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Alexey V. Kuznetsov and Anastasia A. Nevskaya

References Andreff, W., 2003: The newly emerging TNCs from economies in transition: a comparison with Third World outward FDI. In: Transnational Corporations, Vol. 12, Issue 2, pp. 73-118. Bank of Russia, 2016a: Russian Federation: Inward Foreign Direct Investment Positions by Geographical Allocation in 2009-2015, available from:, DoA: 15 June 2016. Bank of Russia, 2016b: Russian Federation: Outward Foreign Direct

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Adina Dornean and Dumitru-Cristian Oanea

References 1. Alfaro, L., Chanda, A., Kalemli-Ozcan, S. and Sayek, S. (2004). “FDI and economic growth: the role of local financial markets”, Journal of International Economics Vol. 64, No. 1, pp. 89-112. 2. Arellano, M. and Bond S. (1991). “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, Review of Economic Studies, Vol. 58, No. 2, pp. 277-297. 3. Assunção, S., Forte, R. and Teixeira, A. A. (2011). “Location determinants of FDI: A literature review

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Hoang Duong Vu

Efficiency. Journal of the Royal Statistical Society. Series A (General). 120(3). pp.253-290. DOI: 10.2307/2343100 Ferragina, A.M. & Mazzotta, F. (2014) FDI spillovers on firm survival in Italy: absorptive capacity matters! Journal of Technology Transfer. 39(6), pp.859-897. DOI: 10.1007/s10961-013-9321-z Ghali, S. & Rezgui, S. (2011) FDI Contribution to Technical Efficiency in the Tunisian Manufacturing Sector: Evidence from Micro-panel Data. International Economic Journal. 25(2), pp.319-339. DOI: 10

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Eva Michalíkovń and Elisa Galeotti

-24. Benáček, V., Víšek, J.Á. 1999. The Determinants of FDI Flows into Czech Manufacturing Industries: Theoretical Background and Empirical Testing. Research of Charles University, IES and ACE Brusel. Benáček, V., Víšek, J.Á. 1999a. The Determinants of FDI in the Czech Economy: The Robust Analysis Applied on Industrial Data of 1991-1997. Charles University, mimeo. Benáček, V., Víšek, J.Á. 1999b. Supply-Side Characteristics and the Industrial Structure of Czech Foreign Trade. Research of Charles Universtity, IES and ACE

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Arben Sahiti, Skender Ahmeti and Hysen Ismajli

(1), 38-56. Dunning, J. H., & Lundan, S. M. (2008). Multinational Enterprises and the Global Economy. Edward Elgar Publishing. Fereidouni, H. G., & Al-mulali, U. (2014). The Interaction Between Tourism and FDI in Real Estate in OECD Countries. Current Issues in Tourism, 17(2), 105-113. Froot, K. A., & Stein, J. C. (1991). Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach. The Quarterly Journal of Economics, 106(4), 1191-1217.

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Claudiu Tiberiu Albulescu and Nicolae Bogdan Ianc

Activity , 1, 135-174. 8. Boivin J. and M. Giannoni [2006], “Has Monetary Policy Become More Effective?”, Review of Economics and Statistics, 88, 445-462. 9. Buch C.M., Doepke J. and C. Pierdzioch [2005], “Financial Openness and Business Cycle Volatility”, Journal of International Money and Finance , 24, 744-765. 10. Chenaf-Nicet D. and E. Rougier [2016], “The effect of macroeconomic instability on FDI flows: A gravity estimation of the impact of regional integration in the case of Euro-Mediterranean agreements”, International Economics , 145, 66

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Jože Perić and Maja Nikšić Radić

References [1] Bezić, H., Nikšić Radić, M., & Kandžija, T. (2010). Foreign Direct Investments in the Tourism Sector of the Republic of Croatia. Valahian Journal of Economic Studies - an international review of theories and applied studies in performance management, 1(15), 21-28 [2] Central Bureau of Statistics. (2013). Statistical Yearbook of the Republic of Croatia. Zagreb: CBS [3] Chowdhury, A., & Mavrotas, G. (2006). FDI and Growth: What Causes What? World Economy, 29(1), 9-19 [4] Craigwell, R., & Moore, W. (2007). Foreign direct

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Klimis Vogiatzoglou

. (1998), Location and the Multinational Enterprise: A Neglected Factor?, Journal of International Business Studies , Vol. 29, No. 1, pp. 45–66. Dunning, J. H., Lundan, S. (2008), Institutions and the OLI paradigm of the multinational enterprise, Asia Pacific Journal of Management , Vol. 25, pp. 573–593. Ekholm, K., Forslid, R., Markusen, J. R. (2007), Export-Platform Foreign Direct Investment, Journal of the European Economic Association , Vol. 5, No. 4, pp. 776–795. Godinez, J., Liu, L. (2015), Corruption distance and FDI flows into Latin America

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Tomasz Dorożyński, Janusz Świerkocki and Wojciech Urbaniak

, Warsaw Harding T., Javorcik B. S. (2011), Roll out the red carpet and they will come: Investment promotion and FDI inflows, ‘The Economic Journal’ 121 (December),1445-1476 Herzer D. (2012), How Does Foreign Direct Investment Really Affect Developing Countries’ Growth? ʻReview of International Economicsʼ 20(2), 396-414, 201 James S. (2009), Incentives and Investments: Evidence and Policy Implications, ICAS of the World Bank Group Moran, T. H., Graham E. M., Blomström M. (eds) (2005), Does Foreign Direct

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Munir Hasan, Mohd Nayyer Rahman and Badar Alam Iqbal


Foreign Direct Investment (FDI) is considered to be influenced not only by quantitative factors but also by qualitative factors. However, the present literature related to FDI focus more on quantitative factors rather than qualitative factors. One reason is that FDI is itself based on a quantitative benchmark (10% or more investment in equity). The qualitative factors that are related to FDI are governance, democracy, human development index etc. In the present study an endeavor is made to understand that how corruption influence FDI decision. FDI is taken in terms of percentage of GDP and Corruption is represented by Corruption Perception Index. The sample period of the study is from 1995 to 2014.