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The COVID-19 pandemic effects on FDI in select emerging economies

Rama K. Malladi & Burhan F. Yavas

Journal of Business and Management2025https://doi.org/10.1504/jbm.2025.151584article
ABDC C
Weight
0.50

What the paper says

This paper explores the relationship between stock markets and foreign direct investment (FDI) inflows in four major emerging markets: Brazil, Russia, India, and South Africa.Using quarterly data from 1997Q1 to 2020Q3, including the COVID-19 period, we analyse the influence of stock market levels and returns on FDI using various statistical models.Our findings show that stock market performance is a key determinant of FDI decisions, with changes in FDI inflows occurring gradually in response to stock market shifts.The first quarter of 2020, marked by COVID-19 and a sharp market decline, significantly disrupted FDI patterns.Additionally, macroeconomic factors such as GDP growth, exchange rates, and interest rates also impact FDI.By incorporating financial variables often omitted in existing research, this study adds to the ongoing debate on FDI determinants, particularly under global uncertainty.This is the first panel data study focusing on the stock market-FDI nexus in these four emerging economies.

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https://doi.org/https://doi.org/10.1504/jbm.2025.151584

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@article{rama2025,
  title        = {{The COVID-19 pandemic effects on FDI in select emerging economies}},
  author       = {Rama K. Malladi & Burhan F. Yavas},
  journal      = {Journal of Business and Management},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1504/jbm.2025.151584},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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