Table 2.
Descriptive statistics and pair-wise correlation
| LnEF | LnREM | LnFD | LnGDP | LnENG | LnTE | LnURP | |
|---|---|---|---|---|---|---|---|
| Mean | 3.639497 | − 1.961486 | − 1.465573 | 25.73901 | 7.207985 | 7.749357 | 0.5684948 |
| Std. dev. | 8.777559 | 1.817068 | 0.5854769 | 1.696719 | 0.426209 | 1.661945 | 0.5101342 |
| Maximum | 19.08063 | 0.9170775 | − 0.4559799 | 22.48321 | 6.521856 | 3.951244 | 1.43648 |
| Minimum | − 3.74039 | − 6.186174 | − 2.765193 | 28.59274 | 7.841897 | 10.33799 | − 2.014371 |
| Observations | 108 | 108 | 108 | 108 | 108 | 108 | 108 |
| LnEF | 1 | ||||||
| LnREM | 0.2021*** | 1 | |||||
| LnFD | 0.6682*** | − 0.3483*** | 1 | ||||
| LnGDP | 0.2549*** | − 0.3089*** | 0.5195*** | 1 | |||
| LnENG | − 0.2730*** | − 0.8294*** | 0.3945*** | 0.4103*** | 1 | ||
| LnTE | 0.6746*** | − 0.3902*** | 0.8322*** | 0.4421*** | 0.4442*** | 1 | |
| LnURP | 0.0034 | 0.2623*** | − 0.4694*** | − 0.8259*** | − 0.5030*** | − 0.3811*** | 1 |
Note: *** indicates the level of significance at 1%