Labor cost

0.0042334

(1.63)

Political stability

−31.90608

(−0.42)

Corporate income tax rate

16.65261***

(−2.26)

Ease of doing business

3.924996

(0.59)

Corruption

7.490989

(1.08)

Labor unions

−1.884984

(−0.74)

Pensioners

349.5287

(0.33)

Unemployment

−4.251111

(−0.38)

Pensions as % of GDP

17.20383

(1.42)

Profit tax

5.372116*

(1.82)

Public debt

1.686894

(1.45)

Constant

−1159.922**

(−2.38)

25.82262

(0.36)

143.9061**

(2.32)

−313.6915***

(−2.67)

−163.6085

(−0.33)

−48.4889

(−0.29)

184.2301**

(2.38)

38.74439

(0.14)

161.1496

(1.51)

−19.79404

(−0.17)

−127.1965

(−0.90)

18.56196

(0.23)

Observations

20

19

20

19

19

19

18

19

20

18

20

20

Adjusted R-squared

0.2383

0.0847

−0.0452

0.4361

−0.0376

0.0094

−0.0276

−0.0519

−0.0470

0.0564

0.1090

0.0546