Model (b) variables
| Variable types | Variable | Measure | Source |
|---|---|---|---|
| Dependent variables | OFDI1 | Percentage of OFDI flowing into countries with the lowest climate risk (Climate Risk Index in the 0%–25% quantile) | UNCTAD |
| OFDI2 | Percentage of OFDI flowing into countries with low climate risk (Climate Risk Index in the 25%–50% quantile) | UNCTAD | |
| OFDI3 | Percentage of OFDI flowing into countries with high climate risk (Climate Risk Index in the 50%–75% quantile) | UNCTAD | |
| OFDI4 | Percentage of OFDI flowing into countries with the highest climate risk (Climate Risk Index in the 75%–100% quantile) | UNCTAD | |
| Independent variables | CRA | Home Country Climate Risk Index | Germanwatch |
| Control variables | CPI | Consumer Price Index | IMF |
| GDP | Natural logarithm of host country B’s GDP | IMF | |
| HDI | An index that comprehensively measures GDP per capita, education, and life expectancy per capita. From low to high (0–100) | United Nations | |
| TRADE | Total foreign trade/GDP | IMF | |
| U | Unemployment rate | IMF | |
| EFI | An index reflecting the degree of freedom of a country’s fiscal, trade, and monetary policies. Not free to free (0–100) | Heritage Foundation |
| Variable types | Variable | Measure | Source |
|---|---|---|---|
| Dependent variables | OFDI1 | Percentage of OFDI flowing into countries with the lowest climate risk (Climate Risk Index in the 0%–25% quantile) | UNCTAD |
| OFDI2 | Percentage of OFDI flowing into countries with low climate risk (Climate Risk Index in the 25%–50% quantile) | UNCTAD | |
| OFDI3 | Percentage of OFDI flowing into countries with high climate risk (Climate Risk Index in the 50%–75% quantile) | UNCTAD | |
| OFDI4 | Percentage of OFDI flowing into countries with the highest climate risk (Climate Risk Index in the 75%–100% quantile) | UNCTAD | |
| Independent variables | CRA | Home Country Climate Risk Index | Germanwatch |
| Control variables | CPI | Consumer Price Index | IMF |
| GDP | Natural logarithm of host country B’s GDP | IMF | |
| HDI | An index that comprehensively measures GDP per capita, education, and life expectancy per capita. From low to high (0–100) | United Nations | |
| TRADE | Total foreign trade/GDP | IMF | |
| U | Unemployment rate | IMF | |
| EFI | An index reflecting the degree of freedom of a country’s fiscal, trade, and monetary policies. Not free to free (0–100) | Heritage Foundation |
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