Corporate income tax rate

−0.172543***

(−5.78)

Ease of doing business

0.0490236

(0.86)

Corruption

−0.0237533

(−0.38)

Labor unions

−0.0201234

(−0.96)

Pensioners

−3.977668

(−0.44)

Unemployment

0.1160417

(0.253)

Pensions as % of GDP

−0.2389356***

(−2.69)

Profit tax

−0.0445637

(−1.62)

Public debt

−0.0344635***

(−4.39)

Constant

11.96298**

(2.53)

2.927022***

(4.67)

2.530778***

(4.49)

6.667286***

(8.19)

−1.545067

(−0.36)

2.652415*

(1.77)

2.516254***

(3.95)

3.10623

(1.33)

1.148496

(1.21)

4.129921***

(4.91)

4.2754***

(3.26)

4.327178***

(8.10)

Observations

20

19

20

19

19

19

18

19

20

18

20

20

Adjusted R-squared

0.1466

0.0679

−0.0270

0.6427

−0.0151

−0.0498

−0.0052

−0.0470

0.0204

0.2681

0.0790

0.4907