Variables

Institution Measure

None

Political

Economic

Initial FDI

−0.18*

(0.031)

−0.12*

(0.042)

−0.11*

(0.045)

Capital Openness

0.01

(0.217)

0.03*

(0.109)

0.03*

(0.192)

Property rights

-

−0.04

(0.212)

−0.04

(0.401)

Property rights change

-

−0.02*

(0.013)

−0.02*

(0.011)

Trade Openness

-

0.06*

(0.023)

0.07*

(0.026)

Political Regime Type

-

−0.07*

(0.031)

−0.09*

(0.035)

Political Regime Change

-

−0.01*

(0.014)

−0.03*

(0.008)

Inflation

0.13

(0.121)

0.18*

(0.029)

0.18**

(0.087)

Energy Rents

0.14

(0.434)

0.15

(0.121)

0.15

(0.337)

Intercept

0.61

(0.434)

0.66

(0.458)

0.57

(0.351)

Adjusted R²

0.867

0.865

0.802

Restriction p-value

0.924

0.821

0.833

Observations

44

44

44