زهرا احتسابی

Investment is a tool to achieve economic growth. Oil revenues provide financial resources for investment by affecting the national income. Although it seems that the presence of natural resources leads to higher investment and economic growth, the experience of countries is different due to differences in institutions. In some countries, by managing resources and developing other industries, they take a step towards economic growth; while for other countries, the abundance of natural resources provides the basis for the expansion of corruption and rent. The rent caused by natural resources has a negative effect on economic growth in various ways, such as changes in the type of production, changes in the investment mix, and dependence on the resource extraction sector, and is the basis for deviating from the path of economic development. For this reason, this research intends to investigate the interactive effect of oil revenues and corruption on investment using the generalized moment method for ۲۲ selected oil countries in the period of ۲۰۰۱-۲۰۲۱. For this purpose, two variables of corruption and oil revenues are included as explanatory variables in the model. Also, the variables of government size, trade openness, economic growth, interest rate and exchange rate have also been used as control variables in this research. The results of model estimation using Eviews software show that the variable effect of corruption perception index on investment in oil countries is negative and significant; So that a one percent increase in corruption reduces investment by ۱۵ percent. The variable effect of oil revenues on investment is positive and significant, so that with an increase of one percent of oil revenues, the amount of investment increases by ۰.۳۷. The interactive effect of corruption and oil revenues on investment is negative and significant. The variables of government size and interest rate have a negative and significant effect on investment. Also, the variable effect of trade openness on investment is positive and significant.