Independent Variables

Competitiveness index

−8.594352

(−0.46)

Labor cost

0.0018862

(0.21)

Political stability

171.8878

(0.72)

Corporate income tax rate

11.43574

(0.61)

Ease of doing business

6.582998

(0.30)

Corruption

5.696052

(0.25)

Labor unions

1.0808

(0.13)

Pensioners

1456.697

(0.43)

Unemployment

−43.68155

(−1.28)

Pensions as % of GDP

−13.06367

(−0.32)

Profit tax

4.129604

(0.40)

Public debt

−2.565772

(−0.66)

Constant

1202.968

(0.66)

331.4978

(1.34)

249.6036

(1.27)

73.77035

(0.14)

−111.7188

(−0.07)

242.9109

(0.44)

368.9458

(1.45)

6.079558

(0.01)

762.5295

(2.32)

514.6349

(1.31)

173.1642

(0.35)

523.1303

(1.97)

Observations

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