| Variable | Start-up Cost (STRTCST) | Ease of Doing Business (EASE) | Time Required (TIMERQ) | Domestic Credit from Banks (DCPSB) | Domestic Credit from Financial Institutions (DCPSF) | Domestic Credit from Banks (DCPSB) | Lending Rate (LNDRAT) | Per Capita Income (PCI) | Foreign Direct Investment (FDIG) |
| Start-up Cost (STRTCST) | 1 | ||||||||
| Ease of Doing Business (EASE) | −0.5809 | 1 | |||||||
| Time Required (TIMERQ) | 0.2781 | −0.4268 | 1 | ||||||
| Domestic Credit from Banks (DCPSB) | −0.3241 | 0.6591 | −0.2208 | 1 | |||||
| Domestic Credit from Financial Institutions (DCPSF) | −0.2346 | 0.4906 | −0.2450 | 0.9289 | 1 | ||||
| Domestic Credit from Banks (DCPSB) | −0.3120 | 0.6500 | −0.2263 | 0.9549 | 0.7578 | 1 | |||
| Lending Rate (LNDRAT) | 0.3504 | −0.3805 | 0.1421 | −0.4070 | −0.5238 | −0.3993 | 1 | ||
| Per Capita Income (PCI) | −0.0373 | −0.0102 | 0.0547 | 0.0577 | 0.0092 | 0.0640 | −0.0066 | 1 | |
| Foreign Direct Investment (FDIG) | −0.0109 | 0.0054 | −0.0334 | 0.1979 | −0.1410 | 0.2161 | −0.0342 | −0.0156 | 1 |