Political stability

−25.50482

(−1.12)

Corporate income tax rate

2.862345***

(3.19)

Ease of doing business

−2.035551*

(−1.71)

Corruption

−1.14754

(−0.85)

Labor unions

0.3499813

(0.73)

Pensioners

−148.5361

(−0.75)

Pensions as % of GDP

5.670439***

(2.93)

Profit tax

1.038297*

(1.81)

Unemployment

0.3181745

(0.15)

Constant

31.86698 (1.47)

95.89791***

(10.45)

81.77793***

(4.41)

−13.36755

(−0.55)

213.592**

(2.41)

89.49843***

(2.76)

55.36742***

(3.84)

100.3165*

(1.97)

13.71019

(0.75)

14.11287

(0.615)

59.62675***

(2.85)

Observations

19

19

19

19

19

19

18

19

18

19

19

Adjusted R-squared

0.0631

0.4952

0.0141

0.3382

0.0962

−0.0154

−0.0279

−0.0249

0.3092

0.1121

−0.0575