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Robustness check
| Dependent variable | CCEMG | ||
|---|---|---|---|
| Coefficients | t-statistics | p-values | |
| EPS | − 0.142*** | − 2.437 | 0.000 |
| ET | − 0.245*** | − 4.047 | 0.001 |
| NRE | 0.387** | 10.791 | 0.004 |
| GDP | 0.445*** | 14.263 | 0.000 |
| R&D | − 0.154** | − 3.854 | 0.000 |
| FDI | 0.173*** | 3.175 | 0.001 |
***, **, and * explain the significance level at 1%, 5%, and 10%, respectively
