Variable

(1)

(2)

L1. Inward FDI

0.933662

0.935110

(0.003399)***

(0.002629)***

Tourists

5.896787

5.454510

(0.060697)***

(0.029855)***

GDP

0.000533

0.000318

(5.29E−05)***

(4.33E−05)***

Fair competition

−132.8082

−213.4359

(16.01520)***

(2.428945)***

Corruption

−2547.210

−2723.124

(59.86042)***

(33.36720)***

EPA

−1241.959

(50.67664)***

AR(1)

0.4671

0.2556

AR(2)

0.5536

0.3456

Sargan statistic

0.6556

0.6970

No. of observation

276

276