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The Effects of Foreign Direct Investment Uncertainty on Financial Development in Nigeria: An Asymmetric Approach | ||
Interdisciplinary Journal of Management Studies (Formerly known as Iranian Journal of Management Studies) | ||
دوره 14، شماره 2، تیر 2021، صفحه 383-399 اصل مقاله (705.38 K) | ||
نوع مقاله: Research Paper | ||
شناسه دیجیتال (DOI): 10.22059/ijms.2020.302199.674060 | ||
نویسندگان | ||
Ibrahim Sambo Farouq1؛ Zunaidah Sulong* 2 | ||
1Faculty of Business Management, University Sultan Zainal Abidin, Malaysia Received: May | ||
2Faculty of Business Management, University Sultan Zainal Abidin, Malaysia | ||
چکیده | ||
This article investigates the dynamic effects of foreign direct investment uncertainty on financial development in Nigeria and the interacting role of financial inclusion and economic growth. We used the annual time series data of Nigeria covering the period 1970-2018. Through advanced econometric techniques, we first substantiated stationarity level and co-integration among the scrutinized variables, which is genuinely done for reliable findings. Following that, we applied Gregory and Hansen (1996) co-integration test, Non-linear ARDL as the elasticity estimator, and Diks and Panchenko (2006) causality test for the analysis. The Empirical evidence postulates the asymmetric nature of foreign direct investment uncertainty to financial development. We also found a non-linear uni-directional causality running from economic growth to financial development, foreign direct investment uncertainty to financial development, and financial inclusion to financial development. In the end, the authors proposed the needed policy recommendations to strengthen the Nigerian financial sector. | ||
کلیدواژهها | ||
Non-linear ARDL؛ Diks and Panchenko؛ Gregory Hansen؛ Interaction؛ Financial development | ||
عنوان مقاله [English] | ||
اثرات عدم قطعیت سرمایه گذاری مستقیم خارجی بر توسعه مالی در نیجریه: یک روش نامقارن | ||
نویسندگان [English] | ||
ابراهیم سامبو فاروق1؛ زنیده سولانگ2 | ||
1دانشکده مدیریت بازرگانی، دانشگاه سلطان زین العابدین، مالزی | ||
2دانشکده مدیریت بازرگانی، دانشگاه سلطان زین العابدین، مالزی | ||
چکیده [English] | ||
این مقاله اثرات پویای عدم قطعیت سرمایه گذاری مستقیم خارجی بر توسعه مالی در نیجریه و همچنین نقش تعاملی شمول مالی و رشد اقتصادی را بررسی می کند. ما از داده های سری زمانی سالانه نیجریه بین سالهای 1970 تا 2018 استفاده کردیم. با استفاده از تکنیک های پیشرفته اقتصادسنجی، ابتدا سطح ایستایی و ادغام دوسویه میان متغیرهای یافته شده را – که در اصل برای یافته های پایا صورت می گیرد – مشخص گردید. سپس آزمون ادغام دوسویه گریگوری و هانسن (1996)، ای آر دی ال غیرخطی به عنوان پیش بینی کننده کشش، و آزمون علیت دیکس و پانچنکو (2006) اجرا شد. یافته های تجربی ماهیت نامتقارن عدم قطعیت سرمایه گذاری خارجی را بر توسعه مالی تایید می کند. ما همچنین یک رابطه علی غیرخطی تک سویه بین رشد اقتصادی و توسعه مالی، عدم قطعیت سرمایه گذاری مستقیم خارجی و توسعه مالی، و شمول مالی و توسعه مالی یافتیم. در نهایت، ما چند راهکار مربوط به سیاست گذاری به منظور تقویت بخش مالی نیجریه ارایه می کنیم. | ||
کلیدواژهها [English] | ||
ای آر دی ال خیرخطی, دیکس و پانچنکو, گریگوری هانسن, تعامل, توسعه مالی | ||
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