Imperfect construction of policies and regulations

Slow payment

Financial market changes

Fiscal mismanagement

Financial deficit

ZC4

0.891

ZC1

0.875

0.138

ZC2

0.850

0.102

ZC3

0.804

−0.118

0.213

ZC5

0.766

0.304

ZF1

0.872

0.124

0.123

0.100

ZF4

0.864

0.145

0.109

ZF3

0.857

ZF2

0.728

0.113

0.166

ZF6

0.126

0.708

0.230

0.275

JRSC1

0.129

0.168

0.852

JRSC2

0.107

0.196

0.846

JRSC3

0.159

0.186

0.813

0.102

CZM2

0.116

0.841

0.208

CZM1

0.290

0.103

0.814

CZM3

0.223

0.163

0.789

CZ1

0.833

CZ2

0.119

0.824

CZ4

0.200

0.786

Eigenvalues

5.324

3.309

2.113

1.701

1.472

Variance explained %

28.021

17.416

11.120

8.951

7.747

Cumulative Variance explained %

28.021

45.437

56.556

65.508

73.255

Cronbach’s Anpha

0.902

0.888

0.840

0.811

0.757