Table 12.

Robustness; estimation results of FMOLS.

Variables	Specification models without interaction terms
	(VAA)	(PSV)	(GEF)	(REQ)	(ROL)	(COC)
	(1)	(2)	(3)	(4)	(5)	(6)
LNDEBT	−1.670*** (−7.888)	−2.992*** (−5.009)	−5.302*** (−5.900)	−2.665*** (−5.093)	−5.234*** (−7.567)	−5.653** (−3.545)
IQ	2.345*** (5.459)	2.234*** (6.290)	2.109*** (7.231)	3.834*** (5.001)	3.454*** (6.563)	1.112*** (5.456)
LNTFP	1.678*** (5.302)	3.345*** (5.593)	2.331** (3.782)	2.401*** (6.778)	2.449*** (5.450)	2.007** (3.230)
LNINF	−1.672*** (−6.860)	−1.692*** (−8.567)	−2.784*** (−4.991)	−2.998** (−3.562)	−2.783** (−3.533)	−1.666*** (−5.382)
LNGS	−2.793*** (−6.761)	−3.664*** (−5.455)	−4.190 (−1.656)	−5.606*** (−5.770)	−4.720** (−3.555)	−5.671*** (−5.694)
LNEXP	2.567*** (5.090)	3.893** (3.539)	3.453*** (6.678)	4.979** (3.789)	3.578*** (5.773)	4.673*** (6.001)
C	5.879** (4.567)	6.944*** (5.677)	5.444** (4.076)	5.672*** (6.794)	4.893** (3.979)	5.984*** (5.964)
Specification models with interaction terms
LNDEBT	−4.487*** (−6.033)	−5.674*** (−6.784)	−6.884*** (−7.594)	−5.973*** (−5.944)	−7.702*** (−5.784)	−6.743** (−4.078)
IQ	1.675*** (6.789)	1.879*** (6.785)	1.579*** (5.434)	1.873*** (5.833)	1.765* (2.783)	1.842*** (7.873)
LNDEBT × IQ	3.566*** (6.920)	1.903*** (6.563)	1.430*** (6.398)	1.453*** (6.339)	1.874*** (5.873)	1.099*** (6.089)
TFP	1.789 (1.339)	2.395* (2.333)	2.864** (3.443)	2.488*** (5.478)	2.784*** (5.994)	1.998** (3.574)
LNINF	−2.673*** (−6.331)	−1.033 (−0.453)	−1.983* (−2.678)	−2.451*** (−4.563)	−2.882*** (−5.933)	−0.773* (−2.500)
GS	−2.687*** (−5.798)	−2.933* (−3.094)	−3.009*** (−5.390)	−2.332** (−3.330)	−3.003*** (−5.784)	−2.444*** (−6.778)
LNEXP	1.673*** (6.933)	1.893** (2.933)	1.892*** (5.933)	1.831*** (5.733)	1.093*** (4.783)	1.093* (2.809)
C	5.784** (3.890)	6.980*** (5.054)	5.095*** (6.593)	5.558*** (5.984)	4.709*** (5.893)	4.993** (3.463)

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