Inward FDI, IFRS Adoption and Institutional Quality: Insights from the MENA Countries

Andrzej Cieślik · Sarhad Hamza

22 citations0/0 files storedInternational Journal of Financial Studies

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International Business and FDI Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting

Abstract

The adoption of International Financial Reporting Standards (IFRS) by 166 countries since 2004 has been a major achievement in the international standardization of accounting regulations. The present paper draws on the Eclectic Paradigm as the analytical framework to investigate the effects of IFRS adoption on foreign direct investment (FDI) inflows. The analysis is conducted based on panel data from 22 Middle Eastern and North African economies (MENA) between 1996 and 2019. The findings indicate that FDI inflows are positively associated with IFRS, and countries implementing the accounting standards receive a higher increase in FDI inflows. Furthermore, the results show that institutional quality plays an important role in attracting FDI. These results remain robust using lag and time-fixed effect estimation methods. The findings have several implications for policymakers.

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References

2006The Log of Gravity 1980Toward an Eclectic Theory of International Production: Some Empirical Tests 1998Location and the Multinational Enterprise: A Neglected Factor?1977Trade, Location of Economic Activity and the MNE: A Search for an Eclectic Approach 2008Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences 2006Political risk, institutions and foreign direct investment 1997Foreign direct investment in developing countries and growth: A selective survey 2006Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability

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