Independent variables

Poverty rate (−1)

−0.2000***

Opening rate

0.6810***

Opening rate

0.3353**

Interactive variable

−0.2146***

Population growth rate

−5.9087

Time required to start an activity

−0.0417

Macroeconomic management ranking index

−1.2400

Transparency index

−7.6181**

Constant

79.8111*

Number of instruments

Wald chi2(11)

Prob > chi2

=49

=18.26

=0.0757