Browsing by Subject "Institutions"
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(2020)The determinants of FDI have been a topic of interest in economics since the 1980s and this paper aims to contribute to this field. This study aims to measure how associated FDI is with the political risk as well as to see the extent of this relationship in Turkey in the years 1996–2017. The political risk is measured as a change in indexes that are provided by the World Bank, Freedom House, and Transparency International. These political indicators are Political Rights, Civil Liberties, the Corruption Perceptions Index, Regulatory Quality, Voice and Accountability, Rule of Law, Government Effectiveness, Control of Corruption, and Political Stability. The earlier literature on FDI and political risks is mostly empirical and there has not been much theoretical research. Chakrabarti analyzed the past studies on FDI and its determinants in 2001 and found out that in the earlier research, almost every explanatory variable of FDI except the market size was sensitive to small changes in the conditioning information set, casting doubt on the robustness of the results. There have also been conducted studies that address political risk or equivalent concepts. The 2005 research of Busse and Hefeker had the same topic as this paper but their data consisted of many countries and they employed two different panel models. One was a fixed-effects panel analysis while the other utilized a generalized method of moments estimator. I selected three model specifications for the time-series regression analysis. All three specifications have market size as a control variable and the other two also have the economy’s growth rate and trade openness. The third has the inflation rate as the final control variable. The data have a small number of observations which limits the options available for the empirical part of the study. Out of the nine political indicators, Regulatory Quality is the only political indicator that is not associated with FDI, while the results on the Corruption Perceptions Index and Control of Corruption are inconclusive. The rest six are associated with FDI. The Rule of Law index has the highest estimated coefficient value of the World Bank indicators and the Political Rights index has the highest estimated coefficient value of the Freedom House’s indicators.
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(2023)This master’s thesis provides context to social change related to Sustainable Development and the factors influencing it from the perspective of Finnish National Art Institutions. The aim of this research is to examine how the principles – or the idea – of Sustainable Development have historically been adopted as part of Finnish society, and to compare how and in what time frame these principles have begun to be reflected in the strategies and operations of the Finnish National Art Institutions over the past 30 years. The research looks at the period from 1992 – determined by the adoption of the United Nations Agenda 21 on Sustainable Development – through to 2020. Institutional theory is used as the main theoretical framework of this study. Stakeholder Typology is used to examine the impact of the stakeholders in the process of adopting the principles and forming the expectations of Sustainable Development. There are four types of data used for this research: newspaper archives (Päivälehti Archives, Helsingin Sanomat), minutes from the plenary sessions of the Finnish Parliament, annual reports of the organisations under the investigation, and background interviews made with the key personnel in the Finnish National Art Institutions. A qualitative research method was selected to support the research and to answer the research questions. The analysis of the collected data is descriptive, highlighting meaningful themes, and following an inductive approach. The idea of Sustainable Development in the Finnish National Art Institutions is visible relatively late compared to the adoption of the principles of Sustainable Development by the Finnish government. Hence, the idea of Sustainable Development is recognised first in the political and public debate, and later in the National Art Institutions. The adoption of Sustainable Development at the operational level started in the Finnish National Art Institutions around 2010, with adoption at the strategic level first occurring around 2020. The pressure to adopt the principles of Sustainable Development in the National Art Institutions has emerged both from internal and external stakeholders. The change has been slow and has taken place primarily from the bottom up. The highest impact for adopting the principles of Sustainable Development comes from the staff and the artists of the organisation, but also from loyal customers, political decision makers, competitors, and sponsors. Based on the academic literature, a change taken place informally is the main driver for a long-term, constant institutional change. Therefore, based on the institutional theory, the long-standing, informal change among the Finnish National Art Institutions identified in this research – and formed through stakeholder expectations – indicates a substantial and permanent change at the operative and strategic level in adopting the idea of Sustainable Development.
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