1. The International Country Risk Guide's rating has 22 variables in three risk categories (political, financial, and economic) for 140 countries during 1984-2016. This study uses only the political risk rating data.
2. Lee et al. (2018) show that Weibull and Cox proportional hazard models yield very similar results, which is in line with the observation of Adejumo and Ahmadu (2016) that, as the sample size increases, the mean squared errors of the maximum likelihood estimates of proportional hazard function of both the Weibull and Cox proportional hazard models are approximately the same. Model selection tests conducted also revealed that the Weibull distribution is more parsimonious than other models, achieving both a higher log likelihood and a lower Akaike information criterion score.
3. Other developing regions include Latin America, the Caribbean, Sub-Saharan Africa, North Africa, the Middle East, and developing European countries.