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. 2023 Oct 19;18(10):e0292284. doi: 10.1371/journal.pone.0292284

Table 1. Variables measurement.

Variable Name Sign Measurement Reference
Political Stability PS Estimate of governance (ranges from approximately -2.5 (weak) to 2.5 (strong) governance performance) Worlds governance indicators by world
Control of corruption CC Estimate of governance (ranges from approximately -2.5 (weak) to 2.5 (strong) governance performance) Worlds governance indicators by world https://info.worldbank.org/governance/wgi/
Voice and accountability VA Estimate of governance (ranges from approximately -2.5 (weak) to 2.5 (strong) governance performance) Worlds governance indicators by world https://info.worldbank.org/governance/wgi/
Government effectiveness GE Estimate of governance (ranges from approximately -2.5 (weak) to 2.5 (strong) governance performance) Worlds governance indicators by world https://info.worldbank.org/governance/wgi/
Rules of Law RL Estimate of governance (ranges from approximately -2.5 (weak) to 2.5 (strong) governance performance) Worlds governance indicators by world https://info.worldbank.org/governance/wgi/
Regulatory quality RQ Estimate of governance (ranges from approximately -2.5 (weak) to 2.5 (strong) governance performance) Worlds governance indicators by world https://info.worldbank.org/governance/wgi/
Stock market performance STK Measured by MSCI index value Jain, M., Sharma, G. D., & Srivastava, M. (2019)