References
Abbas, A., Moosa, I., & Ramiah, V. (2022). The contribution of human capital to foreign direct investment inflows in developing countries. Journal of Intellectual Capital, 23(1), 9–26. https://doi.org/10.1108/JIC-12-2020-0388 Abille, A. B., & Adjei, I. (2025). Does better governance abate the external debt–capital flight revolvement in sub-Saharan Africa?. Journal of Government and Economics, 17, 100136. Acemoglu, D., Johnson, S. and Robinson, J.A. (2005) Institutions as a Fundamental Cause of Long-Run Growth. In: Aghion, P. and Durlauf, S., Eds., Handbook of Economic Growth, Elsevier B.V., Amsterdam, 385-472. Al Sayed, O., Omar, N. S., & Khaled, A. (2025). The impact of institutions' quality and information availability on capital inflows volatility in selected MENA countries. Review of Economics and Political Science, 10(3), 190-205. Bekana, D. M. (2023). Governance quality and financial development in Africa. World Development Sustainability, 2, 100044. Bhujabal, P., Sethi, N., & Padhan, P. C. (2024). Effect of institutional quality on FDI inflows in South Asian and Southeast Asian countries. Heliyon, 10(5), 76-91. Blanchard, O., & Milesi-Ferretti, G. M. (2009). Global imbalances: Past, present, and future. IMF Policy Paper Chipalkatti, N., Le, Q., & Rishi, M. (2021). Sustainability and society: do environmental, social, and governance factors matter for foreign direct investment? https://doi.org/10.3390/en14196039 Doytch, N., & Eren, M. (2012). Institutional determinants of sectoral FDI in Eastern European and Central Asian Countries: The role of investment climate and democracy. Emerging Markets Finance and Trade, 48(4), 14–32. https://doi.org/10.2753/REE1540- 496X4806S402 Janicka, M. (2016). Lucas paradox in the light of neoclassical theory. Central European Review of Economics & Finance, 11(1), 27-40. Jinru, L., Qamruzzaman, M., Wu, H., & Kler, R. (2022). Do environmental quality, financial inclusion, and good governance ensure the fdi sustainably in belt and road countries? evidence from an application of cs-ardl and nardl. https://doi.org/10.3389/fenvs.2022.936216 Kaufmann, D., Kraay, A., & Mastruzzi, M. (2009). Governance matters VIII: aggregate and individual governance indicators, 1996-2008. World bank policy research working paper, (4978). Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The worldwide governance indicators: Methodology and analytical issues1. Hague Journal on the Rule of Law, 3(2), 220-246. Kinda, T. (2010). Increasing private capital flows to developing countries: The role of physical and financial infrastructure in 58 countries, 1970–2003. Applied Econometrics and International Development, 10(2), 57-72. Khushnood, E., Channa, Z., Bhutto, M., & Err, M. A. (2020). Impact of good governance indicators on the inflow of foreign direct investment in Pakistan. https://doi.org/10.51239/NRJSS.V0I0.175 Lee, C. C., Lee, C. C., & Cheng, C. Y. (2022). The impact of FDI on income inequality: Evidence from the perspective of financial development. International Journal of Finance & Economics, 27(1), 137–157. https://doi.org/10.1002/ijfe. 2143 Mehmood, K. A., Batool, S. A., & Ishtiag, M. (2021). Ramifications of governance infrastructure and FDI flux in Pakistan. https://doi.org/10.56536/ijmres.v11i1.125 Nam, H., & Ryu, D. (2023). FDI and human development: The role of governance, ODA, and national competitiveness. https://doi.org/10.1016/j.intfin.2023.101769 Niarachma, R., Effendi, N., & Ervani, E. (2021). The effect of governance on FDI inflows in ASEAN. https://doi.org/10.12928/OPTIMUM.V11I1.3620 Ofori, I. K., & Asongu, S. (2021). Foreign direct investment, governance and inclusive growth in Sub-Saharan Africa. https://doi.org/10.2139/ssrn.3861251 Ogbonna, O. E., Ogbuabor, J. E., Manasseh, C. O., & Ekeocha, D. O. (2022). Global uncertainty, economic governance institutions and foreign direct investment inflow in Africa. Economic Change and Restructuring, 55(4), 2111–2136. https://doi.org/10.1007/s10644- 021-09378-w Oshota, S. O., & Wahab, B. A. (2022). Institutional quality and intra-regional trade flows: evidence from ECOWAS. Journal of African Trade, 9(1), 73-106. Shammah, S. E., Nwude, C. E., Kalu, E. U., & Ukpere, W. (2024). Governance quality indicators and foreign direct investment in Sub-Saharan African countries. Imran, M., Rashid, A., Rauf, R., & Abdullah, M. (2025). Institutional quality and net capital flow episodes: evidence from developing economies. Advance Journal of Econometrics and Finance, 3(1), 30-54. Kayani, F., & Gan, C. (2022). Foreign direct investment inflows and governance Nexus: Evidence from United States, China, and Singapore. https://doi.org/10.1142/s0219091522500308 Lucas, R. (1990), Why doesn t capital flow from rich to poor countries? American Economic Review 80, 92 96. Mini, L., Moyo, C., & Phiri, A. (2025). Governance, institutional quality and economic complexity in selected African countries. International Journal of Economic Policy Studies, 19(1), 159-181. Ohonba, A., & Akinola, G. W. (2023). The effect of governance on capital flows in Sub-Saharan African countries. Development, 7(3), 2122. Osinubi, T., Ajide, F., & Osinubi, O. (2022). Governance, FDI and tourism in top 10 tourist destinations in Africa. https://doi.org/10.1080/19186444.2022.2040345 Prasad, E., Rajan, R., & Subramanian, A. (2007). The paradox of capital. Finance and development, 44(1), 76-93. Raza, M. A. A., Yan, C., Abbas, H. S. M., Ullah, A. (2021). Impact of institutional governance and state determinants on foreign direct investment in Asian economies. https://doi.org/10.1111/grow.12541 Sadeghi, P., Shahrestani, H., Kiani, K. H., & Torabi, T. (2020). Economic complexity, human capital, and FDI attraction: A cross country analysis. International Economics, 164(December), 168–182. https://doi.org/10.1016/j.inteco.2020. 08.005 Shittu, W. O., Agboola, H., Houssein, A. E., & Hassan, S. (2020). The impacts of foreign direct investment and globalisation on economic growth in West Africa: Examining the role of political governance. Journal of Economic Studies, 47(7), 1733–1755. https://doi.org/10.1108/JES-09-2019-0446 Siriopoulos, C., Tsagkanos, A., Svingou, A., & Daskalopoulos, E. (2021). Foreign direct investment in GCC countries: The essential influence of governance and the adoption of IFRS. Journal of Risk and Financial Management, 14(6), 264. https://doi.org/10.3390/jrfm14060264 Solow, R. M. (1956). A contribution to the theory of economic growth. The qsuarterly journal of economics, 70(1), 65-94. Sou and Vinnicombe (2021). Does governance quality matter for FDI-led tourism development? A supply-side perspective. https://doi.org/10.1177/13548166211052814 Swan, T. W. (1956). Economic growth and capital accumulation. Economic record, 32(2), 334- 361. Tabash, M. I., Farooq, U., Matar, A., & Al-Absy, M. S. M. (2024). Role of governance in attracting foreign direct investment inflow: empirical evidence from South Asia region. Cogent Economics & Finance, 12, 1, 2358930. https://doi.org/10.1080/23322039.2024.2358930
