Table 4.

The estimation results of system GMM for IQ and sub-indices: LE is depended variable (Eq (2)). with Sargan and Abond test results.

Variables		(1)	(2)	(3)	(4)	(5)	(6)	(7)
Constant		4.1376**	4.5743**	4.3211**	4.5160**	4.1364**	4.0968**	4.1261**
LEit-1		0.9183**	0.9156**	0.9165**	0.9166**	0.9161**	0.9188**	0.9175**
IQ		0.1430**	⁎	⁎	⁎	⁎	⁎	⁎
CC		⁎	−0.0203**	⁎	⁎	⁎	⁎	⁎
VA		⁎	⁎	0.0598**	⁎	⁎	⁎	⁎
PS		⁎	⁎	⁎	0.0251**	⁎	⁎	⁎
RL		⁎	⁎	⁎	⁎	0.1562**	⁎	⁎
RQ		⁎	⁎	⁎	⁎	⁎	0.1699**	⁎
GE		⁎	⁎	⁎	⁎	⁎	⁎	0.1209**
HE		0.04132**	0.0447**	0.0417**	0.0446**	0.0407**	0.0427**	0.0425**
LGDP		0.0716**	0.0373**	0.0554**	0.0423**	0.0761**	0.0771**	0.0714**
MYS		0.0564**	0.0624**	0.0609**	0.0617**	0.0578**	0.0543**	0.0592**
UR		0.0122**	0.0162**	0.0143**	0.0152**	0.0116**	0.0106**	0.0117**
LCO2		−0.1322**	−0.0999**	−0.1135**	−0.1083**	−0.1253**	−0.1371**	−0.1268**
Sargan (p-value)		0.9890	0.9967	0.9918	0.9964	0.9820	0.9834	0.9839
Abond	AR (1)	0.0000**	0.0000**	0.0000**	0.0000**	0.0000**	0.0000**	0.0000**
	AR (2)	0.0414**	0.0418**	0.0428**	0.0417**	0.0403**	0.0360**	0.0460**
The second hypothesis was confirmed

*, **, and *** Denote significance level at 1%, 5% and 10%, respectively.