Main Article Content
Abstract
Purpose – This research aims to analyze the influence of institutional quality and FDI on economic growth in ASEAN countries.
Methods – The method used in this research is panel data regression using economic growth research variables namely GDP per capita, FDI and institutional quality measured through 6 indicators based on world government indicators including Control of Corruption (CC), Voice and Accountability (VA), Government Effectiveness (GE), Rule of Law (ROL), Political Stability (PS), Regulatory Quality (RQ) are sourced from the World Bank.
Findings – The research results show that Regulatory quality, Control of corruption, Voice and accountability, and Government effectiveness have a significant effect on economic growth in ASEAN countries. Apart from that, FDI also has a significant influence on economic growth in ASEAN countries.
Implication – The government improves the quality of institutions and ease of investment to increase economic growth.
Originality – This research contributes to economic development policies related to economic institutions and investment.
Abstrak
Tujuan – Penelitian ini bertujuan untuk menganalisis pengaruh kualitas institusi dan FDI terhadap pertumbuhan ekonomi di negara ASEAN.
Metode – Metode yang digunakan dalam penelitian ini adalah regresi panel data dengan menggunakan variabel penelitian pertumbuhan ekonomi yaitu GDP perkapita, FDI dan Kualitas institusi diukur melalui 6 indikator berdasarkan world government indicators meliputi Control of Corruption (CC), Voice and Accountability (VA), Government Effectiveness (GE), Rule of Law (ROL), Political Stability (PS), Regulatory Quality (RQ) bersumber dari World Bank.
Temuan – Hasil penelitian menunjukkan bahwa Regulatory quality, Control of corruption, Voice and accountability, dan Government effectiveness berpengaruh signifikan terhadap pertumbuhan ekonomi di negara ASEAN. Selain itu, FDI juga berpengaruh signifikan terhadap pertumbuhan ekonomi di negara ASEAN.
Implikasi – Pemerintah meningkatkan kualitas institusi dan kemudahan dalam investasi untuk meningkatkan pertumbuhan ekonomi.
Orisinalitas – Penelitian ini berkontribusi terhadap kebijakan pembangunan ekonomi terkait kelembagaan ekonomi dan investasi.
Keywords
Article Details
Copyright (c) 2025 Prastowo Prastowo, Vaniandra Hanan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
- Acemoglu, D., Johnson, S., & Robinson, J. A. (2005). Chapter 6 Institutions as a Fundamental Cause of Long-Run Growth. (P. Aghion, & S. N. Durlauf, Eds.) Handbook of Economic Growth, 1, 385-472.
- Addainuri, M. I., Abidin, M., & Suci, L. E. (2023). Analisis Dampak Governance Terhadap Pertumbuhan Ekonomi di Negara ASEAN. Administratio: Jurnal Ilmiah Administrasi Publik dan Pembangunan, 14(2), 155-172.
- Afif, F. Y., & Ciptawaty, U. (2020). Daya Saing Dan Pertumbuhan Ekonomi Negara Berkembang ASEAN. Jurnal Ekonomi Pembangunan (JEP), 9(1), 37-44.
- Aisen, A., & Veiga, F. J. (2011). How Does Political Instability Affect Economic Growth? IMF Working Papers, 1-28. Retrieved from IMF Working Papers.
- Anam, K. (2023, Oktober 06). Pertumbuhan Ekonomi ASEAN Kencang, Ini Peluang yang Tersimpan. Retrieved from CNBC Indonesia: https://www.cnbcindonesia.com/news/20231007224150-4-478760/pertumbuhan-ekonomi-asean-kencang-ini-peluang-yang-tersimpan
- Asbarini, N. F., Isnaini, L., & Wibowo, M. G. (2021). Pengaruh Tata Kelola Pemerintah terhadap Pertumbuhan Ekonomi di ASEAN. Jurnal Ekonomi dan Pembangunan, 12(1), 82-93.
- Asrinda, D., & Setiawati, R. I. (2022). Pengaruh Investasi Asing, Ekspor Neto, dan Tenaga Kerja Terhadap Pertumbuhan Ekonomi Indonesia. Jurnal Ilmiah Ekonomi, Manajemen, dan Akuntansi, 11(2), 50-58.
- Bayar, Y. (2016). Public Governance and Economic Growth in the Transitional Economies of the European Union. Transylvanian Review of Administrative Sciences(48), 5-18.
- CNBC Indonesia Research. (2023, Oktober 13). Retrieved from CNBC Indonesia: https://www.cnbcindonesia.com/research/20231012114435-128-479977/asean-primadona-investasi-global
- Dinh, T. T.-H., Vo, D. H., Vo, A. T., & Nguyen, T. C. (2019). Foreign Direct Investment and Economic Growth in the Short Run and Long Run: Empirical Evidence from Developing Countries. Journal of Risk and Financial Management, 12(4), 176.
- Hellen, Mintarti, S., & Fitriadi. (2017). Pengaruh Investasi dan Tenaga Kerja serta Pengeluaran Pemerintah terhadap Pertumbuhan Ekonomi serta Kesempatan Kerja. INOVASI, 13(1), 28-38.
- Hubbansyah, A. K., Sudarmaji, E., & Astuti, S. B. (2020, Desember). Dampak Kualitas Institusi Terhadap Perekonomian Indonesia. Jurnal Visionida, 6(2).
- Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The Worldwide Governance Indicators: Methodology and Analytical Issues. Hague Journal on the Rule of Law, 3(2), 220-246.
- Klomp, J., & Haan, J. d. (2009). Political Institutions and Economic Volatility. European Journal of Political Economy, 311-326.
- Mankiw, G. N. (2007). Makroekonomi Ed.6. Jakarta: Erlangga.
- Nawaz, S., Iqbal, N., & Khan, M. A. (2014). The Impact of Institutional Quality on Economic Growth: Panel Evidence. The Pakistan Deveopment Review, 53(1), 15-31.
- Ngo, M. N., & Nguyen, L. D. (2020). Economic Growth, Total Factor Productivity, and Institution Quality in Low-Middle Income Countries in Asia. Journal of Asian Finance, Economics and Business, 7(7), 251-260.
- Nguyen, C. P., Su, T. D., & Nguyen, T. V. (2018). Institutional Quality and Economic Growth: The Case of Emerging Economies. Theoretical Economics Letters, 1943-1956.
- North, C. D. (1991). Institutions. Journal of Economic Perspectives, 84(3), 359-358.
- Radulovic, M. (2020). The Impact of Institutional Quality On Economic Growth: A Comparative Analysis of the EU and Non-EU Countries of Southeast Europe. ECONOMIC ANNALS, 65(225), 163-181.
- Rahman, T., & Jakaria. (2015, Desember). Determinasi Pertumbuhan Ekonomi di ASEAN. Media Ekonomi, 23(3), 199-212.
- Ramadhan, M. (2019, November). Assessing Of The Impact Of Good Governance And Institutions On Economic Growth In Indonesia. International Journal of Scientific and Technology Research, 8(11), 2594-2598.
- Rao, D. T., Sethi, N., Dash, D. P., & Bhujabal, P. (2023). Foreign Aid, FDI, and Economic Growth in South-East Asia and South Asia. Global Business Review, 24(1), 31-47.
- Saidi, S., Mani, V., Mefteh, H., Shahbaz, M., & Akhtar, P. (2020). Dynamic linkages between transport, logistics, foreign direct Investment, and economic growth: Empirical evidence from developing countries. Transportation Research Part A: Policy and Practice, 141, 277-293.
- Saputra, R. A., Susilowati, D., & Arifin, Z. (2021, Februari). Efektivitas Tenaga Kerja dan Investasi Asing dalam Pertumbuhan PDB Perkapita Negara ASEAN. Jurnal Ilmu Ekonomi (JIE), 5(1), 63-74.
- Sari, A. C., & Kaluge, D. (2017, Februari). Analisis Faktor-Faktor Yang Mempengaruhi Pertumbuhan Ekonomi ASEAN Member Countries Pada Tahun 2011-2016. JIBEKA, 11(1), 24-29.
- Sukirno, S. (1994). Pengantar Teori Makro Ekonomi. Jakarta: PT. Raja Grafindo Persada.
- Tran, O. K., Le, H. D., & Nguyen, A. H. (2021). Role of Institutional Quality in Economic Development: A Case Study of Asian Countries. Problems and Perspectives in Management, 19(2).
- Wibowo, E., & Prasetya, F. (2013). Analisis Pengaruh Kualitas Pemerintahan terhadap Pertumbuhan Ekonomi di ASEAN. Universitas Brawijaya.
- Widianatasari, A., & Purwanti, E. Y. (2021, Oktober). Pengaruh Kualitas Institusi, Pengeluaran Pemerintah, dan Foreign Direct Investment terhadap Pertumbuhan Ekonomi. Ecoplan, 4(2), 86-98.
- Widjanarko. (2021, September). Analisis Hubungan Good Governance dan Pertumbuhan Ekonomi Indonesia 2013-2019. Jurnal Good Governance, 17(2).
- World Bank. (2023). Retrieved from Worldwide Governance Indicators: https://www.worldbank.org/en/publication/worldwide-governance-indicators
- Yogatama, S. A., & Hidayah, N. (2022, September). Determinan Pertumbuhan Ekonomi di Kawasan ASEAN. JURNAL PENDIDIKAN EKONOMI: Jurnal Ilmiah Ilmu Pendidikan, Ilmu Ekonomi, dan Ilmu Sosial, 16(2), 236-242.
- Zhuo, Z., O, A. S., Muhammad, B., & Khan, S. (2021). Underlying the Relationship Between Governance and Economic Growth in Developed Countries. Journal of the Knowledge Economy, 12, 1314-1330.
References
Acemoglu, D., Johnson, S., & Robinson, J. A. (2005). Chapter 6 Institutions as a Fundamental Cause of Long-Run Growth. (P. Aghion, & S. N. Durlauf, Eds.) Handbook of Economic Growth, 1, 385-472.
Addainuri, M. I., Abidin, M., & Suci, L. E. (2023). Analisis Dampak Governance Terhadap Pertumbuhan Ekonomi di Negara ASEAN. Administratio: Jurnal Ilmiah Administrasi Publik dan Pembangunan, 14(2), 155-172.
Afif, F. Y., & Ciptawaty, U. (2020). Daya Saing Dan Pertumbuhan Ekonomi Negara Berkembang ASEAN. Jurnal Ekonomi Pembangunan (JEP), 9(1), 37-44.
Aisen, A., & Veiga, F. J. (2011). How Does Political Instability Affect Economic Growth? IMF Working Papers, 1-28. Retrieved from IMF Working Papers.
Anam, K. (2023, Oktober 06). Pertumbuhan Ekonomi ASEAN Kencang, Ini Peluang yang Tersimpan. Retrieved from CNBC Indonesia: https://www.cnbcindonesia.com/news/20231007224150-4-478760/pertumbuhan-ekonomi-asean-kencang-ini-peluang-yang-tersimpan
Asbarini, N. F., Isnaini, L., & Wibowo, M. G. (2021). Pengaruh Tata Kelola Pemerintah terhadap Pertumbuhan Ekonomi di ASEAN. Jurnal Ekonomi dan Pembangunan, 12(1), 82-93.
Asrinda, D., & Setiawati, R. I. (2022). Pengaruh Investasi Asing, Ekspor Neto, dan Tenaga Kerja Terhadap Pertumbuhan Ekonomi Indonesia. Jurnal Ilmiah Ekonomi, Manajemen, dan Akuntansi, 11(2), 50-58.
Bayar, Y. (2016). Public Governance and Economic Growth in the Transitional Economies of the European Union. Transylvanian Review of Administrative Sciences(48), 5-18.
CNBC Indonesia Research. (2023, Oktober 13). Retrieved from CNBC Indonesia: https://www.cnbcindonesia.com/research/20231012114435-128-479977/asean-primadona-investasi-global
Dinh, T. T.-H., Vo, D. H., Vo, A. T., & Nguyen, T. C. (2019). Foreign Direct Investment and Economic Growth in the Short Run and Long Run: Empirical Evidence from Developing Countries. Journal of Risk and Financial Management, 12(4), 176.
Hellen, Mintarti, S., & Fitriadi. (2017). Pengaruh Investasi dan Tenaga Kerja serta Pengeluaran Pemerintah terhadap Pertumbuhan Ekonomi serta Kesempatan Kerja. INOVASI, 13(1), 28-38.
Hubbansyah, A. K., Sudarmaji, E., & Astuti, S. B. (2020, Desember). Dampak Kualitas Institusi Terhadap Perekonomian Indonesia. Jurnal Visionida, 6(2).
Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The Worldwide Governance Indicators: Methodology and Analytical Issues. Hague Journal on the Rule of Law, 3(2), 220-246.
Klomp, J., & Haan, J. d. (2009). Political Institutions and Economic Volatility. European Journal of Political Economy, 311-326.
Mankiw, G. N. (2007). Makroekonomi Ed.6. Jakarta: Erlangga.
Nawaz, S., Iqbal, N., & Khan, M. A. (2014). The Impact of Institutional Quality on Economic Growth: Panel Evidence. The Pakistan Deveopment Review, 53(1), 15-31.
Ngo, M. N., & Nguyen, L. D. (2020). Economic Growth, Total Factor Productivity, and Institution Quality in Low-Middle Income Countries in Asia. Journal of Asian Finance, Economics and Business, 7(7), 251-260.
Nguyen, C. P., Su, T. D., & Nguyen, T. V. (2018). Institutional Quality and Economic Growth: The Case of Emerging Economies. Theoretical Economics Letters, 1943-1956.
North, C. D. (1991). Institutions. Journal of Economic Perspectives, 84(3), 359-358.
Radulovic, M. (2020). The Impact of Institutional Quality On Economic Growth: A Comparative Analysis of the EU and Non-EU Countries of Southeast Europe. ECONOMIC ANNALS, 65(225), 163-181.
Rahman, T., & Jakaria. (2015, Desember). Determinasi Pertumbuhan Ekonomi di ASEAN. Media Ekonomi, 23(3), 199-212.
Ramadhan, M. (2019, November). Assessing Of The Impact Of Good Governance And Institutions On Economic Growth In Indonesia. International Journal of Scientific and Technology Research, 8(11), 2594-2598.
Rao, D. T., Sethi, N., Dash, D. P., & Bhujabal, P. (2023). Foreign Aid, FDI, and Economic Growth in South-East Asia and South Asia. Global Business Review, 24(1), 31-47.
Saidi, S., Mani, V., Mefteh, H., Shahbaz, M., & Akhtar, P. (2020). Dynamic linkages between transport, logistics, foreign direct Investment, and economic growth: Empirical evidence from developing countries. Transportation Research Part A: Policy and Practice, 141, 277-293.
Saputra, R. A., Susilowati, D., & Arifin, Z. (2021, Februari). Efektivitas Tenaga Kerja dan Investasi Asing dalam Pertumbuhan PDB Perkapita Negara ASEAN. Jurnal Ilmu Ekonomi (JIE), 5(1), 63-74.
Sari, A. C., & Kaluge, D. (2017, Februari). Analisis Faktor-Faktor Yang Mempengaruhi Pertumbuhan Ekonomi ASEAN Member Countries Pada Tahun 2011-2016. JIBEKA, 11(1), 24-29.
Sukirno, S. (1994). Pengantar Teori Makro Ekonomi. Jakarta: PT. Raja Grafindo Persada.
Tran, O. K., Le, H. D., & Nguyen, A. H. (2021). Role of Institutional Quality in Economic Development: A Case Study of Asian Countries. Problems and Perspectives in Management, 19(2).
Wibowo, E., & Prasetya, F. (2013). Analisis Pengaruh Kualitas Pemerintahan terhadap Pertumbuhan Ekonomi di ASEAN. Universitas Brawijaya.
Widianatasari, A., & Purwanti, E. Y. (2021, Oktober). Pengaruh Kualitas Institusi, Pengeluaran Pemerintah, dan Foreign Direct Investment terhadap Pertumbuhan Ekonomi. Ecoplan, 4(2), 86-98.
Widjanarko. (2021, September). Analisis Hubungan Good Governance dan Pertumbuhan Ekonomi Indonesia 2013-2019. Jurnal Good Governance, 17(2).
World Bank. (2023). Retrieved from Worldwide Governance Indicators: https://www.worldbank.org/en/publication/worldwide-governance-indicators
Yogatama, S. A., & Hidayah, N. (2022, September). Determinan Pertumbuhan Ekonomi di Kawasan ASEAN. JURNAL PENDIDIKAN EKONOMI: Jurnal Ilmiah Ilmu Pendidikan, Ilmu Ekonomi, dan Ilmu Sosial, 16(2), 236-242.
Zhuo, Z., O, A. S., Muhammad, B., & Khan, S. (2021). Underlying the Relationship Between Governance and Economic Growth in Developed Countries. Journal of the Knowledge Economy, 12, 1314-1330.