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Multilevel analysis of macroeconomic and institutional determinants of FDI in Newly Industrialized Countries

Economic Journal of Emerging Markets · Vol. ume (2026) · hlm. 164–180

DOI
10.20885/ejem.vol18.iss2.art3
ISSN
2502-180X, 2086-3128
Terbit
2026-10-29
Penerbit
Universitas Islam Indonesia
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-sa/4.0

Abstrak

Purpose — This study empirically examines how macroeconomic and institutional factors influence Foreign Direct Investment (FDI) flows in Newly Industrialised Countries (NICs), with particular emphasis on structural backwardness among NICs.Method — The analysis uses a Hierarchical Linear Modelling (HLM) approach based on multilevel panel data for 2013–2024. We tested the model in stages using the Null Model, Random Intercept Model, and Random Slope Model.Findings — The Null Model yields that cross-country differences, rather than temporal fluctuations, drive most of the variation in FDI across NICs. Graphical analysis confirms this cross-country heterogeneity, showing that institutional capacity and macroeconomic strength explain most of the variation in FDI across countries. The Random Slope Model further shows that GDP has a positive and significant effect on FDI, while Political Stability has a significant negative effect. Trade Openness, Government Effectiveness, and Voice and Accountability are not statistically significant, indicating that macroeconomic factors remain the dominant drivers of FDI.Implication — These findings emphasise the importance of strengthening economic foundations and institutional flexibility in the design of foreign investment policies in NICS countries.Originality — The main contribution of this research lies in its use of random-slope models of Voice and Accountability (VA) models within the HLM framework, enabling a deeper examination of institutional dynamics across NICs.

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Yusra DAfiliasi tidak diketahui2
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Dimas FitrawanHasanuddin University1
Fitrahwati NurHasanuddin University1
Rachmat Hidayat PerdanaHasanuddin University1
Agus SalimHasanuddin University1
Sri WantiHasanuddin University1
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Agus SalimHasanuddin University1
Agus SalimHasanuddin University1
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Firmansyah FirmansyahHasanuddin University1
Risma SeptianaDiponegoro University1
Ahmad Fashiha HastawanState University of Semarang1
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Veliana MarshaAfiliasi tidak diketahui1
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Sumber metadata: OAI-PMH (metadata jurnal) http://journal.uii.ac.id/index.php/JEP/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">Multilevel analysis of macroeconomic and institutional determinants of FDI in Newly Industrialized Countries</dc:title>
	<dc:creator>Suripto, Suripto</dc:creator>
	<dc:creator>Salim, Agus</dc:creator>
	<dc:creator>Kurniawan, Mahrus Lutfi Adi</dc:creator>
	<dc:creator>Khasanah, Uswatun</dc:creator>
	<dc:creator>Athfal, Azkal Azkiya</dc:creator>
	<dc:creator>Wong, Wing-Keung</dc:creator>
	<dc:creator>Vieira, Isabel</dc:creator>
	<dc:subject xml:lang="en-US">Foreign Direct Investment</dc:subject>
	<dc:subject xml:lang="en-US">Newly Industrialised Countries</dc:subject>
	<dc:subject xml:lang="en-US">Macroeconomic Determinants</dc:subject>
	<dc:subject xml:lang="en-US">Hierarchical Linear Modelling</dc:subject>
	<dc:subject xml:lang="en-US">Institutional Factors</dc:subject>
	<dc:subject xml:lang="en-US">C33</dc:subject>
	<dc:subject xml:lang="en-US">F21</dc:subject>
	<dc:subject xml:lang="en-US">O11</dc:subject>
	<dc:subject xml:lang="en-US">O19</dc:subject>
	<dc:description xml:lang="en-US">Purpose — This study empirically examines how macroeconomic and institutional factors influence Foreign Direct Investment (FDI) flows in Newly Industrialised Countries (NICs), with particular emphasis on structural backwardness among NICs.Method — The analysis uses a Hierarchical Linear Modelling (HLM) approach based on multilevel panel data for 2013–2024. We tested the model in stages using the Null Model, Random Intercept Model, and Random Slope Model.Findings — The Null Model yields that cross-country differences, rather than temporal fluctuations, drive most of the variation in FDI across NICs. Graphical analysis confirms this cross-country heterogeneity, showing that institutional capacity and macroeconomic strength explain most of the variation in FDI across countries. The Random Slope Model further shows that GDP has a positive and significant effect on FDI, while Political Stability has a significant negative effect. Trade Openness, Government Effectiveness, and Voice and Accountability are not statistically significant, indicating that macroeconomic factors remain the dominant drivers of FDI.Implication — These findings emphasise the importance of strengthening economic foundations and institutional flexibility in the design of foreign investment policies in NICS countries.Originality — The main contribution of this research lies in its use of random-slope models of Voice and Accountability (VA) models within the HLM framework, enabling a deeper examination of institutional dynamics across NICs.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Islam Indonesia</dc:publisher>
	<dc:date>2026-10-29</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uii.ac.id/JEP/article/view/43341</dc:identifier>
	<dc:identifier>10.20885/ejem.vol18.iss2.art3</dc:identifier>
	<dc:source xml:lang="en-US">Economic Journal of Emerging Markets; Volume 18 Issue 2, 2026; 164-180</dc:source>
	<dc:source>2502-180X</dc:source>
	<dc:source>2086-3128</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uii.ac.id/JEP/article/view/43341/21020</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2026 Suripto Suripto, Agus Salim, Mahrus Lutfi Adi Kurniawan, Uswatun Khasanah, Azkal Azkiya Athfal, Wing-Keung Wong, Isabel Vieira</dc:rights>
	<dc:rights xml:lang="en-US">https://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>