Doğrudan yabancı yatırımların üretkenliğe etkisinde beşeri sermayenin rolü: Türkiye imalat sanayi firmaları üzerine ampirik bir çalışma

This thesis studies whether the existence or magnitude of possibleproductivity spillover effects from FDI differs across domesticfirms that possess different levels of human capital. The humancapital as an absorptive capacity has been investigated in the macroliterature by Borensztein et al. (1998) and Xu (2000). The aim ofthis analysis is to investigate their question at firm level. Totest for this, a firm-level unbalanced panel data from Turkishmanufacturing industry over the period 1990-2001 is used. First,firm-level total factor productivity (TFP) is calculated using theLevinsohn-Petrin methodology. Then, the evidence regarding theproductivity spillovers from FDI is provided. The analysis isconducted using both level and growth of TFP as dependent variable.The results of this spillover analysis suggest that there arenegative spillovers through forward linkages on the TFP level butnot on the growth rate of TFP. On the other hand, only evidence ofpositive backward spillovers and negative horizontal spillovers arefound for the growth of TFP. Finally, a deeper investigation ofwhether domestic firms with higher human capital benefit more fromthese spillovers is undertaken. In level regressions, results showthat domestic firms benefit from FDI through backward linkages ifthey possess human capital under a certain level. In growthregressions, the domestic firms benefit from FDI through horizontalchannel if they possess above a minimum threshold level of humancapital.