Table 3.

Descriptive statistics of the variables.

Var.	Description	Unit	Obs.	Mean	Max.	Min.	Std. Dev.	Skewness	Kurt.
RGDP	Real Gross Domestic Product	Million US$	18	167,864	270695.5	95379.22	55573.74	0.46	2.03
RGFDI	Real Greenfield Foreign Direct Investment	Million US$	18	2046.82	6222.67	80.99	1750	1.06	3.07
RMA	Real Cross-border Merger & Acquisitions Sales	Million US$	18	168.81	1299.73	0.00	346.07	2.31	7.54

Source: Authors' own calculation based on [49,60].

The average RMA over the study period is US$168.81 Million. It ranges from US$0.00 Million to US$1299.73 Million. Both the skewness and kurtosis are positive with the values of 2.31 and 7.54, respectively. The standard deviations indicate higher dispersion in data for RGDP compared to RGFDI and RMA.