Table 6.
lnLE models with ΔlnLE clusters (p values in parentheses)
| Cluster 1 N = 42, T = 19 |
FE1 | FE1W/TR | LD2,3IV | KR4PRE |
|---|---|---|---|---|
| C |
1.499 (0.053) |
0.539 (0.001) |
– |
2.800 (0.000) |
| lnLE−1 |
0.597 (0.004) |
0.862 (0.000) |
0.597 (0.029) |
0.194 (0.001) |
| lnHE_priv |
0.006 (0.283) |
− 0.001 (0.248) |
0.003 (0.477) |
− 0.049 (0.012) |
| lnHE_pub |
0.005 (0.030) |
0.001 (0.073) |
0.005 (0.250) |
0.061 (0.000) |
| lnPCR |
0.028 (0.094) |
0.005 (0.001) |
0.021 (0.205) |
0.092 (0.001) |
| lnRDE |
0.009 (0.077) |
0.0006 (0.194) |
0.011 (0.147) |
− 0.002 (0.867) |
| DW value | 2.44 | 2.36 | – | – |
| Cluster 2 N = 153, T = 19 |
FE1 | FE1W/TR | LD2,3 | KR5PRE |
|---|---|---|---|---|
| C |
1.089 (0.024) |
0.512 (0.000) |
– |
3.381 (0.000) |
| lnLE−1 |
0.727 (0.000) |
0.875 (0.000) |
0.709 (0.001) |
0.122 (0.036) |
| lnHE_priv |
0.002 (0.111) |
0.0007 (0.000) |
0.0024 (0.103) |
0.012 (0.000) |
| lnHE_pub |
0.0004 (0.005) |
0.0004 (0.006) |
0.0025 (0.002) |
0.009 (0.001) |
| lnPCR |
0.008 (0.002) |
0.003 (0.000) |
0.009 (0.158) |
0.052 (0.000) |
| lnRDE |
0.002 (0.007) |
0.0004 (0.000) |
0.018 (0.132) |
0.004 (0.029) |
| DW value | 1.63 | 1.73 | – | – |
1SEs calculated with White’s cross-section method
2SEs adjusted for cross-section clusters
3Instruments: lnLE(− 6), lnHE_priv(− 5), lnHE_pub(− 5), lnPCR(− 5), lnRDE(− 5), res(− 1 to − 4)
4Instruments: ΔlnLE(− 1), ΔlnHE_priv(− 1 to − 2), ΔlnHE_pub(− 1 to − 2), lnPCR, lnRDE, constant
5Instruments: ΔlnLE(− 1), lnHE_priv(− 1 to − 2), lnHE_pub(− 1 to − 2), lnPCR, lnRDE, constant