Electronic Theses and Dissertation

ABSTRAK

PENANAMAN MODAL ASING SEBAGAI PENDORONG PERTUMBUHAN EKONOMI DI NEGARA OKI MELALUI PENGEMBANGAN SEKTOR KEUANGAN: APAKAH KORUPSI BERPERAN SEBAGAI PENGHAMBAT?
Oleh: Fitri Ardiya Garini
NPM.2201201010008
Pembimbing 1 : Prof. Dr. M. Shabri Abd. Majid, S.E., M.Ec
Pembimbing 2 : Dr. Suriani, S.E., M.Si

Penelitian ini bertujuan untuk menguji dan menganalisis peran pengembangan sektor keuangan dalam memediasi pengaruh penanaman modal asing, tabungan, dan nilai tukar terhadap pertumbuhan ekonomi. Selain itu juga memperhatikan interaksi korupsi pada hubungan penanaman modal asing dengan pengembangan sektor keuangan dan pertumbuhan ekonomi di 25 negara Organisasi Kerjasama Islam (OKI). Model regresi data panel dan Moderated Regression Analysis (MRA) digunakan untuk menganalisis data tahunan periode 2010-2022 dengan jumlah observasi sebanyak 325. Hasil temuan Model I menemukan bukti bahwa penanaman modal asing dan tabungan berpengaruh positif, namun nilai tukar tidak berpengaruh terhadap pengembangan sektor keuangan. Model 2, penanaman modal asing dan tabungan berpengaruh positif, namun nilai tukar dan sektor keuangan berpengaruh negatif terhadap pertumbuhan ekonomi. Model 3 menunjukkan bahwa pengembangan sektor keuangan mampu memediasi pengaruh penanaman modal asing dan tabungan terhadap pertumbuhan ekonomi, namun tidak memediasi pengaruh nilai tukar terhadap pertumbuhan ekonomi. Model 4 menjelaskan bahwa interaksi korupsi memperlemah pengaruh penanaman modal asing terhadap pengembangan sektor keuangan dan pertumbuhan ekonomi di negara OKI-25. Berdasarkan temuan penelitian, disarankan agar pemerintah negara-negara OKI-25 meningkatkan daya tarik penanaman modal asing melalui kebijakan yang mendukung iklim investasi yang kondusif serta meningkatkan kesadaran dan insentif untuk tabungan domestik guna memperkuat sektor keuangan dan pertumbuhan ekonomi. Diperlukan penegakan hukum untuk mengurangi tingkat korupsi agar penanaman modal asing dapat memberikan kontribusi maksimal terhadap pengembangan sektor keuangan dan pertumbuhan ekonomi di negara OKI-25.

Kata Kunci: Penanaman Modal Asing, Pengembangan Keuangan, Korupsi, Pertumbuhan Ekonomi

ABSTRACT FOREIGN DIRECT INVESTMENT AS A DRIVER OF ECONOMIC GROWTH IN OIC COUNTRIES THROUGH FINANCIAL DEVELOPMENT: DOES CORRUPTION ACT AS A MODERATOR? By: Fitri Ardiya Garini NPM. 2201201010008 Supervisor 1 : Prof. Dr M. Shabri Abd. Majid, S.E., M.Ec Supervisor 2 : Dr Suriani, S.E., M.Si This study is to examine and analyze the role of financial sector development in mediating the effect of foreign investment, savings, and exchange rate on economic growth. In addition, it also considers the interaction of corruption on the relationship of foreign investment with financial sector development and economic growth in 25 Organization of Islamic Cooperation (OIC) countries. Panel data regression models and Moderated Regression Analysis (MRA) are used to analyze annual data for the period 2010-2022 with a total of 325 observations. The findings of Model I found evidence that foreign investment and savings have a positive effect, but the exchange rate has no effect on financial sector development. Model 2, foreign investment and savings have a positive effect, but the exchange rate and the financial sector have a negative effect on economic growth. Model 3 shows that financial sector development is able to mediate the effect of foreign investment and savings on economic growth, but does not mediate the effect of exchange rates on economic growth. Model 4 explains that corruption interaction weakens the effect of foreign investment on financial sector development and economic growth in OIC-25 countries. Based on the research findings, it is recommended that the governments of OIC-25 countries increase the attractiveness of foreign investment through policies that support a conducive investment climate and increase awareness and incentives for domestic savings to strengthen the financial sector and economic growth. Law enforcement is needed to reduce the level of corruption so that foreign investment can contribute maximally to the development of the financial sector and economic growth in OIC-25 countries. Keywords: Foreign Direct Investment, Financial Development, Corruption, Economic Growth