INFLASI, NILAI TUKAR, PRODUK DOMESTIK BRUTO, STABILITAS POLITIK DAN KORUPSI: DAMPAK TERHADAP INVESTASI ASING LANGSUNG DI NEGARA ASEAN

This study analyzes the influence of macroeconomic factors and political stability on foreign direct investment in upper-middle-income ASEAN countries, namely Indonesia, Malaysia, and Thailand, in the period 2009–2023. Using the Pooled Mean Group (PMG) method in the Autoregressive Distributed Lag (ARDL) model, this study identifies the long-term relationship and short-term adjustments between macroeconomic variables, including inflation, exchange rate, economic growth (Gross Domestic Product/GDP), political stability, and corruption index.
The results show that in the long term, all of these variables have a significant effect on foreign direct investment, while in the short term, the main factor influencing foreign direct investment is the long-term equilibrium adjustment. In the short term, political stability has a significant positive effect, while lower levels of corruption
increase the attractiveness of foreign direct investment. These findings confirm that macroeconomic factors, political stability, and corruption play a dominant role in attracting foreign direct investment. The policy implications resulting from this
study include the importance of integration between macroeconomic policies and institutional reforms to create a sustainable investment environment. Thus, the results of this study can be a strategic guide for governments and investors in designing sustainable policies to encourage investment in the ASEAN region.