(1) (2) (3) (4) (5)

VARIABLES fdi fdi fdi fdi fdi

gro 0.131*** 0.131*** 0.131*** 0.127*** 0.130***

(0.0445) (0.0441) (0.0438) (0.0418) (0.0449)
inf -0.0267** -0.0239* -0.0274** -0.0255** -0.0251**
(0.00997) (0.0137) (0.00993) (0.0114) (0.0101)
tel 0.372 0.413 0.397 0.432 0.442
(0.357) (0.319) (0.344) (0.326) (0.336)
op -0.0117*** -0.0121*** -0.0124*** -0.0123*** -0.0118***
(0.00293) (0.00273) (0.00312) (0.00241) (0.00274)
tax 0.0296** 0.0302** 0.0288** 0.0299** 0.0313**
(0.0127) (0.0133) (0.0125) (0.0135) (0.0139)
gdpper 1.150*** 1.087** 1.049*** 1.056*** 1.059***
(0.367) (0.410) (0.331) (0.302) (0.364)
labcost -1.129*** -1.147*** -1.132*** -1.138*** -1.187***
(0.226) (0.214) (0.199) (0.226) (0.209)
regqual 0.0967
(0.269)
politicalstability 0.119
(0.180)
goveff 0.147
(0.233)
controlcorrupt 0.152
(0.134)
Constant 4.220** 4.743* 5.189** 4.949*** 5.145**
(1.891) (2.412) (1.946) (1.655) (2.032)

Observations 177 177 177 177 177

Number of groups 12 12 12 12 12
Standard errors in parentheses
*** p<0.01, ** p<0.05, * p<0.1