FDI và ô nhiễm môi trường vai trò của chính sách công ở các quốc gia đang phát triển tt tiếng anh

MINISTRY OF EDUCATION AND TRAINING
UNIVERSITY OF ECONOMICS HO CHI MINH CITY

-------------Huỳnh Văn Mười Một

FDI AND ENVIRONMENTAL POLLUTION:
THE ROLE OF PUBLIC POLICY IN
DEVELOPING COUNTRIES
Major: Finance and Banking
Code: 9340201
SUMMARY OF PHD THESIS

Hồ Chí Minh City - 2019




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CHAPTER 1: INTRODUCTION
1.1 The reason for study
Practical contexts indicate that the issue of environment poluttion (EP)
is currently alarming (Abid et al., 2016; DEFRA, 2010; Hill, 2010;
Victor, 2017). However, current solutions to improve environment
poluttion are not as effective as expected and need to be studied (Hill,
2010; Kuiper & Van den Brink, 2012; Welford, 2016). In response to
this problem, many climate change conferences have been organized,
thereby encouraging governments of countries to join hands to solve
environmental issues, such as: Kyoto 1997 on emission reductions; The
2016 Paris Agreement on Climate Change. However, these efforts are
not enough to improve the current environmental situation (Kuiper &
Van den Brink, 2012).

In the context of theory, although many studies support the hypothesis
of the environmental Kuznets-EKC curve (Dinda, 2004; Grossman &
Krueger, 1995; Roca et al., 2001; Ulanowicz, 2012; Welford, 2016), But
there are still many issues that need to be clarified. For example, the
STIRPAT model explains three main factors affecting the level of
environment poluttion: population, affluence and technology. Based on
this background, empirical studies have explored factors that affect the
level of EP, but there is still a large gap of test evidence (McGee et al.,
2015; M. Wang et al., 2011; York et al., 2003).
A review of studies shows that the inconsistency of the impact of FDI
on the level of environment poluttion or the relationship between
growth targets and the environment depends on the role of government
in each country (Cole et al. et al, 2006; Damania et al., 2003; Gani &


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Scrimgeour, 2014; López & Palacios, 2014; Selden & Song, 1994; DT
Wang & Chen, 2014; DT Wang et al., 2013). Meanwhile, studies
focusing on the role of government in the aspect of public policy in the
relationship between FDI and environment poluttion are still modest
and focused in the case of developed economies (Halkos & Paizanos,
2016; Lopez et al., 2011; López & Palacios, 2014).
From the above comments, it can be seen that it is necessary and urgent
to study the role of government in the aspect of public policy in the
relationship between FDI and environment poluttion, both in practical
contexts and in research gaps. Accordingly, the author selects and
implements the topic "FDI and environmental pollution: The role of
public policy in developing countries".
1.2 The objectives and research questions
In order to assess the role of government (institutions and public

policies) in the relationship of FDI - Environmental pollution in
developing countries in the period of 2002-2014, the thesis will
accomplish four objectives. Specific analysis is as follows:
(1) Empirically assess the impact of factors on the level of
environmental pollution in developing countries.
(2) Empirically assess the impact of FDI on the level of
environmental pollution in developing countries.
(3) Empirically assess the role of institutions in the relationship
between FDI and environmental pollution.
(4) Empirically assess the role of public policy in the
relationship between FDI and environmental pollution.


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1.3 Research objects and scope of the study
Regarding the scope of the research, the research focuses on the impact
of FDI on CO2 emissions and takes into account the role of institutions
and public policies in developing countries during 2002-2014.
1.4 Scope of the Study
The main empirical method is the two-step GMM estimation proposed
by Roodman (2006).
1.5 The structure of the thesis
The thesis consists of 5 chapters, specifically the chapters are designed
as follows: Chapter 1 Overview of research topics; Chapter 2
Theoretical basis of the research topic; Chapter 3 Research process and
research methods; Chapter 4 Results and discussion; and Chapter 5
Conclusion and policy recommendations.
CHAPTER 2: LITERATURE REVIEW
2.1. Explore the factors affecting the environment
2.1.1 Explore the factors affecting the environment

Environment Kuznets Curve (EKC)
In the 1950s, Simon Kuznets introduced the theory of the Kuznets
curve, explaining the relationship between growth and EP. From this
basis, studies of Grossman & Krueger (1991, 1995), World Bank
(1992), Panayotou (1993) and other studies have developed this
hypothesis, explaining the relationship between growth and EP has an
inverted U shape (inverted U shape).
STIRPAT model
The STIRPAT model explains the ecosystem that is influenced by the
main factors of population, technology and affluence (Dietz & Rosa,


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1994; Dietz & Rosa, 1997; York et al., 2003). Over time, the STIRPAT
model has been developed through refining and measuring the
components of the model.
2.1.2. The impact of FDI on environmental pollution
According to D. T. Wang et al. (2013), the impact of FDI on
environmental quality is still controversial with two conflicting
hypotheses. The pollution halo hypothesis explains that FDI will help
improve environmental issues (Antweiler et al., 2001; G. Eskeland &
Harrison, 2003; Zarsky, 1999). Meanwhile, the pollution haven
hypothesis states that developing countries, which attract a lot of FDI
inflows, will gradually become "pollution havens" compared to water
developed by industrialization (Aliyu et al., 2005; Arrow et al., 1995;
Wheeler, 2001).
Hypothesis 1: FDI has a positive effect on the level of environmental
pollution in developing countries.
2.2. The role of government in the relationship between FDI and
environmental pollution

2.2.1. The role of institutions in the relationship between FDI and
environmental pollution
The new theory of institutional economics states that institutions play
an important role in the environment researches (Fernández Fernández
et al, 2018; Ménard, 2011; Paavola, 2007).
According to Ménard (2011), four institutional components have special
significance when it comes to establishing, allocating and monitoring
rights: law, politics, administration and ideology. The arguments have
shown that regardless of the component, the institution also affects the


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issue of EP. However, the impact of institutions on the level of
environmental contamination may be positive or negative. For
developing countries, the author estimates the impact of institutions on
EP with the expectation that good institutions will reduce the level of
EP.
Hypothesis 2: Institutions have a negative impact on the level of EP in
developing countries.
Research shows that institutions play a significant role in a market
economy. Good institutions form the basis for economic activities,
including FDI. Therefore, in this case study, the author expects that
good institutions will also help reduce the negative impact of FDI on the
environment.
Hypothesis 3: Institutions reduce the positive impact of FDI on the
level of EP in developing countries.
2.2.2. The role of public policy in the relationship between FDI and
environmental pollution
Lopez et al. (2011) and Adewuyi (2016) argue that public spending on
public goods not only has a positive impact on economic growth but

also creates a scale-up effect on environmental protection.
Hypothesis 4: Public spending has a negative impact on the level of
environmental pollution in developing countries.
Many scholars support the argument of Pigou tax and the level of EP
(Bluffstone, 2003; G. S. Eskeland & Jimenez, 1992). The principle of
effective environmental taxation according to Pigou is that the pollution
tax levied on each unit of output resulting in EP is equal to the external


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costs caused by this product unit on the environment at the output level.
social optimization.
Hypothesis 5: Taxes have a negative impact on the level of
environmental pollution in developing countries.
De Santis & Stähler (2009) studied the linkage of FDI, taxes and
environmental quality between the two countries (investing and
receiving countries). Instead of establishing optimal tax policies to
eliminate pollution effects, developing countries can create preferential
tax policies (tax reductions) to attract maximum FDI inflows for growth
purposes. .
Hypothesis 6: Tax reduces the positive effect of FDI on the level of
environmental pollution in developing countries.
The hypothesis of the "impulse" effect is that increasing public
spending on public goods such as education, health and research and
development (R&D) will encourage the private sector to improve
technology, production and consumption of “green” goods (Adewuyi,
2016). The "crowding out" hypothesis explains that public sector
investment can directly substitute for private sector investment. In
addition, a loan or tax increase to create a budget for public spending
will make it more difficult for private companies of the economy to

access capital because of the limited financial resources ( Devarajan &
Zou, 1994; Greene & Villanueva, 1991). ”
Hypothesis 7: Public spending reduces the positive effect of FDI on the
level of environmental pollution in developing countries.
2.3. Empirical studies


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2.3.1. Empirical studies on the trade-offs between income and
environment (Kuznets -EKC environmental hypothesis)
2.3.2. Empirical studies on the impact of FDI on environmental quality
2.3.3. Empirical studies on the role of institutions in the relationship
between FDI and environmental quality
2.3.4. Empirical studies on the role of public policy in the relationship
between FDI and environmental quality.
CHAPTER 3 - RESEARCH PROCESS AND RESEARCH
METHODS
3.1 Empirical model
Model (1): Assessing the impact of factors on the level of
environmental pollution
Research and implement the model of Gani & Scrimgeour (2014), Abid
et al. (2016) and expand as follows:
Where i and t represent country i and the time period t; is the variable
representing the level of EP, is initial income; is a set of control
variables: domestic investment; trade openness, energy consumption,
infrastructure development as well as urbanization.
Examining the inverted U-shaped effect of the EKC hypothesis, the
thesis put into the variable . Based on the studies of Halkos (2003),
Tamazian & Rao (2010), the thesis proposes the model (3.2) as follows:
Model (2): The impact of FDI on environmental pollution in

developing countries


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In particular, FDI is the representative variable of foreign investment
capital, which is measured by the amount of FDI invested in the country
i in year t (% of GDP).
Model (3): Assessing the role of institutions in the relationship
between FDI and environmental pollution in developing countries

is a representative variable of the institution, which is
determined by the measures of public administration of country i in year
t and the average index of public governance. is the interaction variable
between the average public governance index and the amount of FDI.
Model (4): Assessing the role of public policy in the relationship
between FDI and environmental pollution in developing countries
Based on a review of previous studies (Abdouli & Hammami, 2017;
Bakhsh et al, 2017; Fukui & Miyoshi, 2017; González & Hosoda,
2016); Accordingly, the experimental models will have the following
form:

In which: is a variable representing taxes; is a variable representing
public spending; , are the interaction variables between FDI and tax
respectively; FDI and public spending.
3.2 Two-step system GMM estimation method of Arellano-Bond


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Taking advantage of the advantages of dealing with econometric issues
such as chain correlation, non-fixed variance and especially endogenous

phenomena, the main estimation method applied is the two-step GMM
estimation method. (Arellano & Bond, 1991; Holtz-Eakin et al., 1988)
proposed by Roodman (2006). S-GMM use topics for all estimation
models; Therefore, the discussion is mainly based on the results from
this method. In addition, in order to test the reliability of the test results
from the GMM method, Hansen / Sargan tests on instrument variables
and quadratic series correlation AR (2) were also performed.
3.3. Data description and selection of variables
The research data of the project are secondary data collected from the
World Bank's data source: the World Development Indicators (WDI);
Institutional indicators are collected from the Global Governance
Indicators (WGI). The study extracted data from 86 developing
countries around the world, from 2002 to 2014.
CHAPTER 4 - RESULTS AND DISCUSSION
4.1. Assess the impact of factors on the level of environmental
pollution
4.1.1. Assess the impact of factors on the level of environmental
pollution
Table 4.1 The impact of income on CO2 emissions in developing
countries.
Dependent variable: CO2 emission (lnco2)
Variable/method

Fixed Effects

GMM hệ thống


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Previous CO2 emssion

0.6208***

0.9085***

Income (lnrgdp)

0.1363***

0.0143**

Invest (dinv)

0.0047***

0.0032***

Openess (open)

0.0001

0.0001**

Infrastructure (tinf)

0.0025**

0.0033***

Energy consumption (energy)

0.0001***

0.0001***

Urbanization (urban)

0.0013

0.0020***

Industrialization (industry)

0.0014

0.0009***

Hausman test

0.000

Hansen test

0.3464

Sargan test

0.3765

AR(2)

0.8479

Number of instruments

71

Source: author’s computation.
The results show that: per capita income (lnrgdp); domestic investment
(dinv); trade openness (open); infrastructure (tinf); energy consumption
(energy); The degree of urbanization and industrialization has a positive
effect on CO2 emissions in developing countries.
4.1.2. Test the hypothesis of the Kuznets-EKC environmental curve
Table 4.2 The impact of income on CO2 emissions in developing
countries (testing EKC hypothesis).
Dependent variable: CO2 emission (lnco2)
Variable
Previous CO2 emssion
Income (lnrgdp)
Income^2 (lnrgdp2)

Linear model
(3.1)
0.9085***
0.0143**

Unlinear Model
(3.2)
0.8896***
0.3563***

-0.0200***


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Invest (dinv)
Openess (open)
Infrastructure (tinf)
Energy consumption (energy)
Urbanization (urban)
Industrialization (industry)
Hansen test
Sargan test
AR(2)
Number of instruments
Source: author’s computation.

0.0032***
0.0001**
0.0033***
0.0001***
0.0020***
0.0009***
0.3238
0.1264
0.2467
66

0.0027***
0.0002***
0.0031***

0.0001***
0.0012**
0.0004**
0.1942
0.1161
0.2589
66

The estimated results show that, when adding the square income
variable to the empirical model, the sign of the square income variable
(rgdp2) changes compared to the income variable (rgdp). The reversal
of this effect indicates the possibility of nonlinear relationships between
the independent and dependent variables (Thanh, 2014). Therefore, to
check whether there is a nonlinear relationship between income and EP
in this case as well as determining the threshold value, if any, the author
uses the threshold estimation method of Hansen (1999) with Number of
times bootstrap is 300 times:
Table 4.3 Results of estimating the threshold of income impact on the
level of EP in developing countries
Source: author’s computation.
Thus, the results have not shown the nonlinear impact of income on the
level of EP in this case study because the threshold value is not
statistically significant.


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4.2. Examining the impact of FDI on environmental pollution in
developing countries
Table 4.4 The impact of FDI on CO2 emissions in developing countries.

Dependent variable: CO2 emission (lnco2)
Variable
Previous CO2 emssion
Income (lnrgdp)
Income^2 (lnrgdp2)
Invest (dinv)
Openess (open)
Infrastructure (tinf)
Energy consumption (energy)
Urbanization (urban)
FDI (fdi)
Hansen test
Sargan test
AR(2)
Number of instruments
Source: author’s computation.

Beta
0.9205***
0.0196***
0.0020***
0.0001
0.0026***
0.0000***
0.0016***
0.0011***
0.0018***
0.4472
0.5252
0.9049

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The results show that the impact dimensions of the control variables are
similar to the previous test results, showing the stability of the test


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results. Meanwhile, FDI has a positive effect on CO2 emissions in the
case of developing countries. This result shows the existence of
"pollution paradise" hypothesis (1992) in this case study and is similar
to previous studies such as Abdouli & Hammami (2017), Behera &
Dash ( 2017), Sapkota & Bastola (2017), Solarin et al (2017).
4.3. Testing the role of institutions in the relationship between FDI
and environmental pollution in developing countries
4.3.1. The role of institution for the environment
Table 4.5 The impact of institutional aspects on developing countries'
CO2 emissions.
Dependent variable: CO2 emission (lnco2)
Variable
Previous CO2 emssion

Model ins1
0.9216***

Model ins2
0.9176***

Model ins3
0.9334***

Income (lnrgdp)

0.0295***

0.0383***

0.0164*

Invest (dinv)

0.0021***

0.0023***

0.0015***

Openess (open)

0.0001***

0.0001**

0.0001**

Infrastructure (tinf)

0.0018***

0.0021***

0.0016***

Energy consumption (energy)

0.0000***

0.0000***

0.0000***

Urbanization (urban)

0.0007*

0.0010**

0.0004

Industrialization (industry)

0.0005***

0.0005**

0.0010***

FDI (fdi)

0.0018***

0.0018***

0.0015***

Corruption control (ins1)

-0.0214***

Governmental efficiency (ins2)

-0.0228***

Political stability (ins3)
Hansen test

0.4377

0.4332

-0.0096***
0.3561

Sargan test

0.501

0.5182

0.4429

AR(2)

0.9191

0.8962

0.868


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Number of instruments

72

72

72

Variable

Model ins4

Model ins5

Model ins6

Previous CO2 emssion

0.9314***

0.9220***

0.9359***

Income (lnrgdp)

0.0193**

0.0386***

0.0026

Invest (dinv)

0.0013***

0.0020***

0.0012***

Openess (open)

0.0002***

0.0001***

0.0002***

Infrastructure (tinf)

0.0018***

0.0015***

0.0020***

Energy consumption (energy)

0.0000***

0.0000***

0.0000***

Urbanization (urban)

0.0009**

0.0005

0.0011***

Industrialization (industry)

0.0005**

0.0003**

0.0009***

FDI (fdi)

0.0018***

0.0017***

0.0017***

Quality of law (ins4)

-0.0214***

rule of law (ins5)
Voice and accountability (ins6)

-0.0265***
-0.0056

Hansen test

0.408

0.4071

0.4364

Sargan test

0.5281

0.5034

0.5155

AR(2)

0.8854

0.8843

0.8789

Number of instruments
Source: author’s computation.

72

72

72

The table above shows all the institutional indices that have a
significant negative impact on CO2 emissions in developing countries,
showing consistency for all 6 institutional component variables. This
finding is similar to the studies of Lau et al. (2014), Gani & Scrimgeour
(2014), Ibrahim & Law (2015) and Solarin et al (2017). As such,
improving the quality of institutions is one of the important factors
helping to limit the level of EP in these countries.

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4.3.2. The role of institutions in the relationship between FDI and
environmental pollution
Table 4.6 Institutional role, FDI to developing countries' CO2
emissions.
Dependent variable: CO2 emission (lnco2)
Variable
Previous CO2 emssion

Institution
0.9332***

Institution x FDI
0.9451***

Income (lnrgdp)

0.014

0.0398***

Invest (dinv)

0.0015***

0.0001

Openess (open)

0.0002***

0.0001

Infrastructure (tinf)

0.0017***

0.0007***

Energy consumption (energy)

0.0000***

0.0000**

Urbanization (urban)

0.0007*

0.0003

Industrialization (industry)

0.0007***

0.0021***

FDI (fdi)

0.0017***

0.0030***

Institution (ins)

-0.0156***

-0.0173**

0.4093
0.4988
0.8785
72

-0.0008*
0.5441
0.541
0.7594
72

fdi x ins
Hansen test
Sargan test
AR(2)
Number of instruments
Source: author’s computation.

The table above shows that the average institutional variation also has a
negative impact on CO2 emissions, implying an important role of
improving institutional quality in the formulation of environmental

protection policies. Moreover, the interaction variable between FDI and
institutions (fdi x ins) is also negative, implying that improving


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institutional quality will reduce the negative impact of FDI on the
environment (Bissoon, 2011).
4.4. Testing the role of public policy in the relationship between FDI
and environmental pollution in developing countries
4.4.1. The role of public policy on the environment
Table 4.7 Role of public policy for CO2 emissions in developing
countries.
Dependent variable: CO2 emission (lnco2)
Variable
Previous CO2 emssion

Tax
0.9117***

Public expenditure
0.9455***

Income (lnrgdp)

0.0668***

0.0167

Invest (dinv)

0.0027***

0.0010**

Openess (open)

0.0004***

0.0004***

Infrastructure (tinf)

0.0012***

0.0011*

Energy consumption (energy)

0.0001

0.0001

Urbanization (urban)

0.0002

0.0003

Industrialization (industry)

0.0023***

0.0015***

FDI (fdi)

0.0009***

0.0021***

Institution (ins)

-0.0173**

-0.0121*

Tax (trev)
Public expenditure (pubexp)

-0.0027***

Hansen test

0.4954

0.3699

Sargan test

0.2857

0.5062

AR(2)

0.9749

0.9585

Number of instruments

72

68

Source: author’s computation.

-0.0010*


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The estimation results show that taxes and public expenditures have a
negative impact on the level of EP. In other words, the increase in taxes
and public spending create positives, helping to improve the
environment.
4.4.2. The role of public policy in the relationship between FDI and
environmental pollution
Table 4.8 Role of public policy, FDI to CO2 emissions in developing
countries.
Dependent variable: CO2 emission (lnco2)

Variable
Previous CO2 emssion

Tax
0.9111***

Public expenditure
0.9359***

Income (lnrgdp)

0.0695***

0.0483***

Invest (dinv)

0.0028***

0.0015***

Openess (open)

0.0004***

0.0002***

Infrastructure (tinf)

0.0011***

0.0011**

Energy consumption (energy)

0.0001

0.0001**

Urbanization (urban)

0.0001

0.0003

Industrialization (industry)

0.0024***

0.0019***

FDI (fdi)

0.0023***

0.0104***

Institution (ins)

-0.0149*

-0.0205**

Tax (trev)
fdi x trev
Public expenditure (pubexp)
fdi x pubexp

-0.0018***
-0.0001***

Kiểm định Hansen

0.4564

0.3722

Kiểm định Sargan

0.2161

0.4298

Kiễm định AR(2)

0.7641

0.906

-0.0012

-0.0005***


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Số biến công cụ

72

70

Source: author’s computation.
The results show that the interaction variable between FDI and public
expenditure is statistically significant, indicating that appropriate public
spending policies such as spending on education, research and
development will help promote public improvement activities.
technology, thereby helping to reduce the negative impact of FDI on EP.
Similarly, the statistically significant interaction between tax and FDI
emphasizes the limited impact of business activities and consumption of
taxes on enterprises, including FDI enterprises.
CHAPTER 5 - CONCLUSIONS AND POLICY IMPLICATIONS
5.1. Conclusions and contributions of research topics
5.1.1 Conclusion
Actual figures show that EP has become a major problem in developing
countries. The practical context indicates that the current issue of EP is
very alarming.
Meanwhile, in the theoretical context, the role of the factors affecting
the level of EP still has many gaps that need to be addressed. However,
the trend, the level of impact as well as the transmission channel of
these factors have not been clarified and reached a consensus, both
theoretical and empirical evidence. Accordingly, from the theoretical

profile and the practical context, the thesis focuses on clarifying the
relationship between FDI and EP as well as assessing the role of
government in both institutional and public policy aspects.
5.1.2 The theoretical contributions


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This research topic has approached in a relatively different way than
previous studies, specifically: research explores the impact of factors on
the level of EP and test the EKC hypothesis. In particular, the thesis
focuses on clarifying the effect of FDI on pollution levels in developing
countries with two highlights: firstly, the thesis uses an appropriate
estimation method for current treatment with endogeneity and sequence
correlation (two-step GMM system) and new updated data for the
period 2002-2014; Secondly, the thesis assesses the role of government
in the relationship between FDI and EP in both aspects: institution and
public policy.
5.2 Policy implications
5.2.1 Policies for developing countries
Firstly, governments in developing countries should make stronger
institutional reforms as well as establish effective public policies to
create an effective environment for attracting quality FDI inflows with
advanced production technology, environmentally friendly.
Secondly, the stable governance environment is the foundation for
economic growth and environmental sustainable development.
Therefore, institutional frameworks are relevant to both economic
growth and sustainable environmental development. Institutions reflect
our ability to manage growth and the environment.
Third, people and businesses must comply with environmental
regulations and raise their awareness of environmental protection

through the observance of environmental institutions.


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Fourth, each country must follow international environmental
agreements to enhance environmental sustainability and reduce air
pollution.
5.2.2 Policy implications for Vietnam
Policies on FDI attraction and management in Vietnam need to be
carefully considered to balance economic growth and environmental
protection.
5.3 Limitations of the topic and future research directions
According to the author's subjective opinion, the main limitation points
of the topic are: (1) policy recommendations are general and not
specific for each country; (2) CO2 emissions are not a sufficiently
representative variable for the current pollution situation in the world;
(3) No model has been developed explaining the interaction between
variables to EP level at the same time; (4) Due to the limitations of the
detailed tax structure data source, especially the environmental tax, the
thesis has not conducted empirical tests related to the Pigou tax theory
in this case study; (5) Using only GMM testing method in experimental
testing and (6) The thesis only focuses on considering the impact of
fiscal policy on EP as well as the role of fiscal factors in the
relationship. relationship between FDI and the level of EP.
For future studies, researchers should consider the role of institutional
quality and public policy in the relationship between FDI and
environmental quality for individual countries to ensure more practical
policy recommendations for each country. In addition, future studies
may explore the relationship between FDI and variables related to green
investment and green economy.

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LIST OF AUTHOR’S PUBLICATION

Bùi Thị Mai Hoài & Huỳnh Văn Mười Một (2017). FDI, quản
trị công và chất lượng môi trường ở các nước đang phát triển. Tạp chí
Phát triển kinh tế, 28(8), tháng 8/2017, trang 4-25.
Huỳnh Văn Mười Một (2017). Tác động của chất lượng quản trị
công lên FDI ở các nước đang phát triển. Tạp chí Khoa học Kinh tế, vol
5 (04), năm 2017, trang 88-98
Huỳnh Văn Mười Một & Diệp Thanh Tùng (2018). Mối quan
hệ giữa thuế, FDI và chất lượng môi trường ở các nước đang phát triển.
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