Asian economies are experiencing issues of governance and economic deprivation. Further, the lack of good governance itself is a considerable hurdle to economic development and growth. This study analyses the relationship of control of corruption, state fragility index, external intervention, and the corruption prevalence index with foreign direct investment (FDI) in 25 Asian economies by considering institutional governance and economic causation the time horizon from 2009 to 2019. By application of the two-step system generalized method of moments estimation, results show that a corruption-free economic environment acts as a stimulus to FDI, as it depicts good governance practices toward economic progress. Simultaneously, state fragility discourages the FDI because it obstructs FDI in the economic cycle as a state becomes vulnerable. This study suggests that the exchange of bilateral expertise and investment supports from stable economies can play a vital role in its development. Further, it recommends that countries with good governance practices should assist with investment and bilateral contracts to poor and less developed (weak governance) countries to strengthen their economic structure, which takes nations toward the path of prosperity and development.

中文翻译：

---

制度治理和国家决定因素对亚洲经济体外国直接投资的影响

亚洲经济体正在经历治理和经济剥夺的问题。此外，缺乏良好的治理本身就是经济发展和增长的一个相当大的障碍。本研究通过考虑 2009 年至 2019 年的制度治理和经济因果关系，分析了 25 个亚洲经济体的腐败控制、国家脆弱性指数、外部干预和腐败流行指数与外国直接投资 (FDI) 的关系。通过应用对于矩估计的两步系统广义方法，结果表明，没有腐败的经济环境可以刺激 FDI，因为它描绘了经济进步的良好治理实践。同时，国家脆弱性阻碍了外国直接投资，因为当一个国家变得脆弱时，它阻碍了经济周期中的外国直接投资。这项研究表明，双边专业知识的交流和来自稳定经济体的投资支持可以在其发展中发挥至关重要的作用。此外，它建议具有良好治理实践的国家应协助对贫穷和欠发达国家（治理薄弱）的投资和双边合同，以加强其经济结构，从而使各国走上繁荣和发展的道路。