Table 11.

Robustness; estimation results of DOLS.

Variables	Specification models without interaction terms
	(VAA)	(PSV)	(GEF)	(REQ)	(ROL)	(COC)
	(1)	(2)	(3)	(4)	(5)	(6)
LNDEBT	−0.771*** (−7.678)	−0.018*** (−5.936)	−0.329*** (−5.711)	−0.761*** (−5.906)	−0.684*** (−8.437)	−0.733** (−3.653)
IQ	0.723*** (5.741)	1.273*** (7.359)	1.204** (3.231)	0.987*** (5.793)	0.859*** (7.493)	0.663*** (5.683)
LNTFP	0.991*** (5.649)	1.285*** (8.943)	2.069** (3.108)	1.992** (3.345)	2.794*** (5.920)	2.804** (3.169)
LNINF	−1.229*** (−5.967)	−0.112*** (−6.715)	−3.324*** (−4.759)	−2.668* (−2.998)	−2.901*** (−6.793)	−1.082*** (−7.893)
LNGS	−0.793** (−4.221)	−1.357*** (−9.681)	−1.193 (−1.001)	−0.992* (−2.590)	−0.903*** (−6.451)	−0.909*** (−5.993)
LNEXP	1.793*** (5.181)	1.385*** (6.259)	1.115* (2.928)	1.672*** (7.208)	1.092*** (5.998)	0.934*** (6.664)
C	6.223 (0.971)	−5.731*** (−7.757)	5.334** (3.250)	8.890*** (6.839)	8.773*** (6.875)	9.339*** (7.228)
Specification models with interaction terms
LNDEBT	−0.894*** (−7.203)	−0.439*** (−8.648)	−0.664*** (−7.342)	−0.663*** (−6.345)	−0.732*** (−5.632)	−0.786*** (−5.274)
IQ	0.946*** (8.344)	1.092*** (5.903)	1.228*** (5.444)	0.893** (4.452)	1.345*** (5.879)	0.868*** (6.403)
LNDEBT × IQ	1.374*** (8.456)	1.002*** (5.633)	1.883*** (9.884)	1.996*** (4.999)	1.453*** (5.673)	1.868*** (5.329)
TFP	1.957*** (5.838)	1.905*** (5.994)	1.832 (1.883)	0.991*** (5.577)	2.441*** (6.342)	1.168** (4.740)
LNINF	−0.484*** (−5.991)	−0.994*** (−6.442)	−1.221*** (−6.456)	−2.662** (−4.002)	−0.662* (−2.229)	−1.862*** (−6.731)
GS	−0.486*** (−6.453)	−0.223*** (−7.334)	−0.112*** (−5.680)	−0.342** (−3.801)	−0.289*** (−6.221)	−0.868*** (−6.741)
LNEXP	0.684* (2.455)	1.039*** (5.449)	1.002*** (5.072)	1.331*** (5.553)	1.822*** (4.422)	1.868 (1.723)
C	5.793** (4.683)	4.967** (3.458)	5.783*** (6.443)	5.908*** (6.742)	5.666*** (5.722)	4.878** (3.441)

Note: *, **, and *** indicate the significance level at 10%, 5%, and 1% respectively. Numbers in the parenthesis indicate the t-statistics.