Table 3 Empirical results Eq. 1 Eq. 2... | Emerald Publishing

Table 3

Empirical results

	Eq. 1		Eq. 2		Eq. 3		Eq. 4		Eq. 5		Eq. 6
	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.
WGI_va	5.0962**	1.7180
WGI_rq			4.3325**	1.3422
WGI_rl					4.4488***	0.8669
WGI_ps							2.0605	1.8047
WGI_ge									4.9280***	1.0931
WGI_cc											3.8836***	0.7358
Left	0.1889	0.9693	0.4171	0.9810	0.6422	0.9248	−0.1660	1.0010	0.7347	0.9535	0.8929	0.9460
Strength	−0.0665	0.0526	−0.0611	0.0524	−0.0295	0.0472	−0.1208*	0.0519	−0.0385	0.0490	−0.0174	0.0482
Balance	0.5404**	0.1744	0.5381**	0.1734	0.5802***	0.1641	0.5642**	0.1789	0.5698**	0.1669	0.4553**	0.1666
Population	1.3535*	0.5746	1.1923*	0.5858	1.1975*	0.4840	1.9557**	0.6920	1.2151*	0.5074	0.9023†	0.5049
Young	0.0381	0.1705	−0.0093	0.1737	0.0293	0.1441	0.1259	0.1878	0.0242	0.1507	−0.0404	0.1483
_cons	46.1626**	13.3130	50.8414***	13.4318	47.7751***	11.2624	39.6504*	16.1274	47.5012***	11.7391	55.4546***	11.5658
/sigma_u	2.7096***	0.5551	2.7142***	0.5627	2.0005***	0.5303	3.2912***	0.6267	2.1597***	0.5419	2.0572***	0.5288
/sigma_e	3.7628***	0.2526	3.7368***	0.2519	3.7731***	0.2556	3.7290***	0.2522	3.7787***	0.2564	3.7349***	0.2531
rho	0.3415	0.1021	0.3454	0.1041	0.2194	0.0995	0.4379	0.1048	0.2462	0.1026	0.2328	0.1009

	Eq. 1		Eq. 2		Eq. 3		Eq. 4		Eq. 5		Eq. 6
	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.
WGI_va	5.0962**	1.7180
WGI_rq			4.3325**	1.3422
WGI_rl					4.4488***	0.8669
WGI_ps							2.0605	1.8047
WGI_ge									4.9280***	1.0931
WGI_cc											3.8836***	0.7358
Left	0.1889	0.9693	0.4171	0.9810	0.6422	0.9248	−0.1660	1.0010	0.7347	0.9535	0.8929	0.9460
Strength	−0.0665	0.0526	−0.0611	0.0524	−0.0295	0.0472	−0.1208*	0.0519	−0.0385	0.0490	−0.0174	0.0482
Balance	0.5404**	0.1744	0.5381**	0.1734	0.5802***	0.1641	0.5642**	0.1789	0.5698**	0.1669	0.4553**	0.1666
Population	1.3535*	0.5746	1.1923*	0.5858	1.1975*	0.4840	1.9557**	0.6920	1.2151*	0.5074	0.9023†	0.5049
Young	0.0381	0.1705	−0.0093	0.1737	0.0293	0.1441	0.1259	0.1878	0.0242	0.1507	−0.0404	0.1483
_cons	46.1626**	13.3130	50.8414***	13.4318	47.7751***	11.2624	39.6504*	16.1274	47.5012***	11.7391	55.4546***	11.5658
/sigma_u	2.7096***	0.5551	2.7142***	0.5627	2.0005***	0.5303	3.2912***	0.6267	2.1597***	0.5419	2.0572***	0.5288
/sigma_e	3.7628***	0.2526	3.7368***	0.2519	3.7731***	0.2556	3.7290***	0.2522	3.7787***	0.2564	3.7349***	0.2531
rho	0.3415	0.1021	0.3454	0.1041	0.2194	0.0995	0.4379	0.1048	0.2462	0.1026	0.2328	0.1009

Note(s): (1) †, *, **, and *** represent statistical relevance at 90, 95, 99, and 99.9%, respectively; (2) Results are controlled by year dummy variables

Source(s): Table created by authors