., & Ogbaji, E. O. (2013). Impact of foreign direct investment on telecommunication sector on Nigerian economy. International Journal of Modern Social Sciences, 2(3), 195-215.
Cole, M. A., Elliot, R. J. R., & Fredriksson, P. G. (2006). Endogenous pollution havens: Does FDI influence environmental regulations? The Scandinavian Journal of Economics, 108, 157-178. https://doi.org/10.1111/j.1467-9442.2006.00439.x
Cowpertwait, P. S. P., & Metcalfe, A. V. (2009). Introductory time series with R (eds.). Springer. http://dx.doi.org/10.1007/978-0-387-88698-5
Danish, R. A., & Akram, A. (2014). Determinants of FDI in Pakistan: An empirical analysis. Journal of International Business and Economics, 2(2), 61-70.
Dean, J. M. (1999). Testing the impact of trade liberalization on the environment: Theory and evidence. In P. G. Fredriksson (Ed.), Trade, Global Policy, and the Environment (pp. 55-63). Brandeis University Press.
Denisia, V. (2010). Foreign direct investment theories: An overview of the main FDI theories. European Journal of Interdisciplinary Studies, 2(2), 104-110.
https://ejist.ro/files/pdf/357.pdf
Dinda, S. (2014). Natural resources determining FDI in Nigeria: An empirical investigation. International Journal of Research in Business and Social Science, 3(1), 75-88. https://doi.org/10.20525/ijrbs.v3i1.88
Doytch, N., & Narayan, S. (2016). Does FDI influence renewable energy consumption? An analysis of sectoral FDI impact on renewable and non-renewable industrial energy consumption. Energy Economics, 54, 291-301.
https://doi.org/10.1016/j.eneco.2015.12.010
Dua, P., & Garg. R. (2015). Macroeconomic determinants of foreign direct investment: Evidence from India. The Journal of Developing Areas, 49(1), 133-155. http://dx.doi.org/10.1353/jda.2015.0025
Dunning, J. H. (1988). The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business Studies, 19(1), 1-31. https://doi.org/10.1057/palgrave.jibs.8490372
Dunning, J. H. (2001). The eclectic (OLI) paradigm of international production: Past, present and future. International Journal of the Economics of Business, 8(2), 173-190. https://doi.org/10.1080/13571510110051441
Duramany-Lakkoh, E. K. (2021). Foreign direct investment development nexus: The case of Sierra Leone. Archives of Business Research, 9(6), 219-233.
http://dx.doi.org/10.14738/abr.96.10395
Duramany-Lakkoh, E. K., Jalloh, M. S., & Jalloh, A. (2021). Foreign direct investment and manufacturing sector in Sierra Leone: A vector auto-regression analysis approach. Journal of Mathematical Finance, 11, 620-650.
https://doi.org/10.4236/jmf.2021.114034
Eita, J. H. (2012). Explaining interest rate spread in Namibia. The International Business & Economics Research Journal, 11(10), 1123-1132.
https://doi.org/10.19030/iber.v11i10.7258
Eregha, P. B. (2015). Foreign direct investment inflow, volatility, and domestic investment in
West Africa. The Journal of Developing Areas, 49(2), 273-294. 2015.
http://dx.doi.org/10.1353/jda.2015.0018
Ezeoha, A. E., & Cattaneo, N. (2012). FDI flows to Sub-Saharan Africa: The impact of finance,
institutions, and natural resource endowment. Comparative Economic Studies, 54(3), 597-632. https://doi.org/10.1057/ces.2012.18
Faroh, A., & Shen, H. (2015). Impact of interest rates on foreign direct investment: Case study
Sierra Leone economy. International Journal of Business Management and Economic Research, 6(1), 124-132.
Fauzel, S., Seetanah, B., & Sannassee, R. V. (2015). Foreign direct investment and welfare nexus in Sub-Saharan Africa. The Journal of Developing Areas, 49(4), 271-283.
Feher, H., & Poor, J. (2013). Foreign trade competitiveness of Sub-Saharan African countries – The effects of China’s trade expansion. Studia Universitatis Babes-Bolyai, 58(2), 3-21.
Fiodendji, K., & Evlo, K. (2015). Do institutions quality affect FDI inflows in Sub-Saharan African
countries? Journal of Applied Finance and Banking, 5(1), 111-135. https://dx.doi.org/10.2139/ssrn.2465945
Fofana, M. F. (2014). The influence of measures of economic freedom on FDI: A comparison of Western Europe and Sub-Saharan Africa. Global Economy Journal, 14(3-4), 399-424.
https://doi.org/10.1515/gej-2014-0023
Glynn, J., Perera, N., & Verma, R. (2007). Unit root tests and structural breaks: A survey with
applications. Revista de Metodos Cuantitativos para la Economia y la Empresa, 3, 63-79.
Gonzalez-Perez, M. A., Riegler, S., & Riegler, F. X. (2011). Foreign direct investment (FDI) and
social responsibility networks (SRN) in Colombia. Journal of Globalization, Competitiveness and Governability, 5(1), 42-59.
https://doi.org/10.3232/GCG.2011.V5.N1.03
Grimes, P., & Kentor, J. (2003). Exporting the greenhouse: Foreign capital penetration and CO2
emissions 1980–1996. Journal of World Systems Research, 9, 261–275.
Gross, R., & Trevino, L. J. (1996). Foreign Direct Investment in the United States: An Analysis by Country of Origin. Journal of International Business Studies, 27(1), 139-155. https://dx.doi.org/10.1057/palgrave.jibs.8490129
Guga, K., Lorena A., & Zeneli, F. (2015). Population, economic growth and development in the
emerging economies. European Scientific Journal, 11(10), 367-374.
Gupta, P., & Singh, A. (2016). Determinants of foreign direct investment inflows in BRICS
nations: A panel data analysis. Emerging Economy Study, 2(2), 181-198. DOI: https://doi.org/10.1177/2394901516661095
Gwenhamo, F. (2011). Foreign direct investment in Zimbabwe: The role of institutional and
macroeconomic factors. South African Journal of Economics, 79(3), 211-223.
https://doi.org/10.1111/j.1813-6982.2011.01283.x
Harvey, A. C. (1981). The econometric analysis of time series. John Wiley & Sons.
Hasnat, B. (2013). The US and Chinese foreign direct investment in Africa. China-USA Business
Review, 12(8), 735-745.
Hua, P. (2014). The determinants of China’s outward direct investments in Africa: The role of
the Chinese government’s policies. International Journal of Economics and Business Modeling, 5(1), 238-243.
Ismaila, M., & Imoughele, L. E. (2015). Macroeconomic determinants of economic growth in
Nigeria: A co-integration approach. International Journal of Academic Research in Economics and Management Sciences, 4(1), 34-46.
http://dx.doi.org/10.6007/IJAREMS/v4-i1/1485
Javed, T., Nawaz, S., & Gondal, M. A. (2014). International incidences, macroeconomic variables and their volatility effect on economic growth: Empirical evidence from Pakistan. International Journal of Academic Research in Economics and Management Sciences, 3(4), 81-99. http://dx.doi.org/10.6007/IJAREMS/v3-i4/1087
Jepkurui, K. S., & Olweny, T. (2015). The effect of macroeconomic factors on performance of foreign direct investment in Kenya. Strategic Journal of Business & Change Management, 2(101), 1492-1506.
Judge, G. G., Griffiths, W. E., Hill, R. C., Lütkepohl, H., & Lee, T.-C. (1985). The theory and practice of econometrics. (2nd ed.). John Wiley & Sons.
Julio, P., Pinheiro–Alves, R., & Tavares, J. (2013). Foreign direct investment and institutional reform: Evidence and an application to Portugal. Portuguese Economic Journal, Vol. 12(3), 215-250. https://doi.org/10.1007/s10258-013-0093-z
Kahai, S. M. (2004). Traditional and non-traditional determinants of foreign direct investment in developing countries. Journal of Applied Business Research, 20(1), 43-50. http://dx.doi.org/10.19030/jabr.v20i1.2194
Kargbo, P. M. (2012, January). Impact of foreign aid on economic growth in Sierra Leone. (WIDER Working Paper, No. 2012/07).
https://www.wider.unu.edu/sites/default/files/wp2012-007.pdf
Kaur, M., & Sharma, R. (2013). Determinants of foreign direct investment in India: An empirical analysis. Decision, 40(1), 57-67. http://dx.doi.org/10.1007/s40622-013-0010-4
Kemeny, T. (2010). Does foreign direct investment drive technological upgrading? World Development, 38(3), 1543-1554. https://doi.org/10.1016/j.worlddev.2010.03.001
Kerner, A., & Lawrence, J. (2014). What's the risk? Bilateral investment treaties, political risk and fixed capital accumulation. British Journal of Political Science, 44(1), 107-121. https://doi.org/10.1017/S0007123412000725
Kok, R., & Ersoy B. A. (2009). Analyses of FDI determinants in developing countries. International Journal of Social Economics, 36(1), 105-123.
https://doi.org/10.1108/03068290910921226
Koojaroenprasit, S. (2013). Determinants of foreign direct investment in Australia. Australian Journal of Business and Management Research, Vol. 3(8), 20-30.
Kurtishi-Kastrati, S. (2013). Impact of FDI on economic growth: An overview of the main theories of FDI and empirical research. European Scientific Journal, 9(7), 56-77.
Kutan, A. M., Paramati, S. R.., Ummalla, M., & Zakari, A. (2018). Financing renewable energy
projects in major emerging market economies: Evidence in the perspective of sustainable economic development. Emerging Markets Finance and Trade, 54(8), 1761-1777. https://doi.org/10.1080/1540496X.2017.1363036
Kwiatkowski, D., Phillips, P. C. B., Schmidt, P., & Shin, Y. (1992). Testing the null hypothesis of
stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root? Journal of Econometrics, 54(1-3), 159-178.
https://doi.org/10.1016/0304-4076(92)90104-Y
Larbi, D. A. (2013). The long run determinants of private domestic savings in Ghana: A
cointegration approach. Journal of Economics and Sustainable Development, 4(4), 125-136.
Lee, J. W. (2013). The contribution of foreign direct investment to clean energy use, carbon
emissions and gross domestic product in developing countries. Energy Policy, 30, 87-89.
https://doi.org/10.1016/j.enpol.2012.12.039
Leshoro, T. L. A. (2014). The effects of foreign resource inflow and savings on the economic
growth of South Africa: A VAR analysis. Journal of Economics and Behavioral Studies, 6(3), 232-241. http://dx.doi.org/10.22610/jebs.v6i3.486
Li, C., Liu, H., & Jiang, Y. (2015). Exchange rate risk, political environment and Chinese outward
FDI in emerging economies: A panel data analysis. Economics World, 3(5-6), 145-155.
https://doi.org/10.17265/2328-7144/2015.0506.004
Lipsey, R. G., & Chrystal, K. A. (2011). Economics. (12th ed.). Oxford University Press.
Lo, C. C., Lin, Y., Chi, T. L., & Joseph, D. J. (2013). Foreign direct investment inflows in Haiti: Its
determinants and impact on economic growth. Business Management Dynamics, 2(9), 36-50.
Mahadevan, R., & Sun, Y. (2020). Effects of foreign direct investment on carbon emissions:
Evidence from China and its belts and road countries. Journal of Environmental Management, 276(111321). https://doi.org/10.1016/j.jenvman.2020.111321
Mansaray, M. A. (2017a). Applied econometrics and the determinants of economic growth.
International Journal of Academic Research in Economics and Management Sciences, 6(2), 1-34.
Mansaray, M. A. (2017b). Macroeconomic determinants of foreign direct investment and
impulse response function. International Journal of Academic Research in Business and Social Sciences, Vol. 7(10), 187-219.
Mielnik, O., & Goldemberg, J. (2002). Foreign direct investment and decoupling between energy and gross domestic product in developing countries. Energy Policy, 30, 87-89.
https://doi.org/10.1016/S0301-4215(01)00080-5
Mundell, R. A. (1957). International trade and factor mobility. The American Economic Review,
47(3), 321-335.
Murshed, M. (2020). Are trade liberalization policies aligned with renewable energy transition in low- and middle-income countries? An instrumental variable approach. Renewable Energy, 151, 1110-1123. https://doi.org/10.1016/j.renene.2019.11.106
Musonera, E., Nyamulinda, I. B., & Karuranga, G. E. (2010). FDI fitness in Sub-Saharan Africa
: The case of Eastern African community (EAC). Journal of International Business Research and Practice, 4, 1-18.
Naanwaab, C., & Diarrassouba, M. (2016). Economic freedom, human capital, and foreign direct investment. The Journal of Developing Areas, 50(1), 407-424.
https://doi.org/10.1353/jda.2016.0011
Niazi, G. S. K., Riaz, S., Naseem, M. A., & Rehman, R. U. (2011). Does an inflation and growth of a country affect its foreign direct investment? Journal of Management, Economics and Finance, 1(1), 84-90.
Noorbakhsh, F., Paloni, A., & Youssef, A. (2001). Human capital and FDI inflows to developing
countries: New empirical evidence. World Development, 29, 1593-1610. http://dx.doi.org/10.1016/S0305-750X(01)00054-7
Obute, C., Ijirshar, V. U., & Tersugh, A. (2018). Impact of foreign direct investment in
telecommunication on economic growth in Nigeria. International Journal of Management Studies, Business & Entrepreneurship Research, 3(1), 115-131.
Ogasavara, M., & Masiero, G. (2013). Internationalization of Asian companies in Brazil: Factors
and motivations. International Journal of Management, 30(3), 149-168.
Ojong, C. M., Arikpo, O. K., & Anthony, O. (2015). Determinants of foreign direct investment
inflow to Nigeria. IOSR Journal of Humanities and Social Science, 20(8), 34-43.
Okafor, G. (2015). Locational determinants of US outward FDI into Sub-Saharan Africa. Journal
of Developing Areas, 49(1), 187-205. http://dx.doi.org/10.1353/jda.2015.0000
Okurut, F. N., Narayana, N., & Chidozie, N. (2012). Determinants of foreign direct investment in Economic Community of West African States. International Journal of Economics and Business Studies, 2(1), 26-35.
Oladipo, S. O. (2010). Foreign direct investment (FDI): Determinants and growth effects in a
small open economy. The International Journal of Business and Finance Research, 4(4), 75-88.
Oladipo, S. O. (2013). Macroeconomic determinant of foreign direct investment in Nigeria
(1985-2010): A GMM approach. Journal of Emerging Issues in Economics, Finance, and Banking, 2(4), 801-817.
Omankhanlen, A. E. (2011). The effect of exchange rate and inflation on foreign direct
investment and its relationship with economic growth in Nigeria. Economics and Applied Informatics, 1, 5-16.
Omodero, C. O., & Ekwe, M. C. (2017). Impact of foreign direct investment (FDI) on the stock
market performances in Nigeria (1985-2014). Applied Finance and Accounting, 1, 36-48.
http://redfame.com/journal/index.php/afa/article/view/1932
Osborne, J. W. (2011). Best practices in data transformation: The overlooked effect of minimum Values. In J. W. Osborne (Ed.), Best Practices in Quantitative Methods (pp. 197-204). Sage Publishing.
Ozokcu, S., & Ozdemir, O. (2017). Economic growth, energy, and environmental Kuznets curve. Renewable and Sustainable Energy Reviews, 73, 639-647.
https://doi.org/10.1016/j.rser.2017.01.059
Palaniappan, R. (2007). Discrimination of alcoholic subjects using second order autoregressive modelling of brain signals evoked during visual stimulus perception. International Journal of Medical and Health Sciences, 1(12), 642-647.
https://doi.org/10.5281/zenodo.1080360
Pavia -Miralles, J. M. (2010). A survey of methods to interpolate, distribute and extrapolate time series. Journal of Service Science and Management, 3(4), 449-463. http://dx.doi.org/10.4236/jssm.2010.34051
Peiris, M. (2014). Testing the null hypothesis of zero serial correlation in short panel time series: a comparison of tail probabilities. Statistical Papers, 55(2), 513-523. https://doi.org/10.1007/s00362-012-0495-5
Phillips, P. C. B., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75, 335.346. https://doi.org/10.2307/2336182
Prusty, S. (2010). Managerial economics. PHI Learning.
Quazi, R. M. (2014). Corruption and foreign direct investment in East Asia and South Asia: An econometric study. International Journal of Economics and Financial Issues, 4(2), 231-242. https://www.econjournals.com/index.php/ijefi/article/view/695
Quazi, R., Vemuri, V., & Soliman, M. (2014). Impact of corruption on foreign direct investment
in Africa. International Business Research, 7(4), 1-10.
https://doi.org/10.5539/ibr.v7n4p1
Reenu, S., & Kumar, A. (2015). Trends and determinants of foreign direct investment in India: A study of the post-liberalization period. South Asian Journal of Management, 22(3), 96-121.
Ren, S., Yuan, B., Ma, X., & Chen, X. (2014). International trade, FDI (foreign direct investment) and embodied CO2 emissions: A case study of Chinas industrial sector. China Economic Review, 28, 123-134. https://doi.org/10.1016/j.chieco.2014.01.003
Saibu, M. O., & Akinbobola, T. O. (2014). Globalization, foreign direct investment and economic growth in Sub-Saharan Africa. Journal of Economics and International Finance, 6(3), 62-68.
Sapkota, P., & Bastola, U. (2017). Foreign direct investment, income, and environmental pollution in developing countries: Panel data analysis of Latin America. Energy Economics, 64, 206-212. https://doi.org/10.1016/j.eneco.2017.04.001
SAS. (2020). SAS/ETS 15.2 user’s guide. SAS Institute Inc.
Seyoum, M., Wu, R., & Lin, J. (2015). Foreign direct investment and trade openness in Sub-
Saharan economies: A panel data granger causality analysis. South African Journal of Economics, 82(3), 402-421. https://doi.org/10.1111/saje.12022
Shah, M. H., Salem, S., Ahmed, B., Ullah, I., Rehman, A., Zeeshan, M., & Zeeshan Fareed, Z.
(2022). Nexus between foreign direct investment inflow, renewable energy consumption, ambient air pollution, and human mortality: A public health perspective from non-linear ARDL approach. Frontiers in Public Health, 9(814208).
https://doi.org/10.3389/fpubh.2021.814208
Shahmoradi, B., & Baghbanyan, M. (2011). Determinants of foreign direct investment in
developing countries: A panel data analysis. Asian Economic and Financial Review, 1(2), 49-56.
Shin, Y. (1994). A residual-based test of the null of cointegration against the alternative of no
cointegration. Econometric Theory, 10(1), 91-115. https://doi.org/10.1017/S0266466600008240
Shumway, R., & Stoffer, D. (2017). Time series analysis and its applications: With R examples.
(4th ed.). Springer.
Siddiqui, H. A., & Aumeboonsuke, V. (2014). Role of interest rate in attracting the FDI: Study on ASEAN 5 economy. International Journal of Technical Research and Applications, 2(3), 59-70. http://repository.nida.ac.th/handle/662723737/4122
Silvia, J. E., Iqbal, A., Bullard, S., Watt, S., & Swankoski, K. (2014). Economic and business
forecasting: Analyzing and interpreting econometric results. Wiley.
Singhania, M., & Gupta, A. (2011). Determinants of foreign direct investment in India. Journal of International Trade Law Policy, 10(1), 64–82.
Spitzer, J. J. (1979). Small-sample properties of nonlinear least squares and maximum likelihood estimators in the context of autocorrelated errors. Journal of the American Statistical Association, 74, 41–47. https://doi.org/10.2307/2286718
Stephanie, G. (2015). Autoregressive model: Definition & the AR process. StatisticHowTo.com:
elementary Statistic for the rest of us!
Stralkowski, C. M., Wu, S. M., & DeVor, R. E. (1970). Charts for the interpretation and
estimation of the second order autoregressive model. Technometrics, 12(3), 669-685.
https://doi.org/10.2307/1267950
Suliman, A., Elmawazini, K., & Shariff, M. Z. (2015). Exchange rates and foreign direct
investment: Evidence for Sub-Saharan Africa. The Journal of Developing Areas, 49(2), 203-226. https://doi.org/10.1353/jda.2015.0036
Todaro, M. P., & Smith, S. C. (2015). Economic development (12th ed.). Pearson.
United Nations Conference on Trade and Development. (2020). UNCTADS statistics.
https://unctadstat.unctad.org/EN/ Geneva,
Vijayakumar, N., Sridharan, P., & Rao, K. C. S. (2010). Determinants of FDI in BRICS countries: A panel analysis. International Journal of Business Science and Applied Management, 5(3), 1-13.
Wafure, O. G., & Nurudeen, A. (2010). Determinants of foreign direct investment in Nigeria: An empirical analysis. Global Journal of Human Social Science, 10(1), 26-34.
Wang, Y., Liao, M., Wang, Y., Xu, L., & Malik, A. (2021). The impact of foreign direct investment
on China’s carbon emissions through energy intensity and emissions trading system. Energy Economics, 97(105212). https://doi.org/10.1016/j.eneco.2021.105212
Wooldridge, J. M. (2016). Introductory econometrics: A modern approach. (6th ed.). Cengage
Learning.
Zhang, Y., Li, H., Li, Y., & Zhou, L.A. (2010). FDI spillovers in an emerging market: The role of
foreign firms’ country origin diversity, and domestic firms’ absorptive capacity. Strategic
Management Journal, 31(9), 969–989. https://doi.org/10.1002/smj.856
Zhu, H., Duan, L., Guo, Y., & Yu, K. (2016). The effects of FDI, economic growth and energy
consumption on carbon emissions in ASEAN-5: Evidence from panel quantile regression. Economic Modelling, 58, 237-248. https://doi.org/10.1016/j.econmod.2016.05.003
