Pengaruh Shadow Economy dan Peran Moderasi Korupsi Terhadap Foreign Direct Investment di Negara Berkembang

Abstract

Foreign Direct Investment (FDI) memiliki peran penting dalam ekonomi global karena dapat berkontribusi pada pertumbuhan ekonomi negara tuan rumah. Namun, tren perkembangannya menunjukkan negatif stagnan yang disinyalir akibat masifnya shadow economy dan korupsi. Hubungan shadow economy dan korupsi dapat menciptakan ketidakpastian investasi sehingga mengurangi daya tarik pasar bagi investor asing. Penelitian ini bertujuan untuk menganalisis pengaruh shadow economy dan moderasi korupsi terhadap foreign direct investment (FDI) di 62 negara berkembang seluruh dunia selama periode 2010-2020 menggunakan pendekatan Two-Step System Generalized Method of Moments. Hasil penelitian ini menunjukkan adanya pengaruh negatif signifikan dari interaksi hubungan shadow economy dan korupsi terhadap FDI di negara-negara berkembang sehingga menurunkan minat investor asing dalam menanamkan modalnya di negara berkembang. Temuan penelitian ini diharapkan dapat menjadi acuan bagi pemerintah dalam merumuskan rekomendasi kebijakan sehingga dapat menarik investor asing untuk berinvestasi di negara berkembang.

Foreign Direct Investment (FDI) plays an important role in the global economy as it can contribute to the economic growth of the host country. However, its development trend shows a stagnant negative which is allegedly due to the massive shadow economy and corruption. The relationship between the shadow economy and corruption can create investment uncertainty, reducing the attractiveness of the market for foreign investors. This study aims to analyse the effect of shadow economy and corruption moderation on foreign direct investment (FDI) in 62 developing countries around the world during the 2010-2020 period using the Two-Step System Generalized Method of Moments approach. The results of this study indicate a significant negative effect of the interaction of the shadow economy and corruption on FDI in developing countries, thus reducing the interest of foreign investors in investing in developing countries. The findings of this study are expected to be a reference for the government in formulating policy recommendations so as to attract foreign investors to invest in developing countries.