Volume 9 • 2022 • Number transnational corporations investment and development

Table A2.
 Correlation matrix and tests of significance
undernou
dec
FDI_agri
land_acce
ln_gdppc
crop_pro
food_X
age_dep
pop_dens
pol_stab
resour_rich
undernou
1
dec
-0.8617*
1
FDI_a
gri
0.0598
-0.1406*
1
land_acce
-0.3442*
0.4774*
-0.0533
1
ln_gdppc
-0.7414*
0.6390*
-0.1139*
0.4657*
1
crop_pro
-0..0588
0.1256*
-0.2029*
0.1163*
0.0785*
1
food_X
0.2517*
-0.3287*
0.1954*
-0.1429*
-0.0392
0.1622*
1
age_dep
0.7863*
-0.6584*
0.1176*
-0.3679*
-0.7084*
-0.0925*
0.2362*
1
pop_dens
0.0935*
-0.1420*
-0.1004*
-0.0209
-0.1497*
0.1222*
-0.0997*
-0.1051*
1
pol_stab
-0.2704*
0.1795*
0.1062*
0.2202*
0.3755*
0.0717*
0.1943*
-0.2945*
-0.0681*
1
resour_rich
0.4260*
-0.2771*
-0.0632
-0.0739
-0.2598*
-0.0187
-0.0962*
0.4423*
-0.1615*
0.0074
1
Source
: Author’
s calculations.
Note
: * denotes correlation significance at the 5 per cent level.

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75
1
2
* 
Received: 25 May 2022 – Revised: 5 August 2022 – Accepted: 8 August 2022.
The views and opinions expressed in this paper are those of the authors and do not necessarily reflect 
the official position of the institution.
a 
Department of Finance, Ministry of Economy and Finance, Rome, Italy.
b 
Corresponding author. Department of Finance, Ministry of Economy and Finance, R
ome, 
Italy (paolo.
[e-mail]). 
Analysing MNEs structure and activities using 
country-by-country reports. Evidence from the Italian 
dataset*
Vera Santomartino,
a
Barbara Bratta
a 
and Paolo Acciari
b
Abstract
This paper is based on microdata originating in the first collection of country-
by-country reporting (CbCR) – a new reporting tool to be filed by multinational 
enterprises (MNEs). It analyses the differences between CbCR and other widely 
used data sources of MNEs and presents the case of MNE activities in Italy. The 
CbCR dataset is used to understand the global distribution of MNE activities. 
Results show that foreign activities are mostly concentrated in high-income 
countries for all economic indicators. In low-income countries, MNEs activity 
appears to be concentrated in labour-intensive industries. Middle-income countries 
have a relatively higher importance in terms of tangible assets and employment 
opportunities than they do in terms of revenues and profits. Investment hubs have 
a relatively higher share in global MNEs profits than they do in global MNEs tangible 
assets and employment. The CbCR data can be useful for policymakers to obtain 
an indication on how a country is positioned in the global value chain (GVC) and its 
attractiveness for foreign companies.