Table 4.
Regression results.
| Variables | Model-1 |
Model-2 |
Model-3 |
Model-4 |
|---|---|---|---|---|
| Coefficients | Coefficients | Coefficients | Coefficients | |
| GDPC | −1.221*** (0.239) | −0.625*** (0.097) | −0.710*** (0.067) | −0.373*** (0.124) |
| INV | 0.009 (0.158) | −0.134 (0.173) | 0.083 (0.141) | 0.200 (0.168) |
| FDI | 0.066*** (0.018) | 0.039** (0.016) | 0.076*** (0.017) | 0.040* (0.021) |
| HC | −1.068* (0.572) | −0.332 (0.641) | −0.425 (0.675) | 0.659 (0.650) |
| EMP | −0.432 (0.626) | −0.490 (0.752) | −1.056 (0.674) | −1.360** (0.584) |
| INF | 0.029*** (0.004) | 0.027*** (0.005) | 0.027*** (0.004) | 0.035*** (0.005) |
| RPAT | 0.224*** 0.073) |
– | – | – |
| NPAT | – | 0.261*** (0.058) | – | – |
| PUBLICATION | – | – | 0.310*** (0.045) | – |
| R&D | – | – | – | −0.243** (0.101) |
| CONSTANT | 14.837 (3.039) | 9.393 (3.772) | 11.487 (3.173) | 12.024 (3.336) |
| Diagnostics | R2: 0.922 R2 (Adj): 0.890 F-Test: 28.20*** |
R2: 0.925 R2 (Adj): 0.893 F-Test: 29.12*** |
R2: 0.932 R2 (Adj): 0.904 F-Test: 32.62*** |
R2: 0.916 R2 (Adj):0.880 F-Test: 25.78*** |
Note: The asterisk (***), (**) and (*) represent 1, 5, and 10% level of significance. Values in parentheses stand for standard errors.