Table 3.
Regression models.
| Dependent variable: Δ Online retail |
||||||
|---|---|---|---|---|---|---|
| 1 |
2 |
3 |
4 |
5 |
6 |
|
| Fixed effects (FE) | Random effects (RE) | |||||
| GDP/capita | – | – | – | −0.000000 (−0.64) | −0.000000 (−0.39) | −0.000000 (−0.61) |
| Internet penetration | – | – | – | −0.000656 (−0.47) | −0.000546 (−0.39) | −0.000554 (−0.40) |
| Tertiary education | – | – | – | −0.000405 (−1.30) | −0.000485 (−1.55) | 0.000428 (−1.38) |
| Population density | – | – | – | 0.028760 (1.04) | 0.031739 (1.15) | 0.028319 (1.03) |
| Online retail share | – | – | – | −0.000011 (−0.01) | 0.000033 (0.04) | −0.000011 (−0.01) |
| Δ Unemployment | 0.010779 (1.65) | 0.001487 (0.15) | 0.008275 (0.84) | 0.007104 (0.61) | −0.007929 (−0.67) | −0.001937 (−0.16) |
| Δ Residential | 0.530978 (5.56)** | 0.336457 (2.06)* | 0.632360 (5.38)** | 0.502955 (2.48)* | ||
| Δ Residential (-1) | 0.580693 (6.05)** | 0.283552 (1.72) | 0.666569 (5.48)** | 0.228287 (1.10) | ||
| Δ Government stringency | 0.001803 (5.93)** | 0.000801 (1.52) | 0.001991 (5.77)** | 0.000615 (1.01) | ||
| Δ Government stringency (-1) | 0.001671 (5.39)** | 0.001006 (1.94) | 0.001796 (4.99)** | 0.001408 (2.36)* | ||
| R2 | 0.204 | 0.202 | 0.217 | 0.220 | 0.219 | 0.237 |
| Adjusted R2 | 0.160 | 0.158 | 0.169 | 0.203 | 0.202 | 0.216 |
| F-statistic | 4.60 | 4.55 | 4.57 | 12.91 | 12.78 | 11.28 |
| No. of observations | 456 | 456 | 456 | 374 | 374 | 374 |
Notes: t-values in parentheses; *significant at 0.05; **significant at 0.01.