| Variables | Institutions estimation | |
| (1) | (2) | |
| Initial FDI | −0.23* (0.064) | −0.12* (0.029) |
| Capital Openness | 0.18* (0.043) | 0.22 (0.54) |
| Property rights | −0.02 (0.192) | 0.01 (0.431) |
| Property rights change | −0.13* (0.016) | −0.04* (0.102) |
| Trade Openness | 0.32* (0.038) | 0.019* (0.175) |
| Political Regime Type | 0.51* (0.044) | 0.56* (0.056) |
| Political Regime Change | 0.47* (0.012) | 0.49* (0.00) |
| Inflation | 0.25* (0.061) | 0.31 (0.311) |
| Energy Rents | 0.09 (0.384) | 0.12 (0.493) |
| Mines rents | - | −0.04* (0.121) |
| Economic sector | - | −0.02* (0.034) |
| Intercept | −0.79 (0.033) | −1.05 (0.971) |
| Adjusted R2 | 0.782 | 0.803 |
| Restriction p-value | 0.834 | 0.812 |
| Observations | 41 | 41 |