Table 3.

List of variables and sources of data

VariablesProxy forSource
CBMAFrequency count of unrealized CBMA dealsZephyr Bureau Van Dijk’s database
CPICorruption perception indexTransparency International
EFIndex of economic freedomThe Heritage Foundation
CDCultural distance between home and host countryM’s Dimension Data Matrix
GDPgrowthGDP growth of host country (US dollar, constant)World Bank Development Indicator
GDPgrowth_homeGDP growth of home country (%)World Bank Development Indicator
LnGeo_distanceGeographical distance between capitals of the home and host countries

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