Panel regression results
| POLS | FE | RE | |
|---|---|---|---|
| CONAGR | 0.1186*** | −0.0940** | −0.0072 |
| (0.000) | (0.031) | (0.849) | |
| CONINDS | 0.0356* | 0.0116 | 0.0172 |
| (0.098) | (0.744) | (0.550) | |
| CONSERV | 0.0420* | 0.1402*** | 0.0747** |
| (0.075) | (0.000) | (0.015) | |
| RDEVEXP | 0.0789*** | 0.0800*** | 0.0916*** |
| (0.000) | (0.000) | (0.000) | |
| CTDS | −0.0865*** | −0.0898*** | −0.0875*** |
| (0.000) | (0.000) | (0.000) | |
| GSTDum | 1.9887*** | 1.5762*** | 1.6839*** |
| (0.000) | (0.000) | (0.000) | |
| C | 5.7289*** | 4.7671 | 6.1386** |
| (0.002) | (0.101) | (0.012) | |
| Tests | |||
| Chow Test | H0: POLS is more consistent than FE | 241.21 | FE is more consistent |
| (0.000) | |||
| BPLM Test | H0: POLS is more consistent than RE | 249.16 | RE is more consistent |
| (0.000) | |||
| Hausman Test | H0: RE is more consistent than FE | 31.04 | FE is more consistent |
| (0.000) | |||
| Diagnostic tests | |||
| Modified Wald test for Heteroskedasticity | H0: No heteroskedasticity (constant variance) | 405.97 | Heteroskedasticity |
| (0.000) | |||
| Wooldridge test for Autocorrelation | H0: No first-order autocorrelation | 65.865 | Autocorrelation |
| (0.000) | |||
| POLS | FE | RE | |
|---|---|---|---|
| CONAGR | 0.1186*** | −0.0940** | −0.0072 |
| (0.000) | (0.031) | (0.849) | |
| CONINDS | 0.0356* | 0.0116 | 0.0172 |
| (0.098) | (0.744) | (0.550) | |
| CONSERV | 0.0420* | 0.1402*** | 0.0747** |
| (0.075) | (0.000) | (0.015) | |
| RDEVEXP | 0.0789*** | 0.0800*** | 0.0916*** |
| (0.000) | (0.000) | (0.000) | |
| CTDS | −0.0865*** | −0.0898*** | −0.0875*** |
| (0.000) | (0.000) | (0.000) | |
| GSTDum | 1.9887*** | 1.5762*** | 1.6839*** |
| (0.000) | (0.000) | (0.000) | |
| C | 5.7289*** | 4.7671 | 6.1386** |
| (0.002) | (0.101) | (0.012) | |
| Chow Test | H0: POLS is more consistent than FE | 241.21 | FE is more consistent |
| (0.000) | |||
| BPLM Test | H0: POLS is more consistent than RE | 249.16 | RE is more consistent |
| (0.000) | |||
| Hausman Test | H0: RE is more consistent than FE | 31.04 | FE is more consistent |
| (0.000) | |||
| Modified Wald test for Heteroskedasticity | H0: No heteroskedasticity (constant variance) | 405.97 | Heteroskedasticity |
| (0.000) | |||
| Wooldridge test for Autocorrelation | H0: No first-order autocorrelation | 65.865 | Autocorrelation |
| (0.000) | |||
Note(s): p-value in parentheses and the asterisks (***), (**) and * stands for 1%, 5% and 10% level of significance respectively
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