Variable | Coefficient (Standard Error) | p Value |
Relative real exchange rate | 0.116486 (0.2537517) | 0.646 |
Relative real exchange rate volatility | 0.1094829*** (0.0477805) | 0.022 |
GDP of home country | 7.56e−11*** (1.33e−12) | 0.000 |
GDP of host country | 5.56e−10*** (2.64e−11) | 0.000 |
Geographic distance | −0.0418228*** (0.0043226) | 0.000 |
Bilateral trade | 0.0304479*** (0.000501) | 0.000 |
Relative cost of borrowing | 0.7441286*** (0.0221266) | 0.000 |
Relative labor productivity | 11.18942*** (1.365747) | 0.000 |
Relative corruption | 4.638208*** (0.1647012) | 0.000 |
Cultural distance | 27.40587 (25.28461) | 0.278 |
Number of observations | 630 | |
Wald chi2 | 102,272.33 | |
Number of countries | 42 | |
AR (2) | 0.1488 |