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11% Uzbekistan, and 3% Turkmenistan. It is also interesting to note
that 21% of the participants who currently had no investments in these
countries expressed that they would like to invest in the CAS.
FACTOR ANALYSIS OF GENERAL INVESTMENT FACTORS
Fifteen general investment conditions were factor analyzed using princi-
pal components with varimax rotation. The overall significance of the
correlation matrix was 0.00, with a Barlett Test of Sphericity value of
607.8. The statistical probability and the test indicated that there was
a significant correlation between the variables, and the use of factor
analysis was appropriate. The Kaiser- Meyer-Olkin value was 0.669.
The data was, therefore suitable for the proposed statistical procedure
of factor analysis. The eigenvalues suggested that three- factor solution
be identified, representing approximately 64.5% of the total variance in
general investment factors. All retained factors had an eigenvalue greater
than 1 and all factor loadings were above 0.53. The factors were labeled:
“General Market Condition,'' “Incentives,'' and “Workforce Condi-
tion.” The “General Market Condition” factor explained the highest per-
centage of the total variance (25.2%). The reliability coefficients (Cron-
bach's-a) ranged from 0.643 to 0.886. Table 1 presents the results of the
factor analysis with its associated statistics.
Eleven tourism specific investment factors were also analyzed to de-
lineate the underlying dimensions of tourism specific investment con-
sideration. This analysis resulted in two factors, which explained al-
most 66.7% of the total variance in tourism specific investment (Table 2).
The overall significance of the correlation matrix was 0.00, with a Barlett
Test of sphericity value of 485.8 and a Kaiser-Meyer-Olkin value of
0.785. All retained factors had an eigenvalue greater than 1 and all fac-
tor loadings were greater than 0.52. The two factors were identified as
“Direct Tourism Facilities,' and “Tourism Support Facilities.” The areas
of direct tourism facilities factor explained the highest percentage of the
total variance (52.5%). The reliability coefficients (Cronbach's-a) ranged
from 0.727 to 0.925. Table 2 presents the results of the factor analysis
with its associated statistics.
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