Table 2.
Results for ordinary least squares (OLS), fixed effects (FE), and two-stage least squares (2SLS) models of adjusted net savings as a function of net N-loss and N-gain
| Model | Ordinary least squares | Fixed effects | Two-stage least squares | |||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| N-loss | N-gain | N-loss | N-gain | N-loss | N-gain | |
| Index | 0.146*** (0.017) |
0.128*** (0.015) |
0.009 (0.042) |
0.381*** (0.108) |
0.710* (0.335) |
0.640** (0.001) |
| Index2 | −0.001*** (0.0001) |
−0.0005*** (0.0001) |
−0.000 (0.0001) |
0.001*** (0.0004) |
−0.004* (0.002) |
−0.007** (0.003) |
| Constant | 4.535*** (0.666) |
6.993*** (0.476) |
9.752*** (1.227) |
−0.436*** (2.662) |
−13.275 (11.271) |
−6.604 (4.890) |
| R 2 | 0.075 | 0.065 | 0.041 | 0.079 | 0.062 | 0.062 |
| F test | 0.000 | 0.000 | ||||
| Wald test | 0.795 | 0.000 | 0.104 | 0.003 | ||
| Hausman FE v. RE | 0.007 | 0.000 | ||||
| Hansen J | 0.120 | 0.529 | ||||
| Cragg-Donald F | 11.08 | 87.27 | ||||
| Nobs/countries | 1197 | 1197 | 1197/57 | 1197/57 | 1197/57 | 1197/57 |
Significant at * 10 %, ** 5 %, *** 1 %