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Determinants of
Macroeconomic determinants outward FDI
of outward foreign direct
investment 827
Dimitrios Kyrkilis
University of Macedonia, Thessaloniki, Greece
Pantelis Pantelidis
University of Piraeus, Piraeus, Greece
Keywords Foreign investment, Analysis, Economics
Abstract The aim of this paper is to test the hypothesis that the outward foreign direct
investment (FDI) position of countries may be considered as a function of country specific
characteristics, such as e, exchange rate, technology, human capital and openness of the
economy. The model developed identifies the main determinants of outward FDI using time series
data for five European Union members and four non-European Union countries. The model
indicates that real gross national product is proved the most important determinant of outward
FDI. Developed European countries specialise in human capital intensive FDI, while non-European
Union countries in technology intensive. Overall, the results verify that the outward FDI position of
countries is influenced by national characteristics and that the same type of endowments have
different significance for different countries.
Introduction
Recent contributions to economic theory explain