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The impact of IFRS adoption on influx of foreign direct investment in transition economies

Abduraupov R.R. Republican Graduate School of Business and Management named after Abu Raihan Beruni under National Agency of Project Management under the President of the Republic of Uzbekistan (RGSBM NAPM), Tashkent, Republic of Uzbekistan ( r.abduraupov@rgsbm.uz )

Ibragimov F.A. Ernst & Young, Tashkent, Republic of Uzbekistan ( farrukh.ibragimov@uz.ey.com )

Khamidov B.B. Republican Graduate School of Business and Management named after Abu Raihan Beruni under National Agency of Project Management under the President of the Republic of Uzbekistan (RGSBM NAPM), Tashkent, Republic of Uzbekistan ( info@rgsbm.uz )

Journal: International Accounting, #11, 2019

Subject Foreign Direct Investment (FDI) is of special importance for the economic well-being of nations. FDI and their sources are found to help countries improve their fund raising opportunities. IFRS adoption especially influences the investment attractiveness.
Objectives The study examines the subsequent impact of IFRS adoption on the FDI influx in transition economies by analyzing panel data of 190 observations based on 17 countries within 2000–2016.
Methods The reliability of findings is verified with a set of tests, such as the Ordinary Least Squares regression, Hausmann specification test, Panel-Corrected Standard Error regression, Generalized Methods of Moments and Difference-in-Difference methods.
Results The findings demonstrate that the national accounting harmonization with IFRS inversely influences FDI. The reason may be that the transparency of financial reports clarifies the future benefits for investors, which incidentally does not meet their expectations. Therefore, they refrain from investing. The reliability of the findings is verified with additional tests. Furthermore, the Difference-in-Difference analysis reveals a similar trend even for transition economies aspiring their EU membership.
Conclusions and Relevance The research debunks the hypothesis stating that IFRS adoption might have a positive effect on the influx of FDI in the case of transition economies.

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