Online ISSN 2286-0266
Print ISSN 1223-0685
© 2022 Œconomica by ASE & SOREC
Academia Română
There have always been concerns for the study of foreign direct investment (FDI), however the most significant contributions and theories have been developed with the expansion of multinational companies, due to the need to explain investment behaviour in order to perform forecasts at national, regional and global levels. Recent studies show that the investment decision starts from the market size, which is the most relevant criterion for investors as the market will absorb the products and services they will produce. Companies are less interested in other issues, often referring only to the GNI indicator (Gross National Income), regardless of its expression as it is considered a relevant benchmark for making direct investments, without addressing the principles of sustainable development. That said, recent theories suggest that the investment decision should also take into account social and environmental aspects, given the legal obligation of companies to declare non-financial data regarding environmental issues, i.e. the impact of business activities on the environment, safety and health, the use of renewable and non-renewable energy, greenhouse gas emissions, water use and air pollution. In such a context, the study relies on the assumption that the investment decision is mainly grounded on the GNI criteria and, based on panel data, it was shown that this was one of the most decisive factors until the onset of the COVID-19 pandemic, which is reflected by the migration of capital according to the economic results obtained. Taking into account the shock generated by the recent pandemic, the study will be prolonged to investigate the extent to which this state of affairs will be maintained in the post-COVID-19 stage.

ŒCONOMICA no. 2/2021
Keywords: environmental pillar, gross national income, foreign direct investment, sustainable development, panel analysis
JEL: E01, F21, Q01
The Impact of Foreign Investments on Sustainable Developments [Impactul investiţiilor străine asupra dezvoltărilor durabile]