Table 2.
Variable | (I)cer | (II)mer | (III)ver | (IV)cer | (V)mer | (VI)ver |
---|---|---|---|---|---|---|
ER | 0.001 (0.13) | 0.031∗∗∗(3.10) | −0.010∗ (−1.75) | 0.001 (0.08) | 0.175∗∗ (2.19) | −0.137∗∗ (−3.37) |
ER2 | −0.0002 (−0.04) | −0.007∗ (−1.82) | 0.009∗∗∗ (3.17) | |||
Lnti | 0.041∗∗∗ (3.66) | 0.032∗∗∗ (3.17) | 0.041∗∗∗ (4.07) | 0.041∗∗∗ (3.59) | 0.033∗∗∗ (3.19) | 0.044∗∗∗ (4.47) |
Lnfs | 0.077∗∗ (2.37) | 0.075∗∗∗ (2.72) | 0.071∗∗ (2.49) | 0.077∗∗ (2.36) | 0.072∗∗∗ (2.63) | 0.062∗∗ (2.22) |
Lnis | 0.052 (1.54) | 0.063 (1.52) | 0.074 (1.47) | 0.052 (1.53) | 0.058 (1.56) | 0.087 (1.26) |
Lnfdi | 0.251∗∗ (2.29) | 0.021∗∗ (2.21) | 0.023∗∗ (2.44) | 0.025∗∗ (2.27) | 0.026∗∗ (2.61) | 0.024∗∗ (2.52) |
_cons | −0.315∗∗∗ (−2.89) | −0.635∗∗∗ (−4.25) | −0.225∗∗ (−2.32) | −0.318∗∗∗ (−2.88) | −1.315∗∗∗ (−3.27) | 0.208 (1.25) |
Hausman test p value | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
R-sq | 0.813 | 0.717 | 0.772 | 0.813 | 0.725 | 0.768 |
F statistic quantity | 32.13 | 42.64 | 40.15 | 26.67 | 36.34 | 36.06 |
Selection of the model | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects | Fixed effects |
Sample size | 360 | 360 | 360 | 360 | 360 | 360 |
The data in the parentheses are t statistic quantities, ∗, ∗, and ∗∗∗ indicate that it is significant at the levels of 10%, 5%, and 1%, respectively.