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Location Decisions of Foreign Banks and Institutional Competitive Advantage - page 29 / 33

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Figure 1 - Simple correlation of institutional quality

The figure shows at the time of entry the institutional quality in the host country of the foreign bank and the institutional quality in the country in which the foreign owner is headquartered (the source country), where institutional quality is calculated as the simple average of the six governance indicators as measured by Kaufmann, Kraay and Mastruzzi (2005).

2.5

2

1.5

1

Indicator source country

0.5

0

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    0.5

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    1

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    1.5

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    2

corr: 0.13 p-value: 0.00

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    2.5

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    2.5

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    2

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    1.5

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    1

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    0.5 0 0.5

Indicator host country

1

1.5

2

2.5

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