PENGARUH GOOD GOVERNANCE TERHADAP PERTUMBUHAN EKONOMI DI NEGARA ASEAN-5 : PENDEKATAN PANEL ARDL

Lutfia Tsalisati; Ahmad Syahrul Fauzi

doi:10.31955/mea.v10i2.7477

Lutfia Tsalisati Universitas Negeri Semarang, Semarang
Ahmad Syahrul Fauzi Universitas Negeri Semarang, Semarang

DOI: https://doi.org/10.31955/mea.v10i2.7477

Abstract

This study analyzes the impact of good governance on economic growth in ASEAN-5 countries (Indonesia, Malaysia, Thailand, Philippines, and Singapore) during the period 2009–2023. Governance quality is measured using the indicators of control of corruption, government effectiveness, and regulatory quality, with Foreign Direct Investment (FDI) and trade openness included as control variables. This study employs a Panel Autoregressive Distributed Lag (ARDL) model with the Pooled Mean Group (PMG) estimator to examine both short-run and long-run relationships among the variables. The results indicate that government effectiveness, control of corruption, and trade openness have a positive effect on economic growth in the long run, whereas regulatory quality shows a negative effect. The negative and significant coefficient of the Error Correction Term indicates the presence of an adjustment mechanism toward long-run equilibrium. These findings highlight the importance of strengthening governance to support sustainable economic growth in ASEAN-5 countries.

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