Table 2 Panel LSDV vector autoregression...

Table 2

Panel LSDV vector autoregression results

Equation	Parms	RMSE	R-squared	F-statistics
Persons employed per number of SMEs	37	0.073941	0.9967	18.65369
DESI index	37	4.84642	0.8404	13.72331
Basic digital skills	37	2.49343	0.7981	9.306465
GDP per capita	37	31214.6	0.9988	24.5749
Economic freedom index	37	1.39911	0.9522	8.897182

Equation	Parms	RMSE	R-squared	F-statistics
Persons employed per number of SMEs	37	0.073941	0.9967	18.65369
DESI index	37	4.84642	0.8404	13.72331
Basic digital skills	37	2.49343	0.7981	9.306465
GDP per capita	37	31214.6	0.9988	24.5749
Economic freedom index	37	1.39911	0.9522	8.897182

Equation/Variable	Coefficient	Standard error	t-statistics	p-value	95% confidence interval
Persons employed per number of SMEs
l1_Persons Employed Per Number of SMEs	0.5235147	0.071649	7.31	0.000	0.3817124	0.665317
l1_DESI Index	0.0016784	0.000992	1.69	0.093	−0.000285	0.0036417
l1_Basic Digital Skills	0.0008776	0.0024317	0.36	0.719	−0.003935	0.0056902
l1_GDP per Capita	−8.15e−08	2.08e−07	−0.39	0.695	−4.92e−07	3.29e−07
l1_Economic Freedom Index	0.0033871	0.0053719	0.63	0.529	−0.0072445	0.0140188
l2_Persons Employed Per Number of SMEs	0.0590731	0.0641982	0.92	0.359	−0.067983	0.1861292
l2_DESI Index	0.0008768	0.0010459	0.84	0.403	−0.0011932	0.0029468
l2_Basic Digital Skills	0.0012611	0.0028855	0.44	0.663	−0.0044496	0.0069717
l2_GDP per Capita	−1.47e−07	2.10e−07	−0.70	0.486	−5.61e−07	2.68e−07
l2_Economic Freedom Index	−0.008199	0.0056504	−1.45	0.149	−0.0193818	0.0029838
DESI index
l1_Persons Employed Per Number of SMEs	−5.946714	4.696185	−1.27	0.208	−15.24105	3.34762
l1_DESI Index	0.1546867	0.0650218	2.38	0.019	0.0260006	0.2833729
l1_Basic Digital Skills	0.3418544	0.1593843	2.14	0.034	0.026413	0.6572957
l1_GDP per Capita	6.87e−06	0.0000136	0.51	0.614	−0.00002	0.0000338
l1_Economic Freedom Index	1.230813	0.3520983	3.50	0.001	0.5339667	1.927659
l2_Persons Employed Per Number of SMEs	−3.1084	4.207824	−0.74	0.461	−11.43621	5.219405
l2_DESI Index	−0.1965439	0.0685537	−2.87	0.005	−0.3322202	−0.0608676
l2_Basic Digital Skills	−0.4343888	0.1891251	−2.30	0.023	−0.8086909	−0.0600867
l2_GDP per Capita	4.71e−06	0.0000137	0.34	0.732	−0.0000225	0.0000319
l2_Economic Freedom Index	1.143889	0.3703501	3.09	0.002	0.4109205	1.876858
Basic digital skills
l1_Persons Employed Per Number of SMEs	−3.396552	2.416135	−1.41	0.162	−8.178383	1.385279
l1_DESI Index	0.0705567	0.033453	2.11	0.037	0.0043491	0.1367643
l1_Basic Digital Skills	0.3655878	0.0820015	4.46	0.000	0.2032967	0.5278788
l1_GDP per Capita	−3.32e−06	7.00e−06	−0.47	0.636	−0.0000172	0.0000105
l1_Economic Freedom Index	0.5862963	0.1811506	3.24	0.002	0.2277767	0.9448159
l2_Persons Employed Per Number of SMEs	0.4371794	2.164878	0.20	0.840	−3.847384	4.721742
l2_DESI Index	0.1138777	0.0352701	3.23	0.002	0.0440738	0.1836816
l2_Basic Digital Skills	−0.3570637	0.0973028	−3.67	0.000	−0.5496379	−0.1644894
l2_GDP per Capita	5.79e−06	7.07e−06	0.82	0.415	−8.21e−06	0.0000198
l2_Economic Freedom Index	0.0908639	0.190541	0.48	0.634	−0.2862404	0.4679683
GDP per capita
l1_Persons Employed Per Number of SMEs	−17225.85	30246.93	−0.57	0.570	−77088.28	42636.58
l1_DESI Index	114.3142	418.7887	0.27	0.785	−714.5206	943.1489
l1_Basic Digital Skills	38.06633	1026.554	0.04	0.970	−1993.611	2069.743
l1_GDP per Capita	0.5894525	0.087601	6.73	0.000	0.4160793	0.7628258
l1_Economic Freedom Index	4411.721	2267.775	1.95	0.054	−76.48736	8899.93
l2_Persons Employed Per Number of SMEs	−6988.946	27101.52	−0.26	0.797	−60626.21	46648.32
l2_DESI Index	416.5394	441.5368	0.94	0.347	−457.3168	1290.396
l2_Basic Digital Skills	473.874	1218.107	0.39	0.698	−1936.91	2884.658
l2_GDP per Capita	0.297443	0.0885053	3.36	0.001	0.12228	0.4726059
l2_Economic Freedom Index	−3026.469	2385.331	−1.27	0.207	−7747.334	1694.396
Economic freedom index
l1_Persons Employed Per Number of SMEs	−1.130156	1.355738	−0.83	0.406	−3.813329	1.553018
l1_DESI Index	0.0213863	0.0187711	1.14	0.257	−0.015764	0.0585366
l1_Basic Digital Skills	0.0965498	0.0460125	2.10	0.038	0.0054853	0.1876143
l1_GDP per Capita	−1.03e−06	3.93e−06	−0.26	0.794	−8.80e−06	6.74e−06
l1_Economic Freedom Index	0.5538695	0.101647	5.45	0.000	0.3526975	0.7550414
l2_Persons Employed Per Number of SMEs	0.9661723	1.214753	0.80	0.428	−1.437975	3.37032
l2_DESI Index	−0.0070465	0.0197907	−0.36	0.722	−0.0462148	0.0321217
l2_Basic Digital Skills	−0.1422589	0.0545984	−2.61	0.010	−0.2503158	−0.0342019
l2_GDP per Capita	1.13e−06	3.97e−06	0.28	0.777	−6.72e−06	8.98e−06
l2_Economic Freedom Index	0.0153068	0.1069161	0.14	0.886	−0.1962933	0.226907

Equation/Variable	Coefficient	Standard error	t-statistics	p-value	95% confidence interval
Persons employed per number of SMEs
l1_Persons Employed Per Number of SMEs	0.5235147	0.071649	7.31	0.000	0.3817124	0.665317
l1_DESI Index	0.0016784	0.000992	1.69	0.093	−0.000285	0.0036417
l1_Basic Digital Skills	0.0008776	0.0024317	0.36	0.719	−0.003935	0.0056902
l1_GDP per Capita	−8.15e−08	2.08e−07	−0.39	0.695	−4.92e−07	3.29e−07
l1_Economic Freedom Index	0.0033871	0.0053719	0.63	0.529	−0.0072445	0.0140188
l2_Persons Employed Per Number of SMEs	0.0590731	0.0641982	0.92	0.359	−0.067983	0.1861292
l2_DESI Index	0.0008768	0.0010459	0.84	0.403	−0.0011932	0.0029468
l2_Basic Digital Skills	0.0012611	0.0028855	0.44	0.663	−0.0044496	0.0069717
l2_GDP per Capita	−1.47e−07	2.10e−07	−0.70	0.486	−5.61e−07	2.68e−07
l2_Economic Freedom Index	−0.008199	0.0056504	−1.45	0.149	−0.0193818	0.0029838
DESI index
l1_Persons Employed Per Number of SMEs	−5.946714	4.696185	−1.27	0.208	−15.24105	3.34762
l1_DESI Index	0.1546867	0.0650218	2.38	0.019	0.0260006	0.2833729
l1_Basic Digital Skills	0.3418544	0.1593843	2.14	0.034	0.026413	0.6572957
l1_GDP per Capita	6.87e−06	0.0000136	0.51	0.614	−0.00002	0.0000338
l1_Economic Freedom Index	1.230813	0.3520983	3.50	0.001	0.5339667	1.927659
l2_Persons Employed Per Number of SMEs	−3.1084	4.207824	−0.74	0.461	−11.43621	5.219405
l2_DESI Index	−0.1965439	0.0685537	−2.87	0.005	−0.3322202	−0.0608676
l2_Basic Digital Skills	−0.4343888	0.1891251	−2.30	0.023	−0.8086909	−0.0600867
l2_GDP per Capita	4.71e−06	0.0000137	0.34	0.732	−0.0000225	0.0000319
l2_Economic Freedom Index	1.143889	0.3703501	3.09	0.002	0.4109205	1.876858
Basic digital skills
l1_Persons Employed Per Number of SMEs	−3.396552	2.416135	−1.41	0.162	−8.178383	1.385279
l1_DESI Index	0.0705567	0.033453	2.11	0.037	0.0043491	0.1367643
l1_Basic Digital Skills	0.3655878	0.0820015	4.46	0.000	0.2032967	0.5278788
l1_GDP per Capita	−3.32e−06	7.00e−06	−0.47	0.636	−0.0000172	0.0000105
l1_Economic Freedom Index	0.5862963	0.1811506	3.24	0.002	0.2277767	0.9448159
l2_Persons Employed Per Number of SMEs	0.4371794	2.164878	0.20	0.840	−3.847384	4.721742
l2_DESI Index	0.1138777	0.0352701	3.23	0.002	0.0440738	0.1836816
l2_Basic Digital Skills	−0.3570637	0.0973028	−3.67	0.000	−0.5496379	−0.1644894
l2_GDP per Capita	5.79e−06	7.07e−06	0.82	0.415	−8.21e−06	0.0000198
l2_Economic Freedom Index	0.0908639	0.190541	0.48	0.634	−0.2862404	0.4679683
GDP per capita
l1_Persons Employed Per Number of SMEs	−17225.85	30246.93	−0.57	0.570	−77088.28	42636.58
l1_DESI Index	114.3142	418.7887	0.27	0.785	−714.5206	943.1489
l1_Basic Digital Skills	38.06633	1026.554	0.04	0.970	−1993.611	2069.743
l1_GDP per Capita	0.5894525	0.087601	6.73	0.000	0.4160793	0.7628258
l1_Economic Freedom Index	4411.721	2267.775	1.95	0.054	−76.48736	8899.93
l2_Persons Employed Per Number of SMEs	−6988.946	27101.52	−0.26	0.797	−60626.21	46648.32
l2_DESI Index	416.5394	441.5368	0.94	0.347	−457.3168	1290.396
l2_Basic Digital Skills	473.874	1218.107	0.39	0.698	−1936.91	2884.658
l2_GDP per Capita	0.297443	0.0885053	3.36	0.001	0.12228	0.4726059
l2_Economic Freedom Index	−3026.469	2385.331	−1.27	0.207	−7747.334	1694.396
Economic freedom index
l1_Persons Employed Per Number of SMEs	−1.130156	1.355738	−0.83	0.406	−3.813329	1.553018
l1_DESI Index	0.0213863	0.0187711	1.14	0.257	−0.015764	0.0585366
l1_Basic Digital Skills	0.0965498	0.0460125	2.10	0.038	0.0054853	0.1876143
l1_GDP per Capita	−1.03e−06	3.93e−06	−0.26	0.794	−8.80e−06	6.74e−06
l1_Economic Freedom Index	0.5538695	0.101647	5.45	0.000	0.3526975	0.7550414
l2_Persons Employed Per Number of SMEs	0.9661723	1.214753	0.80	0.428	−1.437975	3.37032
l2_DESI Index	−0.0070465	0.0197907	−0.36	0.722	−0.0462148	0.0321217
l2_Basic Digital Skills	−0.1422589	0.0545984	−2.61	0.010	−0.2503158	−0.0342019
l2_GDP per Capita	1.13e−06	3.97e−06	0.28	0.777	−6.72e−06	8.98e−06
l2_Economic Freedom Index	0.0153068	0.1069161	0.14	0.886	−0.1962933	0.226907

Note(s): 162 observations, 27 groups

Source(s): Own estimations in STATA 14 software

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