Investment freedom

0.072822

(0.1068)

0.099872***

(0.0080)

Financial freedom

0.073181

(0.1503)

Government stability

0.376301

(0.2126)

0.325123

(0.2685)

Socio-economic conditions

−1.695799***

(0.0000)

−1.443906***

(0.0007)

Investment profile

−2.599799***

(0.0000)

−2.100186***

(0.0000)

Internal conflict

−1.133595***

(0.0001)

−0.814511**

(0.0460)

External conflict

0.616557**

(0.0420)

0.521186*

(0.0879)

Military in politics

−0.958477***

(0.0022)

−1.140314***

(0.0009)

Religion in politics

−0.807621***

(0.0075)

−0.864875***

(0.0079)

Law and order

0.955669*

(0.0589)

0.671216

(0.2131)

Ethnic tensions

2.875480***

(0.0000)

2.785292***

(0.0000)

Democratic accountability

−0.467545

(0.2788)

−0.424467

(0.3183)

Bureaucracy quality

0.777981

(0.1876)

−0.512620

(0.4243)

Constant

61.03708***

(0.0000)

74.49107***

(0.0000)

61.25609***

(0.0000)

58.08776***

(0.0000)

R-squared

0.493375

0.581924

0.743636

0.780112

Adjusted R-squared

0.470229

0.549091

0.719091

0.748351

F-statistic

21.31639

17.72365

30.29628

24.56150

Prob. (F-statistic)

0.000000

0.000000

0.000000

0.000000