“…First, economic govenance has been defined by Dixit (2009) as the '…structure and functioning of the legal and social institutions that support economic activity and economic transactions by protecting property rights, enforcing contracts, and taking collective action to provide physical and organizational infrastructure' (p.5). Second, Tusalem (2015) conceives governance as an embodiment of corruption, rule of law, political stability, bureaucratic effectiveness and regulatory quality. Third, according to Fukuyama (2013), the concept of governance can be improved by adopting four principal approaches through which 'state quality' can be understood, namely: (i) procedural measures, (ii) output measures; (iii) bureaucratic autonomy measures and (iii) indicators of capacity which are an embodiment of both resources and the degree of professionalism.…”