Table 6.
Regression analysis
| FI × S | FI × TC | TC × S | |
|---|---|---|---|
| Constant | 0.324*** (0.0019) | 0.3637*** (0.0009) | 0.3232*** (0.0011) |
| SClogistics | 1.273*** (0.0190) | 1.112*** (0.0430) | 1.1374*** (0.0322) |
| SCinput | 0.0233*** (0.0362) | ||
| SCoutput | 0.0234*** (0.0362) | ||
| GDP(t − 1) | 0.0123** (0.0043) | ||
| Financial aid | 0.0133 (0.0024) | 0.0135 (0.0013) | 0.0123* (0.0011) |
| Tax cut | 0.0323* (0.0233) | 0.0433 (0.0322) | 0.0123 (0.0223) |
| Subsidy | 0.002** (0.0001) | 0.0011** (0.0002) | 0.0002*** (0.0003) |
| Insurance | − 0.0111** (0.0023) | − 0.0116*** (0.0032) | − 0.0112*** (0.0034) |
| AR(1) test | 0.0121*** (0.0175) | 0.0183*** (0.0132) | 0.0147*** (0.0123) |
| AR(2) test | − 2.473 [0.018] | − 2.1362 [0.010] | − 2.1473 [0.021] |
| Sargan test | − 1.463 [0.1352] | − 1.182 [0.1021] | − 1.2322 [0.1266] |
| Wald test | 18.4736 [0.0442] | 17.3864 [0.14736] | 20.1023 [0.0232] |
| 14,374.6 | 23,645.46 | 23,432.2 | |
| N | 272 | 272 | 272 |
FI financial aid, S subsidy, TC tax cut
*1% significant level; **5% significant level and ***10% significant level