Unveiling the Power of Nation Branding: Exploring the Impact of Economic Factors on Global Image Perception

Eda Dineri, Fatma Gül Bilginer Özsaatcı, Yunus Kılıç (), Şemsettin Çiğdem and Gökçen Sayar
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Eda Dineri: Faculty of Economics, Administrative and Social Sciences, Hasan Kalyoncu University, Gaziantep 27500, Turkey
Fatma Gül Bilginer Özsaatcı: Faculty of Economics, Administrative and Social Sciences, Hasan Kalyoncu University, Gaziantep 27500, Turkey
Yunus Kılıç: Faculty of Applied Sciences, Akdeniz University, Antalya 07600, Turkey
Şemsettin Çiğdem: Faculty of Economics and Administrative Sciences, Gaziantep University, Gaziantep 27310, Turkey
Gökçen Sayar: Serik Faculty of Business Administration, Akdeniz University, Antalya 07600, Turkey

Sustainability, 2024, vol. 16, issue 16, 1-20

Abstract: Nation branding, which demonstrates countries’ power on an international platform, has gained prominence in the literature in recent years. How countries can build their strategies around these factors and make themselves attractive has become an issue of increasing interest to countries in recent years. Increasing a country’s role in the political arena, making the country more attractive to tourists, increasing the volume of foreign trade and foreign direct investment, and making the country more attractive in terms of skilled labor will improve its reputation and image, as perceived by other countries. The main objective of the study is to investigate the impact of foreign direct investment, tourism expenditure, human capital, and export on nation branding in the ten countries with the highest value in nation branding (USA, Germany, China, Japan, England, France, Italy, Canada, India, South Korea) applying the dynamic panel data model for the period 2010–2020. In the present study, we use the cross-sectional dependence, the slope homogeneity test, the CIPS unit root test, and the Generalized Method of Moments (GMM) method, one of the dynamic panel data methods. This study examined the factors involved in nation branding and found a positive and statistically significant relationship between exports, foreign direct investment, tourism, human capital, and nation branding.

Keywords: nation branding; foreign direct investment; export; human capital; tourism; dynamic panel data (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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