The prime objective of the current research is to investigate factors affecting foreign direct investment (FDI) inflows into BRICS countries with a special focus on energy impact on FDI inflows from 1990 to 2018. The empirical results of pane fully modified ordinary least squares (F.M.O.L.S.), dynamics ordinary least squares (D.O.L.S.), Cross-sectional autoregressive distributed lag estimators (CS-ARDL), Augmented Mean Group estimator (AMG), and Common Correlated Effects Mean Group Estimator (CCEMG) exhibits that all variables have statistically positive, while inflation rate has negative effect on FDI. The long-run results suggest that both types of energy utilization (i.e., renewable & non-renewable) are positively contribute to FDI inflows. In terms of magnitude, the effect of renewable energy utilization is higher as compared to non-renewable energy utilization on FDI. Moreover, market size (GDP), trade, and tourism are the key driver of FDI inflows. In contrast, economic de-stability measured through inflation rate discourages FDI inflows into BRICS countries. These findings recommend that the legislature of BRICS countries need to extend the global and national plan to manage the FDI inflows, but it also needs to increase the utilization of renewable energy in the BRICS region and thereby bolster social welfare.

当前研究的主要目的是调查影响金砖国家的外国直接投资（FDI）流入的因素，特别关注能源对1990年至2018年FDI流入的影响。窗格完全修正的普通最小二乘（FMOLS）的经验结果，动力学普通最小二乘（DOLS），横截面自回归分布滞后估计量（CS-ARDL），增强均值群估计量（AMG）和共同相关效应均值群估计量（CCEMG）显示，所有变量在统计上均为正，而通货膨胀利率对外国直接投资有负面影响。长期结果表明，两种类型的能源利用（即可再生和不可再生）都对外国直接投资的流入有积极贡献。就数量而言 与不可再生能源利用相比，可再生能源利用对外国直接投资的影响更高。此外，市场规模（GDP），贸易和旅游业是外国直接投资流入的主要驱动力。相反，通过通货膨胀率衡量的经济不稳定会阻碍外国直接投资流入金砖国家。这些调查结果表明，金砖国家的立法机构需要扩大全球和国家计划，以管理外国直接投资的流入，但也需要增加金砖国家对可再生能源的利用，从而增强社会福利。