How to cite this paper
Halaba, A., Ilguen, E & Halilbegović, S. (2017). Behavioral economics perspective on foreign direct investment in emerging markets: The case on Bosnia and Herzegovina.Accounting, 3(3), 181-196.
Refrences
Aharoni, Y. (1966). The Foreign Investment Decision Process. Harvard University Press, Cambridge.
Aharoni, Y. (1999). The Foreign Investment Decision Process. In The Internationalization of the Firm. Cengage Learning EMEA.
Ariely, D. (2008). Predictably Irrational. New York, USA: HarperCollins.
Baker, H. K., & Nofsinger, J. R. (2002). Psychological biases of investors. Financial Services Review, 11(2), 97.
Barber, B. M., & Odean, T. (2001). The internet and the investor. The Journal of Economic Perspectives, 15(1), 41–54.
Barberis, N., & Thaler, R. (2003a). Chapter 18 A survey of behavioral finance. In M. H. and R. M. S. G.M. Constantinides (Ed.), Handbook of the Economics of Finance (Vol. Volume 1, Part B, pp. 1053–1128). Barberis, N., & Thaler, R. (2003b). Chapter 18 A survey of behavioral finance. In M. H. and R. M. S. G.M. Constantinides (Ed.), Handbook of the Economics of Finance (Vol. Volume 1, Part B, pp. 1053–1128).
Bechara, A., Damasio, H., Tranel, D., & Damasio, A. (1997). Deciding advantageously before knowing the advantageous strategy. Science, 275, 1293–1295.
Bentham, J. (1781). An Introduction to the Principles of Morals and Legislation. Kitchener: Batoche Books.
Bernheim, D. B. (2009). The psychology and neurobiology of judgement and decision making: What’s in it for Economists? In Neuroeconomics: Decision Making and the Brain (1st ed., pp. 115–125). U.K.: Academic Press.
Buckley, P. J., & Casson, M. C. (1976). The future of the multinational enterprise. Homes & Meier: London.
Cushman, D. O. (1985). Real exchange rate risk, expectations and the level of direct investment. Review of Economics and Statistics, 67(2), 297–308.
Damasio, A. (1994). Descartes’ Error: Emotion, Reason, and the Human Brain. New York: Putnam.
Daniel, K., Hirshleifer, D., & Teoh, S. H. (2002). Investor psychology in capital markets: evidence and policy implications. Journal of Monetary Economics, 49(1), 139–209. http://doi.org/10.1016/S0304-3932(01)00091-5
Deffains, B., & Ferrey, S. (2007). Théorie du droit et analyse économique. Droit, 45, 223–255.
Denisia, V. (2010). Foreign direct investment theories: An overview of the main FDI theories. Academy of Economic Studies, 2(2), 104–110.
Dunning, J. (1988). The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business, 19(1), 1–31.
Easterwood, J. C., & Nutt, S. R. (1999). Inefficiency in analysts’ earnings forecasts: systematic misreaction or systematic optimism? Journal of Finance, 54, 1777–1797.
Finucane, M. L., Alhakami, A., Slovic, P., & Johnosn, S. M. (2000). The affect heuristic in judgements of risks and benefits. Journal of Behavioral Decision Making, 13, 1–17.
FIPA. (2014, February 2). FDI Position and Performance. Retrieved July 31, 2014, from http://www.fipa.gov.ba/informacije/statistike/investicije/default.aspx?id=180&langTag=en-US
Hadžić, Z. (2015). Intuition in decision making: Comparison of middle-eastern and European decision making styles (Master Thesis). International Burch University, Sarajevo, B&H.
Heiner, R. A. (1983). The origin of predictable behavior. American Economic Review, 73(4), 560–595.
Hosseini, H. (1994). Foreign direct investment. Humanmics, 10(1).
Hosseini, H. (2005). An economic theory of FDI: A behavioral economics and historical approach. The Journal of Socio-Economics, 34(4), 528–541. http://doi.org/10.1016/j.socec.2005.07.001
Hymer, S. (1976). The international operations of nation firms: A study of foreign direct investment. MLT Press, Cambridge.
Ilgün, E., & Coşkun, A. (2009). Foreign direct investment in Bosnia and Herzegovina: Banking sector example. Alatoo Academic Studies, 4(2), 49–67.
Jarboui, S., & Boujelbene, Y. (2012). The behavioral approach and the rationality of economic decisions: Application to banks managers. In M. Nejati & M. Nejati, Global Business and Management Research : An International Journal Vol. 4, No. 2 (pp. 205–219). Universal-Publishers.
Johanson, J., & Vahlne, J.-E. (1977). The internationalization process of the firm-A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1), 23–32.
Kahneman, D. (2011a). Thinking, Fast and Slow (First). New York: Farrar, Straus, and Giroux.
Kahneman, D. (2011b). Thinking, fast and slow (1st ed.). New York U.S.: Farrar, Straus, and Giroux.
Kahneman, D., Knetsch, J. L., & Thaler, R. (1991). Anomalies: The endowment effect, loss aversion, and status Quo Bias. The Journal of Economic Perspectives, 5(1), 193–206.
Kahneman, D., & Riepe, M. W. (1998). Aspects of investor psychology. The Journal of Portfolio Management, 24(4), 52–65. http://doi.org/10.3905/jpm.1998.409643
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–292.
Kaplan, T., Luski, I., & Wettstein, D. (2003). Government policy toward multinational corporations. Economics Bulletin, 6(3), 1–8.
Katona, G. (1975). Psychological economics (Vol. x). Oxford, England: Elsevier.
Keynes, J. M. (1973). The general theory of employment, Interest and Money. MacMilan, New York.
Kindleberger, C. P. (1969). American business abroad. The International Executive, 11(2), 11–12. http://doi.org/10.1002/tie.5060110207
Koppl, R. (1991). Animal spirits. Journal of Economic Perspectives, 5(3), 203–210.
Laar, M. van de, & Neubourg, C. de. (2006). Emotions and foreign direct investment: A theorethical and empirical exploration. Management International Review, 46(2), 207–233.
Lucey, B. M., & Dowling, M. (2005). The role of feelings in investor decision-making. Journal of Economic Surveys, 19(2), 211–237. http://doi.org/10.1111/j.0950-0804.2005.00245.x
Malcolm, N. (2002). Bosnia: A Short History. London U.K.: Pan Books, Pan Macmillian Ltd.
Markusen, J. R. (1995). The boundaries of multinational enterprises and the theory of international trade. The Journal of Economic Perspectives, 9(2), 169–189.
Moffett, M. H., Stonehill, A. I., & Eiteman, D. K. (2009). Fundamentals of Multinational Finance (3rd ed.). Pearson Prentice Hall.
Mundell, R. A. (1957). International trade and factor mobility. The American Economic Review, 47(3), 321–335.
Petricević, O., & Danis, W. M. (2007). Bosnia and Herzegovina: Navigating a turbulent business environment. Thunderbird International Business Review, 49(4), 417–443. http://doi.org/10.1002/tie.20152
Pham, M. T., Lee, L., & Stephen, A. T. (2012). Feeling the future: The emotional oracle effect. Journal of Consumer Research, 39(3), 461–477. http://doi.org/10.1086/663823
Pinheiro-Alves, R. (2008). Behavioural influences in Portuguese foreign direct investment (Phd Thesis). University of Bath, Economics and International Development Dept, U.K.
Rabin, M. (1998). Psychology and economics. Journal of Economic Literature, 36(1), 11–46.
Riley, G. (2012, September 23). Keynesian Economics. Retrieved February 2, 2014, from http://tutor2u.net/economics/revision-notes/as-macro-keynesian-economics.html
Rosenboim, M., Luski, I., & Shavit, T. (2008). Behavioral approaches to optimal FDI incentives. Managerial and Decision Economics, 29, 601–607. http://doi.org/10.1002/mde.1435
Santander Trade Portal. (2014, July). Foreign investment in Bosnia and Herzegovina - Santandertrade.com. Retrieved July 31, 2014, from https://en.santandertrade.com/establish-overseas/bosnia-and-herzegovina/investing
Schwartz, H. (2010). Does Akerlof and Shiller’s Animal Spirits provide a helpful new approach for macroeconomics? The Journal of Socio-Economics, 39(2), 150–154. http://doi.org/10.1016/j.socec.2010.02.018
Serin, V., Caliskan, A., & Karaahmet, G. (2008). Economic Liberalization and Foreign Direct Investment in Southeastern Europe. Proceedings of International Symposium on International Capital Flow and Emerging Markets,24-27 April 2008 Balikesir, 305–313.
Sewell, R. (2011). Psychology of Successful Investing. U.K.: University of Cambridge.
Shiller, R. J. (2000). Irrational Exuberance. Princeton, New Yersey: Princeton University Press.
Shiller, R. J. (2003). From efficient markets theory to behavioral finance. The Journal of Economic Perspectives, 17(1), 83–104.
Shull, D. (2013, April). Trading Psych 101 - Business Insider. Retrieved February 22, 2014, from http://www.businessinsider.com/trading-psych-101-2013-4?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29
Shull, D. K. (2013). Improving your Market Movement Calls - The ReThink Group- The ReThink Group. Retrieved February 17, 2014, from http://www.marketmindgames.net/traderpsyches/improving-your-market-movement-calls/
Škuflić, L., & Botrić, V. (2006). Foreign direct investment in southeast European countries: The role of the service sector. Eastern European Economics, 44(5), 72–90. http://doi.org/10.2753/EEE0012-8775440503
Slovic, P., Finucane, M., Peters, E., & MacGregor, D. G. (2002). The affect heuristic. In T. Gilovich, D. Griffin, & D. Kahneman, Heuristics and Biases: The Psychology of Intuitive Judgment (pp. 397–420). New York: Cambridge University Press.
Taylor, C. T. (2000). The impact of host country government policy on US multinational investment decisions. World Economy, 23(5), 635–647. http://doi.org/10.1111/1467-9701.00294
Thaler, R. (Ed. . (1993). Advances in behavioral finance. New Yorkl: Russell Sage Foundation.
Vernon, R. (1966). International investment and international trade in the product cycle. Quarterly Journal of Economics, 80, 190–207.
Aharoni, Y. (1999). The Foreign Investment Decision Process. In The Internationalization of the Firm. Cengage Learning EMEA.
Ariely, D. (2008). Predictably Irrational. New York, USA: HarperCollins.
Baker, H. K., & Nofsinger, J. R. (2002). Psychological biases of investors. Financial Services Review, 11(2), 97.
Barber, B. M., & Odean, T. (2001). The internet and the investor. The Journal of Economic Perspectives, 15(1), 41–54.
Barberis, N., & Thaler, R. (2003a). Chapter 18 A survey of behavioral finance. In M. H. and R. M. S. G.M. Constantinides (Ed.), Handbook of the Economics of Finance (Vol. Volume 1, Part B, pp. 1053–1128). Barberis, N., & Thaler, R. (2003b). Chapter 18 A survey of behavioral finance. In M. H. and R. M. S. G.M. Constantinides (Ed.), Handbook of the Economics of Finance (Vol. Volume 1, Part B, pp. 1053–1128).
Bechara, A., Damasio, H., Tranel, D., & Damasio, A. (1997). Deciding advantageously before knowing the advantageous strategy. Science, 275, 1293–1295.
Bentham, J. (1781). An Introduction to the Principles of Morals and Legislation. Kitchener: Batoche Books.
Bernheim, D. B. (2009). The psychology and neurobiology of judgement and decision making: What’s in it for Economists? In Neuroeconomics: Decision Making and the Brain (1st ed., pp. 115–125). U.K.: Academic Press.
Buckley, P. J., & Casson, M. C. (1976). The future of the multinational enterprise. Homes & Meier: London.
Cushman, D. O. (1985). Real exchange rate risk, expectations and the level of direct investment. Review of Economics and Statistics, 67(2), 297–308.
Damasio, A. (1994). Descartes’ Error: Emotion, Reason, and the Human Brain. New York: Putnam.
Daniel, K., Hirshleifer, D., & Teoh, S. H. (2002). Investor psychology in capital markets: evidence and policy implications. Journal of Monetary Economics, 49(1), 139–209. http://doi.org/10.1016/S0304-3932(01)00091-5
Deffains, B., & Ferrey, S. (2007). Théorie du droit et analyse économique. Droit, 45, 223–255.
Denisia, V. (2010). Foreign direct investment theories: An overview of the main FDI theories. Academy of Economic Studies, 2(2), 104–110.
Dunning, J. (1988). The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business, 19(1), 1–31.
Easterwood, J. C., & Nutt, S. R. (1999). Inefficiency in analysts’ earnings forecasts: systematic misreaction or systematic optimism? Journal of Finance, 54, 1777–1797.
Finucane, M. L., Alhakami, A., Slovic, P., & Johnosn, S. M. (2000). The affect heuristic in judgements of risks and benefits. Journal of Behavioral Decision Making, 13, 1–17.
FIPA. (2014, February 2). FDI Position and Performance. Retrieved July 31, 2014, from http://www.fipa.gov.ba/informacije/statistike/investicije/default.aspx?id=180&langTag=en-US
Hadžić, Z. (2015). Intuition in decision making: Comparison of middle-eastern and European decision making styles (Master Thesis). International Burch University, Sarajevo, B&H.
Heiner, R. A. (1983). The origin of predictable behavior. American Economic Review, 73(4), 560–595.
Hosseini, H. (1994). Foreign direct investment. Humanmics, 10(1).
Hosseini, H. (2005). An economic theory of FDI: A behavioral economics and historical approach. The Journal of Socio-Economics, 34(4), 528–541. http://doi.org/10.1016/j.socec.2005.07.001
Hymer, S. (1976). The international operations of nation firms: A study of foreign direct investment. MLT Press, Cambridge.
Ilgün, E., & Coşkun, A. (2009). Foreign direct investment in Bosnia and Herzegovina: Banking sector example. Alatoo Academic Studies, 4(2), 49–67.
Jarboui, S., & Boujelbene, Y. (2012). The behavioral approach and the rationality of economic decisions: Application to banks managers. In M. Nejati & M. Nejati, Global Business and Management Research : An International Journal Vol. 4, No. 2 (pp. 205–219). Universal-Publishers.
Johanson, J., & Vahlne, J.-E. (1977). The internationalization process of the firm-A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1), 23–32.
Kahneman, D. (2011a). Thinking, Fast and Slow (First). New York: Farrar, Straus, and Giroux.
Kahneman, D. (2011b). Thinking, fast and slow (1st ed.). New York U.S.: Farrar, Straus, and Giroux.
Kahneman, D., Knetsch, J. L., & Thaler, R. (1991). Anomalies: The endowment effect, loss aversion, and status Quo Bias. The Journal of Economic Perspectives, 5(1), 193–206.
Kahneman, D., & Riepe, M. W. (1998). Aspects of investor psychology. The Journal of Portfolio Management, 24(4), 52–65. http://doi.org/10.3905/jpm.1998.409643
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–292.
Kaplan, T., Luski, I., & Wettstein, D. (2003). Government policy toward multinational corporations. Economics Bulletin, 6(3), 1–8.
Katona, G. (1975). Psychological economics (Vol. x). Oxford, England: Elsevier.
Keynes, J. M. (1973). The general theory of employment, Interest and Money. MacMilan, New York.
Kindleberger, C. P. (1969). American business abroad. The International Executive, 11(2), 11–12. http://doi.org/10.1002/tie.5060110207
Koppl, R. (1991). Animal spirits. Journal of Economic Perspectives, 5(3), 203–210.
Laar, M. van de, & Neubourg, C. de. (2006). Emotions and foreign direct investment: A theorethical and empirical exploration. Management International Review, 46(2), 207–233.
Lucey, B. M., & Dowling, M. (2005). The role of feelings in investor decision-making. Journal of Economic Surveys, 19(2), 211–237. http://doi.org/10.1111/j.0950-0804.2005.00245.x
Malcolm, N. (2002). Bosnia: A Short History. London U.K.: Pan Books, Pan Macmillian Ltd.
Markusen, J. R. (1995). The boundaries of multinational enterprises and the theory of international trade. The Journal of Economic Perspectives, 9(2), 169–189.
Moffett, M. H., Stonehill, A. I., & Eiteman, D. K. (2009). Fundamentals of Multinational Finance (3rd ed.). Pearson Prentice Hall.
Mundell, R. A. (1957). International trade and factor mobility. The American Economic Review, 47(3), 321–335.
Petricević, O., & Danis, W. M. (2007). Bosnia and Herzegovina: Navigating a turbulent business environment. Thunderbird International Business Review, 49(4), 417–443. http://doi.org/10.1002/tie.20152
Pham, M. T., Lee, L., & Stephen, A. T. (2012). Feeling the future: The emotional oracle effect. Journal of Consumer Research, 39(3), 461–477. http://doi.org/10.1086/663823
Pinheiro-Alves, R. (2008). Behavioural influences in Portuguese foreign direct investment (Phd Thesis). University of Bath, Economics and International Development Dept, U.K.
Rabin, M. (1998). Psychology and economics. Journal of Economic Literature, 36(1), 11–46.
Riley, G. (2012, September 23). Keynesian Economics. Retrieved February 2, 2014, from http://tutor2u.net/economics/revision-notes/as-macro-keynesian-economics.html
Rosenboim, M., Luski, I., & Shavit, T. (2008). Behavioral approaches to optimal FDI incentives. Managerial and Decision Economics, 29, 601–607. http://doi.org/10.1002/mde.1435
Santander Trade Portal. (2014, July). Foreign investment in Bosnia and Herzegovina - Santandertrade.com. Retrieved July 31, 2014, from https://en.santandertrade.com/establish-overseas/bosnia-and-herzegovina/investing
Schwartz, H. (2010). Does Akerlof and Shiller’s Animal Spirits provide a helpful new approach for macroeconomics? The Journal of Socio-Economics, 39(2), 150–154. http://doi.org/10.1016/j.socec.2010.02.018
Serin, V., Caliskan, A., & Karaahmet, G. (2008). Economic Liberalization and Foreign Direct Investment in Southeastern Europe. Proceedings of International Symposium on International Capital Flow and Emerging Markets,24-27 April 2008 Balikesir, 305–313.
Sewell, R. (2011). Psychology of Successful Investing. U.K.: University of Cambridge.
Shiller, R. J. (2000). Irrational Exuberance. Princeton, New Yersey: Princeton University Press.
Shiller, R. J. (2003). From efficient markets theory to behavioral finance. The Journal of Economic Perspectives, 17(1), 83–104.
Shull, D. (2013, April). Trading Psych 101 - Business Insider. Retrieved February 22, 2014, from http://www.businessinsider.com/trading-psych-101-2013-4?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29
Shull, D. K. (2013). Improving your Market Movement Calls - The ReThink Group- The ReThink Group. Retrieved February 17, 2014, from http://www.marketmindgames.net/traderpsyches/improving-your-market-movement-calls/
Škuflić, L., & Botrić, V. (2006). Foreign direct investment in southeast European countries: The role of the service sector. Eastern European Economics, 44(5), 72–90. http://doi.org/10.2753/EEE0012-8775440503
Slovic, P., Finucane, M., Peters, E., & MacGregor, D. G. (2002). The affect heuristic. In T. Gilovich, D. Griffin, & D. Kahneman, Heuristics and Biases: The Psychology of Intuitive Judgment (pp. 397–420). New York: Cambridge University Press.
Taylor, C. T. (2000). The impact of host country government policy on US multinational investment decisions. World Economy, 23(5), 635–647. http://doi.org/10.1111/1467-9701.00294
Thaler, R. (Ed. . (1993). Advances in behavioral finance. New Yorkl: Russell Sage Foundation.
Vernon, R. (1966). International investment and international trade in the product cycle. Quarterly Journal of Economics, 80, 190–207.