Table 4.

The result of the robustness test.

VARIABLES	Replacing estimation method		Replacing the core explanatory variable
	(1) $lnLIF$	(2) $lnDEA$	(3) $lnLIF$	(4) $lnDEA$
$L.lnLIF$	0.9173*** (237.1867)
$L.lnDEA$		0.9699*** (299.5643)
$lnDIG$	0.0008*** (4.2669)	−0.0037*** (−6.0750)	0.0128*** (13.0240)	−0.0470*** (−13.0041)
$lnSAN$	0.0073*** (6.1089)	0.0890*** (10.6527)	0.0393*** (5.5231)	−0.2361*** (−9.0240)
$lnLAB$	0.0329*** (7.2728)	0.0190 (1.3576)	0.0569*** (2.8079)	−0.1023 (−1.3735)
$lnFIN$	−0.0009*** (−2.6732)	−0.0171*** (−6.2657)	0.0054*** (2.6367)	−0.0215*** (−2.8589)
$lnTF$	0.0050*** (10.8712)	−0.0244*** (−18.9626)	−0.0072* (−1.7035)	0.1125*** (7.2346)
$lnHEP$	0.0004 (1.1556)	0.0743*** (14.6276)	0.2327*** (14.0844)	−0.4737*** (−7.7960)
$lnURB$	−0.0075*** (−3.9519)	−0.0158** (−2.3233)	0.0039 (1.0473)	0.0102 (0.7523)
$lnPGDP$	0.0042*** (8.8933)	−0.0258*** (−9.1141)	0.0100* (1.8241)	0.1759*** (8.7230)
Constant	0.1653*** (9.8448)	−0.0818 (−1.0485)	2.7470*** (27.1281)	3.7574*** (10.0921)
$AR(1)$	0.0670	0.0910
$AR(2)$	0.1270	0.3480
$Hansentest$	0.6690	0.6060
R-squared			0.6751	0.5272

Note: "***", "**", and "*" mean significance at the level of 0.01, 0.05, and 0.1, respectively; t value in parehtheses.