Title Page
ABSTRACT
Contents
List of Acronyms 10
CHAPTER I. INTRODUCTION 11
1.1. Background 11
1.2. Rationale and Significance 14
1.3. Main Question 17
1.4. Research Objectives 18
Main Objective 18
Specific Objectives 18
CHAPTER II. LITERATURE REVIEW 19
2.1. Overview of FDI 19
2.2. Theories of FDI Inflows 20
2.2.1. Neo-Classical Macroeconomic Theory. 20
2.2.2. Market Control Theory 21
2.2.3. Dunning's Eclectic Approach 21
2.3. Review of Empirical Studies 24
2.3.1. Market Size 24
2.3.2. Inflation Rate 25
2.3.3. Openness to Trade 25
2.3.4. Resource Endowment 26
2.3.5. Labour Cost 26
2.3.6. Taxation Policies 27
2.3.7. Corruption 27
2.3.8. Infrastructure Development 28
2.3.9. Other Factors 29
2.4. Approaches for Understanding Determinant of FDI 29
CHAPTER III. RESEARCH METHODOLOGY 31
3.1. Introduction 31
3.2. Research Design and Conceptual Framework 31
3.3. Data Collection Method 32
3.4. Data Analysis 33
3.5. Model Specification 33
3.5. Measurement and Expected Sign of the Variables 36
CHAPTER IV. RESULTS AND DISCUSSION 37
4.1. Introduction 37
4.2. Regression Assumption Test 37
4.2.1. Normality Test 37
4.2.2. Heteroscedasticity Test 38
4.2.3. Autocorrelation Test 39
4.3. Descriptive Statistics 40
4.4. Results of Panel Data Analysis 41
4.5. Discussion of Results 43
4.6. Application of the Empirical Results to Malawi's Economy 50
CHAPTER V. CONCLUSION AND RECOMMENDATION 57
5.1. Introduction 57
5.2. Summary of the Study 57
5.3. Summary of Results 58
5.4. Recommendation 58
5.5. Study Limitation and Proposed Research Area 59
REFERENCES 60
초록 64
Table 1. Description of Variables 36
Table 2. Correlation Matrix Table 39
Table 3. Summary of Descriptive Statistics 40
Table 4. Fixed Effects Model Results 41
Table 5. Random Effects Model Results 42
Table 6. Summary of Research Findings 49
Figure 1. FDI flow to LLDCs in Africa and LLDCs in SADC Region 13
Figure 2. FDI Flow to Africa by the source of origin 14
Figure 3. Graph showing the flow of FDI to LLDC and SADC Countries 15
Figure 4. Graph showing the flow of FDI for Land locked SADC countries 2013-2018. 16
Figure 5. Largest recipients of FDI in Africa 17
Figure 6. Conceptual Framework of Determinants of FDI 32
Figure 7. Histogram showing Normality Distribution 38
Figure 8. Investment Level by Origin 2009 51
Figure 9. Investment Level by Origin 2014 52