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Foreign Direct Investment and Economic Growth: Evidence from Transition Economies
Su, Qihao ; Holub, Tomáš (advisor) ; Amini, Chiara (referee) ; Semerák, Vilém (referee)
Abstract: Institutional quality and income level of countries can play different role in international trade, which can affect foreign direct investment and economic growth, both negatively and positively. Although the empirical evidence shows a mix result, few literatures specifically study the effect of FDI on economic growth and the role of institutions in FDI and economic growth in developing countries. This thesis is developed on the research of Roodman (2006, 2009) and Farole and Winkler (2012) but specifically focuses on the impacts of institutional quality on FDI-Growth nexus. This thesis is based on absorptive capacity theory and exogenous growth model to utilize dynamic panel GMM techniques robust to instrument proliferation. Finally, the thesis empirically tested the propositions through econometric models by regressing a static panel model and two-stage GMM equation. In summary, based on absorptive capacity theory, this dissertation not only contributes to literature by applying the theoretical model in FDI and economic growth in exploring interaction with the role of institutions and human capital on the FDI-growth nexus but also obtained some new empirical results in different income level groups to explore the impacts of macroeconomics situation that can affect our results. The...
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Corporate venture investors portfolio forming: what criteria is used and how the portfolio affects corporations' performance?
Su, Qihao ; Novák, Jiří (advisor) ; Semerák, Vilém (referee) ; Nivorozhkin, Eugene (referee)
Capital Asset Pricing Model (CAPM) is an equilibrium model to test relationship between expected return and market risk (Sharpe, 1964). The model research on pricing and return when the securities market reaches equilibrium and investors are rational and investing by diversification based on Markovitz portfolio theory (Markovitz, 1952). Fama and MacBeth (1973) proposed a cross-sectional testing methodology on CAPM and this regression method has been widely used in testing CAPM in developed markets since then. While CAPM is hard to explain more and more market anomalies (excessive return in smaller market value company) in cross section regression, Fama and French (1992) added two more factors (SMB and HML) and proposed three factor model. The empirical results show that three factor model is superior to CAPM in developed markets. Relevant studies have been conducted by Manjuunatha (2006) and Trimech et al. (2015) but show different results. This dissertation will use Fama-MacBeth cross section approach to test CAPM and Fama-French's three factor model in Chinese and Polish stock market respectively. Following Fama and MacBeth (1972) and Shweta and Anil (2015), three sub periods of Polish and Chinese stock market returns ranging from 2007 to 2018 are examined. The empirical results in this thesis...
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