ABSTRACT

Using logit regression on firm-level survey data, this study examines the effects of various aspects of the business environment on foreign firm participation in Ghana. An analysis of the main constraints on non-mining foreign investment is important in terms of prioritizing reforms of the overall business environment. In addition, assessing the variation of effects according to different firm characteristics matters for government policy formulation aimed at incentivizing sub-categories of foreign firms. The findings suggest that financial factors (access to finance) and institutional factors (the judicial system and land access) are most important in constraining the probability of foreign investment. Distinct effects are obtained depending on firm characteristics relating to the degree of foreign ownership, the size of the firm and the industry in which the firm operates. The effects of the business environment also vary according to the firm’s regional location.

摘要

本研究使用公司层面调查数据的 logit 回归，检验了商业环境的各个方面对外国公司参与加纳的影响。分析非矿业外国投资的主要制约因素对于优先改革整体商业环境非常重要。此外，评估不同公司特征的影响变化对于政府制定旨在激励外国公司子类别的政策也很重要。研究结果表明，金融因素（融资渠道）和制度因素（司法系统和土地渠道）是限制外国投资概率的最重要因素。根据与外国所有权程度相关的公司特征，获得不同的效果，公司的规模和公司经营所在的行业。商业环境的影响也因公司的区域位置而异。