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 Torres, R., Panel Data analysis fixed and random effects using Stata 10.x. Princeton University, Data and Statistical Service. World Bank (2012), Worldwide Governance Indicators. catalog/ worldwide-governance-indicators. http://data.worldbank.org/ data- catalog/worldwide-governance-indicators. Appendix The constituent countries of the first sample are: Albania, Argentina, Armenia, Australia, Austria, Azerbaijan, Burundi, Belgium, Benin, Burkina Faso, Bahamas, Belize, Brazil, Barbados, Brunei Darussalam, Bhutan, Central African Republic, Canada, Switzerland, China, Cameroon, Congo, Rep, Colombia, Cyprus, Czech Republic, Germany, Dominica, Denmark, Dominican Republic, Algeria, Egypt, Arab Rep., Spain, Ethiopia, Finland, Fiji, France, Gabon, United Kingdom, Ghana, Guinea-Bissau, Equatorial Guinea, Greece, Grenada, Guatemala, Guyana, Hong Kong SAR, China, India, Ireland, Iceland, Italy, Jamaica, Japan, Kazakhstan, Kenya, Cambodia, Korea, Rep., Kuwait, Lao PDR, Libya, St. Lucia, Sri Lanka, Luxembourg, Latvia, Macao SAR, China, Morocco, Moldova, Madagascar, Mexico, Macedonia, FYR, Mali, Malta, Myanmar, Mongolia, Mozambique, Mauritania, Mauritius, Malawi, Malaysia, Niger, Nigeria, Netherlands, Norway, Nepal, New Zealand, Panama, Peru, Philippines, Papua New Guinea, Portugal, Paraguay, Qatar, Russian Federation, Rwanda, Saudi Arabia, Sudan, Senegal, Singapore, El Salvador, Serbia, Slovak Republic, Slovenia, Sweden, Swaziland, Seychelles, Syrian Arab Republic, Chad, Togo, 40 | The African Financial Review Thailand, Tonga, Trinidad and Tobago, Tunisia, Turkey, Tanzania, Uganda, Ukraine, United States, St. Vincent and the Grenadines, Vietnam, Vanuatu, Samoa, Yemen, Rep., South Africa, Congo, Dem. Rep. and Zambia. The constituent countries of the second sample are: Albania, Argentina, Armenia, Azerbaijan, Burundi, Benin, Burkina Faso, Bahamas, Belize, Brazil, Barbados, Bhutan, Central African Republic, China, Cameroon, Colombia, Dominica, Dominican Republic, Algeria, Egypt, Arab Rep., Ethiopia, Fiji, Gabon, Ghana, Guinea-Bissau, Equatorial Guinea, Grenada, Guatemala, Guyana, India, Jamaica, Kazakhstan, Kenya, Kuwait, Libya, St. Lucia, Sri Lanka, Latvia, Morocco, Moldova, Madagascar, Mexico, Macedonia, FYR, Mali, Mongolia, Mozambique, Mauritania, Maur itius, Malawi, Malaysia, Niger, Nigeria, Nepal, Panama, Peru, Philippines, Paraguay, Qatar, Russian Federation, Rwanda, Saudi Arabia, Sudan, Senegal, Serbia, Seychelles, Syrian Arab Republic, Chad, Togo, Thailand, Tonga, Trinidad and Tobago, Tunisia, Tanzania, Uganda, Ukraine, St. Vincent and the Grenadines, Vietnam, Vanuatu, Samoa, Yemen, Rep., Congo, Dem. Rep. and Zambia.