Table 3 Panel LSDV vector autoregression...

Table 3

Panel LSDV vector autoregression results

Equation	Parms	RMSE	R-squared	F-statistics
Value added per number of SMEs	37	0.010736	0.9946	20.75643
DESI index	37	6.03997	0.7610	9.224856
Basic digital skills	37	2.39758	0.8062	11.18557
GDP per capita	37	29222.1	0.9988	54.43672
Economic freedom index	37	1.34967	0.9548	16.23576

Equation	Parms	RMSE	R-squared	F-statistics
Value added per number of SMEs	37	0.010736	0.9946	20.75643
DESI index	37	6.03997	0.7610	9.224856
Basic digital skills	37	2.39758	0.8062	11.18557
GDP per capita	37	29222.1	0.9988	54.43672
Economic freedom index	37	1.34967	0.9548	16.23576

Equation/Variable	Coefficient	Standard error	t-statistics	p-value	95% confidence interval
Persons employed per number of SMEs
l1_Value Added Per Number of SMEs	0.6605343	0.0788474	8.38	0.000	0.504756	0.8163125
l1_DESI Index	0.0002483	0.0001306	1.90	0.059	−9.75e−06	0.0005063
l1_Basic Digital Skills	0.0007584	0.0003295	2.30	0.023	0.0001075	0.0014094
l1_GDP per Capita	−5.78e−09	2.95e−08	−0.20	0.845	−6.41e−08	5.25e−08
l1_Economic Freedom Index	0.0009124	0.0007253	1.26	0.210	−0.0005207	0.0023454
l2_Value Added Per Number of SMEs	0.1920899	0.0869241	2.21	0.029	0.0203544	0.3638254
l2_DESI Index	−0.0000643	0.0001407	−0.46	0.648	−0.0003422	0.0002136
l2_Basic Digital Skills	−0.0011687	0.0003953	−2.96	0.004	−0.0019498	−0.0003876
l2_GDP per Capita	−2.29e−10	2.95e−08	−0.01	0.994	−5.86e−08	5.81e−08
l2_Economic Freedom Index	−0.000405	0.0007834	−0.52	0.606	−0.0019528	0.0011427
DESI index
l1_Value Added Per Number of SMEs	68.49076	44.36071	1.54	0.125	−19.15242	156.1339
l1_DESI Index	0.4495196	0.0734821	6.12	0.000	0.3043415	0.5946977
l1_Basic Digital Skills	0.5607404	0.1853725	3.02	0.003	0.194501	0.9269798
l1_GDP per Capita	5.55e−06	0.0000166	0.33	0.739	−0.0000273	0.0000384
l1_Economic Freedom Index	0.7131857	0.4080794	1.75	0.083	−0.0930543	1.519426
l2_Value Added Per Number of SMEs	−72.98303	48.90481	−1.49	0.138	−169.604	23.6379
l2_DESI Index	−0.3518538	0.079133	−4.45	0.000	−0.5081965	−0.1955112
l2_Basic Digital Skills	−0.4055804	0.2224267	−1.82	0.070	−0.8450274	0.0338666
l2_GDP per Capita	−2.07e−06	0.0000166	−0.12	0.901	−0.0000349	0.0000307
l2_Economic Freedom Index	0.433065	0.440744	0.98	0.327	−0.4377103	1.30384
Basic digital skills
l1_Value Added Per Number of SMEs	−37.94635	17.60907	−2.15	0.033	−72.73648	−3.156216
l1_DESI Index	0.0817706	0.0291689	2.80	0.006	0.0241419	0.1393994
l1_Basic Digital Skills	0.4504097	0.073584	6.12	0.000	0.3050302	0.5957891
l1_GDP per Capita	−3.48e−06	6.59e−06	−0.53	0.598	−0.0000165	9.54e−06
l1_Economic Freedom Index	0.4134763	0.1619879	2.55	0.012	0.0934377	0.7335148
l2_Value Added Per Number of SMEs	67.30704	19.41286	3.47	0.001	28.95317	105.6609
l2_DESI Index	0.090788	0.031412	2.89	0.004	0.0287275	0.1528485
l2_Basic Digital Skills	−0.3742185	0.0882927	−4.24	0.000	−0.5486579	−0.1997792
l2_GDP per Capita	4.00e−06	6.59e−06	0.61	0.545	−9.02e−06	0.000017
l2_Economic Freedom Index	0.0742405	0.1749542	0.42	0.672	−0.2714154	0.4198965
GDP per capita
l1_Value Added Per Number of SMEs	75561.83	214622.3	0.35	0.725	−348466.2	499589.8
l1_DESI Index	12.1304	355.515	0.03	0.973	−690.2584	714.5192
l1_Basic Digital Skills	−89.42641	896.8541	−0.10	0.921	−1861.336	1682.483
l1_GDP per Capita	0.6359103	0.0803291	7.92	0.000	0.4772045	0.7946161
l1_Economic Freedom Index	3614.522	1974.336	1.83	0.069	−286.1618	7515.205
l2_Value Added Per Number of SMEs	−103919.9	236607.2	−0.44	0.661	−571383.3	363543.5
l2_DESI Index	385.4047	382.8549	1.01	0.316	−370.9993	1141.809
l2_Basic Digital Skills	444.6735	1076.126	0.41	0.680	−1681.423	2570.77
l2_GDP per Capita	0.3584837	0.0803521	4.46	0.000	0.1997326	0.5172349
l2_Economic Freedom Index	−2661.921	2132.371	−1.25	0.214	−6874.834	1550.992
Economic freedom index
l1_Value Added Per Number of SMEs	22.23977	9.912716	2.24	0.026	2.65528	41.82427
l1_DESI Index	0.0060458	0.0164201	0.37	0.713	−0.0263953	0.0384868
l1_Basic Digital Skills	0.0522673	0.0414228	1.26	0.209	−0.0295715	0.1341061
l1_GDP per Capita	−1.64e−06	3.71e−06	−0.44	0.658	−8.97e−06	5.69e−06
l1_Economic Freedom Index	0.6216794	0.0911882	6.82	0.000	0.4415193	0.8018394
l2_Value Added Per Number of SMEs	11.68221	10.92813	1.07	0.287	−9.908426	33.27285
l2_DESI Index	0.0103778	0.0176828	0.59	0.558	−0.0245581	0.0453137
l2_Basic Digital Skills	−0.1725951	0.0497028	−3.47	0.001	−0.2707927	−0.0743976
l2_GDP per Capita	1.49e−06	3.71e−06	0.40	0.689	−5.84e−06	8.82e−06
l2_Economic Freedom Index	−0.0237779	0.0984874	−0.24	0.810	−0.2183588	0.1708031

Equation/Variable	Coefficient	Standard error	t-statistics	p-value	95% confidence interval
Persons employed per number of SMEs
l1_Value Added Per Number of SMEs	0.6605343	0.0788474	8.38	0.000	0.504756	0.8163125
l1_DESI Index	0.0002483	0.0001306	1.90	0.059	−9.75e−06	0.0005063
l1_Basic Digital Skills	0.0007584	0.0003295	2.30	0.023	0.0001075	0.0014094
l1_GDP per Capita	−5.78e−09	2.95e−08	−0.20	0.845	−6.41e−08	5.25e−08
l1_Economic Freedom Index	0.0009124	0.0007253	1.26	0.210	−0.0005207	0.0023454
l2_Value Added Per Number of SMEs	0.1920899	0.0869241	2.21	0.029	0.0203544	0.3638254
l2_DESI Index	−0.0000643	0.0001407	−0.46	0.648	−0.0003422	0.0002136
l2_Basic Digital Skills	−0.0011687	0.0003953	−2.96	0.004	−0.0019498	−0.0003876
l2_GDP per Capita	−2.29e−10	2.95e−08	−0.01	0.994	−5.86e−08	5.81e−08
l2_Economic Freedom Index	−0.000405	0.0007834	−0.52	0.606	−0.0019528	0.0011427
DESI index
l1_Value Added Per Number of SMEs	68.49076	44.36071	1.54	0.125	−19.15242	156.1339
l1_DESI Index	0.4495196	0.0734821	6.12	0.000	0.3043415	0.5946977
l1_Basic Digital Skills	0.5607404	0.1853725	3.02	0.003	0.194501	0.9269798
l1_GDP per Capita	5.55e−06	0.0000166	0.33	0.739	−0.0000273	0.0000384
l1_Economic Freedom Index	0.7131857	0.4080794	1.75	0.083	−0.0930543	1.519426
l2_Value Added Per Number of SMEs	−72.98303	48.90481	−1.49	0.138	−169.604	23.6379
l2_DESI Index	−0.3518538	0.079133	−4.45	0.000	−0.5081965	−0.1955112
l2_Basic Digital Skills	−0.4055804	0.2224267	−1.82	0.070	−0.8450274	0.0338666
l2_GDP per Capita	−2.07e−06	0.0000166	−0.12	0.901	−0.0000349	0.0000307
l2_Economic Freedom Index	0.433065	0.440744	0.98	0.327	−0.4377103	1.30384
Basic digital skills
l1_Value Added Per Number of SMEs	−37.94635	17.60907	−2.15	0.033	−72.73648	−3.156216
l1_DESI Index	0.0817706	0.0291689	2.80	0.006	0.0241419	0.1393994
l1_Basic Digital Skills	0.4504097	0.073584	6.12	0.000	0.3050302	0.5957891
l1_GDP per Capita	−3.48e−06	6.59e−06	−0.53	0.598	−0.0000165	9.54e−06
l1_Economic Freedom Index	0.4134763	0.1619879	2.55	0.012	0.0934377	0.7335148
l2_Value Added Per Number of SMEs	67.30704	19.41286	3.47	0.001	28.95317	105.6609
l2_DESI Index	0.090788	0.031412	2.89	0.004	0.0287275	0.1528485
l2_Basic Digital Skills	−0.3742185	0.0882927	−4.24	0.000	−0.5486579	−0.1997792
l2_GDP per Capita	4.00e−06	6.59e−06	0.61	0.545	−9.02e−06	0.000017
l2_Economic Freedom Index	0.0742405	0.1749542	0.42	0.672	−0.2714154	0.4198965
GDP per capita
l1_Value Added Per Number of SMEs	75561.83	214622.3	0.35	0.725	−348466.2	499589.8
l1_DESI Index	12.1304	355.515	0.03	0.973	−690.2584	714.5192
l1_Basic Digital Skills	−89.42641	896.8541	−0.10	0.921	−1861.336	1682.483
l1_GDP per Capita	0.6359103	0.0803291	7.92	0.000	0.4772045	0.7946161
l1_Economic Freedom Index	3614.522	1974.336	1.83	0.069	−286.1618	7515.205
l2_Value Added Per Number of SMEs	−103919.9	236607.2	−0.44	0.661	−571383.3	363543.5
l2_DESI Index	385.4047	382.8549	1.01	0.316	−370.9993	1141.809
l2_Basic Digital Skills	444.6735	1076.126	0.41	0.680	−1681.423	2570.77
l2_GDP per Capita	0.3584837	0.0803521	4.46	0.000	0.1997326	0.5172349
l2_Economic Freedom Index	−2661.921	2132.371	−1.25	0.214	−6874.834	1550.992
Economic freedom index
l1_Value Added Per Number of SMEs	22.23977	9.912716	2.24	0.026	2.65528	41.82427
l1_DESI Index	0.0060458	0.0164201	0.37	0.713	−0.0263953	0.0384868
l1_Basic Digital Skills	0.0522673	0.0414228	1.26	0.209	−0.0295715	0.1341061
l1_GDP per Capita	−1.64e−06	3.71e−06	−0.44	0.658	−8.97e−06	5.69e−06
l1_Economic Freedom Index	0.6216794	0.0911882	6.82	0.000	0.4415193	0.8018394
l2_Value Added Per Number of SMEs	11.68221	10.92813	1.07	0.287	−9.908426	33.27285
l2_DESI Index	0.0103778	0.0176828	0.59	0.558	−0.0245581	0.0453137
l2_Basic Digital Skills	−0.1725951	0.0497028	−3.47	0.001	−0.2707927	−0.0743976
l2_GDP per Capita	1.49e−06	3.71e−06	0.40	0.689	−5.84e−06	8.82e−06
l2_Economic Freedom Index	−0.0237779	0.0984874	−0.24	0.810	−0.2183588	0.1708031

Note(s): 189 observations, 27 groups

Source(s): Own estimations in STATA 14 software

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