The main objective of this paper is to analyze the causal relationship between foreign direct investment (FDI), exports, and economic growth in the Republic of Croatia for the period 2000-2020 and determine the implications of research results on corporate management. The management of the investment enterprise is usually interested in high returns, whereas the management of the recipient enterprise is interested in higher productivity, spillovers, and larger market share on domestic and international markets. Several methodological approaches, including unit root tests, cointegration tests, and Granger causality test, were used to assess the relationship between gross domestic product (GDP) growth rate, on the one side, and the share of FDI and total exports of goods and services in real GDP, on the other side. The results of cointegration tests indicated there is no long-term relationship between the real GDP growth rate, the share of FDI, and the share of exports of goods and services in real GDP. Based on the Granger causality test, it cannot be concluded that there is no causal relationship between the analysed variables. Finally, the paper discusses the implications of the conducted research for corporate management. The results indicate that managers are not discouraged by the fact that FDI is not correlated to economic growth, as investment decisions are determined by numerous factors and not primarily by the growth rate of a recipient country.

中文翻译：

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克罗地亚共和国外国直接投资、出口和经济增长之间的协整和因果分析

本文的主要目的是分析克罗地亚共和国 2000-2020 年期间外国直接投资 (FDI)、出口和经济增长之间的因果关系，并确定研究结果对企业管理的影响。投资企业的管理层通常对高回报感兴趣，而接受企业的管理层则对更高的生产力、溢出效应和更大的国内和国际市场份额感兴趣。一些方法论方法，包括单位根检验、协整检验和格兰杰因果检验，用于评估一方面国内生产总值 (GDP) 增长率与 FDI 份额和商品和服务总出口之间的关系另一方面，在实际 GDP 中。协整检验的结果表明，实际 GDP 增长率、FDI 份额以及商品和服务出口在实际 GDP 中的份额之间没有长期关系。基于格兰杰因果检验，不能得出分析变量之间不存在因果关系的结论。最后，本文讨论了所进行的研究对企业管理的影响。结果表明，FDI 与经济增长不相关这一事实并没有使管理者灰心，因为投资决策是由许多因素决定的，而不是主要取决于接受国的增长率。不能断定分析变量之间没有因果关系。最后，本文讨论了所进行的研究对企业管理的影响。结果表明，FDI 与经济增长不相关这一事实并没有使管理者灰心，因为投资决策是由许多因素决定的，而不是主要取决于接受国的增长率。不能断定分析变量之间没有因果关系。最后，本文讨论了所进行的研究对企业管理的影响。结果表明，FDI 与经济增长不相关这一事实并没有使管理者灰心，因为投资决策是由许多因素决定的，而不是主要取决于接受国的增长率。