Table 7. Robustness test results.
| M5 Replacing explanatory variables |
M6 Explanatory variables lagged |
M7 outlier reduction |
||||
|---|---|---|---|---|---|---|
| Main | Wx | Wx | Wx | |||
| IAS | 0.390*** | 2.956*** | ||||
| (0.075) | (0.471) | |||||
| IAS2 | -0.035*** | -0.203*** | ||||
| (0.008) | (0.049) | |||||
| cival | 0.047 | 0.540 | 0.084 | 1.051 | 0.092 | 0.745 |
| (0.108) | (0.713) | (0.105) | (0.692) | (0.105) | (0.694) | |
| gov | -0.122 | -2.650*** | -0.132 | -2.423** | -0.125 | -2.313** |
| (0.183) | (0.970) | (0.181) | (0.952) | (0.179) | (0.946) | |
| envir | -2.884 | -2.140 | -2.106 | 6.292 | -2.922 | -2.997 |
| (2.049) | (14.898) | (2.013) | (14.778) | (1.999) | (14.552) | |
| fdi | 0.175 | -3.264 | 0.355 | 0.807 | 0.273 | 0.073 |
| (0.592) | (3.814) | (0.586) | (3.820) | (0.579) | (3.731) | |
| sxsp | -0.104 | -0.028 | -0.125 | -0.521 | -0.119 | -0.394 |
| (0.102) | (0.719) | (0.100) | (0.718) | (0.100) | (0.702) | |
| jtsp | 0.001 | -0.420*** | 0.005 | -0.387*** | 0.004 | -0.418*** |
| (0.021) | (0.106) | (0.021) | (0.104) | (0.021) | (0.104) | |
| gysp | 0.139 | 0.427 | 0.147 | 0.188 | 0.098 | -0.347 |
| (0.164) | (0.988) | (0.161) | (0.950) | (0.160) | (0.958) | |
| LIA_1 | 11.377*** | 96.654*** | ||||
| (2.476) | (15.003) | |||||
| LIA_2 | -26.702*** | -181.711*** | ||||
| (7.348) | (43.123) | |||||
| IA | 11.620*** | 97.045*** | ||||
| (2.552) | (15.724) | |||||
| IA2 | -27.710*** | -182.862*** | ||||
| (7.489) | (45.076) | |||||
| (45.076) | ||||||
| Spatial | ||||||
| rho | -1.303*** | -1.391*** | -1.251*** | |||
| (0.191) | (0.191) | (0.192) | ||||
| N | 540.000 | 540.000 | 540.000 | |||
| R2 | 0.174 | 0.189 | 0.181 | |||
Notes: Values in parentheses indicate the standard deviation.
*, ** and *** indicate p < 0.1, p < 0.05 and p < 0.01, respectively.