Political risk analysis of foreign direct investment into the energy sector of developing countries
Political risk analysis of foreign direct investment into the energy sector of developing countries
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DOI：
10.1016/j.jclepro.2021.127023
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发表时间：
2021-04-15
影响因子：
11.1
通讯作者：
Martek, Igor
中科院分区：
文献类型：
--
作者：
Jiang, Weiling;Martek, Igor
可持续发展现在是一项全球性的追求，包括经济、社会和环境方面。能源是经济的主要驱动力，因此也是实现可持续未来的主要驱动力。然而，长期缺乏可靠、清洁的能源供应成为发展的障碍。发展中国家尤其如此。外国直接投资是满足需求的关键。虽然研究表明，能源领域的外国直接投资受政治风险的影响很大，但具体政治风险因素在不同国家环境中的影响仍未得到揭示。本研究旨在通过确定具体的政治风险因素对外国能源投资的影响，并通过调查这些影响是如何被进一步的决定因素所缓和，以解决这一差距。本文采用面板数据分析，利用2008年至2017年的数据，探讨了影响74个发展中国家外国能源投资的重大政治风险因素。分析表明，投资风险、法律和秩序、宗教紧张局势和腐败导致影响外国能源投资的重大政治风险。然而，这些结果在各国受到东道国国内生产总值、经济自由度和能源需求等其他因素的影响。聚类技术揭示了七个国家集团共享共同的调节因素，重要的外国能源投资。这一见解表明，集群内一个国家的经验教训将为同一集群内的其他国家提供能源投资方面的相关经验教训。此外，基于不同国家组的影响差异，政府和外国投资者也提出了切实可行的建议。(c)2021爱思唯尔有限公司保留所有权利。
Sustainable development is now a global pursuit, encompassing economic, social, and environmental dimensions. Energy figures as a primary driver of the economy and thus for achieving a sustainable future. However, chronic lack of access to reliable, clean energy supplies presents as a barrier to development. This is especially true of developing countries. Foreign direct investment is pivotal in meeting the demand. While studies have shown that foreign direct investment in energy is significantly affected by political risk, the impacts of specific political risk factors across different country environments remain unrevealed. This study seeks to address this gap by identifying the impacts of specific political risk factors on foreign energy investment, and by investigating how these impacts are then moderated by further determinants. Panel data analysis is employed to explore the significant political risk factors impacting foreign energy investment in 74 developing countries, using data from 2008 to 2017. Analysis reveals that risk of investment profile, law and order, religious tensions and corruption result in significant political risk affecting foreign energy investment. However, these results are moderated across countries by further factors such as gross domestic product, economic freedom and energy demand within host countries. Clustering techniques reveal seven country groups sharing common moderating factors, significant to foreign energy investment. This insight reveals that lessons from one within-cluster nation will offer relevant lessons on energy investment across to others within the same cluster. Furthermore, based on the impact divergence in different country groups, practical suggestions government and foreign investors are also proposed.(c) 2021 Elsevier Ltd. All rights reserved.