Table 2 Correlation matrix Variables (1)...

Table 2

Correlation matrix

	Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1)	Entrepreneurship	1.000
(2)	FDI	0.702	1.000
(3)	Greenfield	0.652	0.964	1.000
(4)	M&A	0.620	0.758	0.629	1.000
(5)	Openness	−0.064	0.047	0.072	−0.025	1.000
(6)	Labor	0.193	0.219	0.220	0.126	0.242	1.000
(7)	Exchange	0.090	−0.008	0.017	−0.101	−0.097	−0.015	1.000
(8)	Population growth	−0.219	0.004	0.015	−0.023	0.004	0.102	−0.034	1.000
(9)	Government size	0.063	0.088	0.067	0.054	0.031	0.022	0.047	−0.228	1.000
(10)	Financial depth	0.385	0.411	0.341	0.400	0.274	0.368	−0.023	−0.099	0.302	1.000

	Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
(1)	Entrepreneurship	1.000
(2)	FDI	0.702	1.000
(3)	Greenfield	0.652	0.964	1.000
(4)	M&A	0.620	0.758	0.629	1.000
(5)	Openness	−0.064	0.047	0.072	−0.025	1.000
(6)	Labor	0.193	0.219	0.220	0.126	0.242	1.000
(7)	Exchange	0.090	−0.008	0.017	−0.101	−0.097	−0.015	1.000
(8)	Population growth	−0.219	0.004	0.015	−0.023	0.004	0.102	−0.034	1.000
(9)	Government size	0.063	0.088	0.067	0.054	0.031	0.022	0.047	−0.228	1.000
(10)	Financial depth	0.385	0.411	0.341	0.400	0.274	0.368	−0.023	−0.099	0.302	1.000