Evaluation of foreign investors’ motives by investment amount in Serbia

Domazet, Ivana and Marjanović, Darko and Vujadinović, Jelena (2026) Evaluation of foreign investors’ motives by investment amount in Serbia. Ekonomika preduzeća, 74 (3/4). pp. 157-169. ISSN 0353-443X

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Abstract

Foreign direct investments are a significant factor in economic growth, technological progress, and increasing the competitiveness of the Serbian economy. The motives driving investors to invest capital in Serbia vary depending on the investor’s profile, strategic orientation, and the size and structure of the investment. Investment dynamics and investor motivation can be influenced by global economic trends, economic crises, changes in labor costs, and regional instability. The aim of this paper is to evaluate the motives of foreign investors for investing in Serbia, based on the amount of the investment. The research is based on primary data collected through a questionnaire conducted among foreign investors who invested capital in Serbia from 2001 to 2019. The core group in the research consisted of 88 foreign investors who, using a Likert scale, evaluated 24 investment motives important for deciding to invest in Serbia. Investors were grouped according to the amount of their investments, and descriptive statistical methods, t-tests, and analysis of variance (ANOVA) were used to analyze differences in the importance of individual motives. The results showed that foreign investors’ decisions to invest in Serbia depend mainly on two motives: price of labor in Serbia and the desire to conquer a new market. Research results provide valuable information for economic policymakers, enabling them to improve the legal and business environment to make Serbia a more competitive and attractive investment destination

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