Table 2

Sys-GMM estimates with control variables

LogTi
(1)(2)(3)
LlogTi0.616***0.639***0.705***
(0.029)(0.028)(0.028)
LogAVA0.017*  
(0.01)  
LogAgr_Emp 0.024* 
 (0.013) 
LogAgr_prod  −0.024**
  (0.012)
LogMVA−0.027***−0.023**−0.023**
(0.01)(0.01)(0.009)
LogSVA−0.042−0.051−0.067
(0.042)(0.059)(0.078)
LogPop−0.033***−0.028***−0.026**
(0.007)(0.006)(0.01)
LogOpen0.006−0.039−0.014
(0.035)(0.023)(0.033)
LogInvest0.0150.034***0.031**
(0.013)(0.01)(0.014)
LogFDI0.0030.005**0.003
(0.003)(0.002)(0.003)
LogDist−0.178*−0.07−0.051
(0.098)(0.091)(0.103)
LogRes0.011**0.0110.007
(0.005)(0.007)(0.008)
LogInst−0.03***−0.034***−0.011
(0.011)(0.011)(0.017)
_cons2.737***1.768**1.711**
(0.707)(0.686)(0.674)
Observations499487462
Countries393838
Instruments383837
AR(1)0.0080.0080.008
AR(2)0.3040.3000.304
Sargan0.4930.5110.238
Hansen0.4710.4480.466

Note(s): Standard errors are in parentheses, ***p < 0.01, **p < 0.05, *p < 0.1

Source(s): Authors’ own work
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