As shown in Table 8 (see Appendix A), the countries included in the analysis are mostly poor and small countries. Furthermore, about half of the countries are in SSA, and FDI to that region is mainly in natural resources, which is non-market seeking. This suggests that FDI to the countries in my sample is less likely to be market-seeking. This conjecture guides my explanation of how various variables affect FDI.8 All the independent variables employed have been used in previous studies, with differing interpretations for some of the variables. In the discussion below, I point out these differences and also highlight the caveats of the proxy variables used in the empirical analysis.