Unpacking the Determinants of Foreign Direct Investment: A Systematic Literature Review (2008–2024) and Future Research Agenda
https://doi.org/10.26794/2308-944X-2025-13-4-56-79
Abstract
Purpose: This study presents a comprehensive systematic literature review about the factors influencing foreign direct investment (FDI) inflows and outflows. Method: We synthesize and analyze 294 empirical studies from 2008 to 2024 using a framework-based review of the Antecedent — Decision — Outcome (ADO) and Theory — Context — Method (TCM) model. Findings: The findings are presented, including theories, context, and methodologies adopted in the current literature. We also reveal factors influencing FDI and the impacts of FDI investigated in the literature. Originality: A major novelty of this review lies in its development of a categorization matrix that distinguishes between push versus pull factors and institutional versus non-institutional drivers. This matrix provides a bidirectional and multi-layered perspective on how FDI determinants operate across home and host countries. Additionally, we propose a conceptual model describing FDI inflow and outflow patterns. This offers a holistic picture of the affecting mechanisms and impacts on FDI. Contribution: The study offers a refined research agenda with research questions and directions for future studies. This review also contributes an actionable foundation for advancing FDI research and informing policymaking.
About the Authors
M. T. Ngo
Institute for South Asian, West Asian and African Studies; University of Pécs
Viet Nam
Viet Nam
Minh Trung Ngo — PhD candidate, Researcher, Faculty of Business and Economics, Institute for South Asian, West Asian and African Studies; University of Pecs.
Hanoi, Vietnam; Pecs, Hungary
T. V.A. Pham
Thang Long University
Viet Nam
Viet Nam
Thi Van Anh Pham — PhD in economics, Lecturer, Faculty of Economic and Management, Thang Long University.
Hanoi
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For citations:
Ngo M.T., Pham T.V. Unpacking the Determinants of Foreign Direct Investment: A Systematic Literature Review (2008–2024) and Future Research Agenda. Review of Business and Economics Studies. 2025;13(4):56-79. https://doi.org/10.26794/2308-944X-2025-13-4-56-79
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