Table 5.

Correlation matrix

Variables	MAN	LCAP	FDI	DDI	GRDPPC	TRADE
MAN	1
LCAP	0.18***	1
FDIIND	0.46***	0.24***	1
DDIIND	0.33***	0.28***	0.47***	1
GRDPPC	0.28***	0.47***	0.46***	0.41***	1
TRADE	0.27***	0.14***	0.29***	0.24***	0.45***	1
INFLATION	− 0.03	− 0.01	− 0.21***	− 0.20***	− 0.09**	− 0.04

Source: author

*p < 0.1, **p < 0.05, ***p < 0.01