Variable description
| Variables | Definition | Sources |
|---|---|---|
| Corruption | The corruption index, of which a value of 0 represents non-corruption and 100 means a completely corruption | World Bank |
| SE | The share of the SE to GDP | Medina and Schneider (2018) |
| Trade Openness | The ratio of (total exports + total imports) to GDP | World Bank |
| Population Density | Natural logarithm of total population per square kilometer | World Bank |
| Telecommunication | Natural logarithm of total telephone lines (fixed and mobile) per 100 people in the host country | World Bank |
| Domestic Investment | Ratio of gross capital formation to GDP | World Bank |
| Land Size | The natural logarithm of a country's total land area | World Bank |
| Variables | Definition | Sources |
|---|---|---|
| Corruption | The corruption index, of which a value of 0 represents non-corruption and 100 means a completely corruption | World Bank |
| SE | The share of the SE to GDP | |
| Trade Openness | The ratio of (total exports + total imports) to GDP | World Bank |
| Population Density | Natural logarithm of total population per square kilometer | World Bank |
| Telecommunication | Natural logarithm of total telephone lines (fixed and mobile) per 100 people in the host country | World Bank |
| Domestic Investment | Ratio of gross capital formation to GDP | World Bank |
| Land Size | The natural logarithm of a country's total land area | World Bank |
Source(s): Authors' own work
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