Table 3 Results of total accruals for...

Table 3

Results of total accruals for the Spanish municipalities between 2016 and 2018, considering Mundlack estimators

Variables	Model 1	Model 2	Model 3	Model 4
Intercept	0.1040 $***$	0.2063 $***$	0.1739 $***$	0.1709 $***$
Intercept	(0.0233)	(0.0329)	(0.0240)	(0.0217)
$1 / T A_{(t - 1)}$	561,086 $***$	521,640 $***$	521,603 $***$	524,120 $***$
$1 / T A_{(t - 1)}$	(120,139)	(123,844)	(123,936)	(124,461)
$Δ$ REV $(t)$ − $Δ$ REC $(t)$ /TA $(t - 1)$	0.0813	0.0924	0.0930	0.0933
$Δ$ REV $(t)$ − $Δ$ REC $(t)$ /TA $(t - 1)$	(0.0508)	(0.0641)	(0.0642)	(0.0646)
$P P E_{(t)} / T A_{(t - 1)}$	−0.1771 $***$	−0.1776 $***$	−0.1777 $***$	−0.1779 $***$
$P P E_{(t)} / T A_{(t - 1)}$	(0.0125)	(0.0114)	(0.0115)	(0.0115)
Government variables
HI	0.0547 $**$		0.0473 $**$	0.0452 $**$
HI	(0.0224)		(0.0222)	(0.0214)
ALIGN	0.0070 $**$		0.0086 $**$	0.0087 $**$
ALIGN	(0.0030)		(0.0037)	(0.0036)
RIGHT-WING	−0.0030		−0.0019	−0.0014
RIGHT-WING	(0.0028)		(0.0034)	(0.0033)
Mayor variables
WAGE		−0.0008	−0.0003	−0.0042
WAGE		(0.0046)	(0.0045)	(0.0049)
FULLTIME		0.0165 $***$	0.0149 $***$	0.1055 $**$
FULLTIME		(0.0045)	(0.0043)	(0.0330)
FEMALE		0.0016	0.0023	0.0022
FEMALE		(0.0027)	(0.0030)	(0.0030)
WAGE*FULLTIME				−0.0088 $**$
WAGE*FULLTIME				(0.0032)
Mean of $1 / T A_{(t - 1)}$	−602,779 $***$	−591,634 $***$	−636,279 $***$	−664,396 $***$
Mean of $1 / T A_{(t - 1)}$	(111,052)	(123,758)	(126,720)	(132,280)
Mean of $Δ$ REV $(t)$ - $Δ$ REC $(t)$ /TA $(t - 1)$	0.2023 $^{*}$	0.2216 $**$	0.2236 $**$	0.2251 $**$
Mean of $Δ$ REV $(t)$ - $Δ$ REC $(t)$ /TA $(t - 1)$	(0.1112)	(0.1075)	(0.1073)	(0.1072)
Mean of PPE $(t)$ /TA $(t - 1)$	0.0241 $^{*}$	0.0242 $^{*}$	0.0231 $^{*}$	0.0233 $^{*}$
Mean of PPE $(t)$ /TA $(t - 1)$	(0.0135)	(0.0138)	(0.0132)	(0.0131)
Mean of WAGE		−0.0085	−0.0071	−0.0114 $**$
Mean of WAGE		(0.0052)	(0.0049)	(0.0056)
Mean of WAGE*FULLTIME				0.0014 $^{*}$
Mean of WAGE*FULLTIME				(0.0004)
$N$	3,142	2,673	2,673	2,673
R2 within	0.8495	0.8725	0.8726	0.8726
R2 between	0.6830	0.6838	0.6898	0.6908
R2 overall	0.7887	0.8127	0.8149	0.8153
Fixed effects	No	No	No	No
Temporal effects	Yes	Yes	Yes	Yes

Variables	Model 1	Model 2	Model 3	Model 4
Intercept	0.1040 $***$	0.2063 $***$	0.1739 $***$	0.1709 $***$
Intercept	(0.0233)	(0.0329)	(0.0240)	(0.0217)
$1 / T A_{(t - 1)}$	561,086 $***$	521,640 $***$	521,603 $***$	524,120 $***$
$1 / T A_{(t - 1)}$	(120,139)	(123,844)	(123,936)	(124,461)
$Δ$ REV $(t)$ − $Δ$ REC $(t)$ /TA $(t - 1)$	0.0813	0.0924	0.0930	0.0933
$Δ$ REV $(t)$ − $Δ$ REC $(t)$ /TA $(t - 1)$	(0.0508)	(0.0641)	(0.0642)	(0.0646)
$P P E_{(t)} / T A_{(t - 1)}$	−0.1771 $***$	−0.1776 $***$	−0.1777 $***$	−0.1779 $***$
$P P E_{(t)} / T A_{(t - 1)}$	(0.0125)	(0.0114)	(0.0115)	(0.0115)
Government variables
HI	0.0547 $**$		0.0473 $**$	0.0452 $**$
HI	(0.0224)		(0.0222)	(0.0214)
ALIGN	0.0070 $**$		0.0086 $**$	0.0087 $**$
ALIGN	(0.0030)		(0.0037)	(0.0036)
RIGHT-WING	−0.0030		−0.0019	−0.0014
RIGHT-WING	(0.0028)		(0.0034)	(0.0033)
Mayor variables
WAGE		−0.0008	−0.0003	−0.0042
WAGE		(0.0046)	(0.0045)	(0.0049)
FULLTIME		0.0165 $***$	0.0149 $***$	0.1055 $**$
FULLTIME		(0.0045)	(0.0043)	(0.0330)
FEMALE		0.0016	0.0023	0.0022
FEMALE		(0.0027)	(0.0030)	(0.0030)
WAGE*FULLTIME				−0.0088 $**$
WAGE*FULLTIME				(0.0032)
Mean of $1 / T A_{(t - 1)}$	−602,779 $***$	−591,634 $***$	−636,279 $***$	−664,396 $***$
Mean of $1 / T A_{(t - 1)}$	(111,052)	(123,758)	(126,720)	(132,280)
Mean of $Δ$ REV $(t)$ - $Δ$ REC $(t)$ /TA $(t - 1)$	0.2023 $^{*}$	0.2216 $**$	0.2236 $**$	0.2251 $**$
Mean of $Δ$ REV $(t)$ - $Δ$ REC $(t)$ /TA $(t - 1)$	(0.1112)	(0.1075)	(0.1073)	(0.1072)
Mean of PPE $(t)$ /TA $(t - 1)$	0.0241 $^{*}$	0.0242 $^{*}$	0.0231 $^{*}$	0.0233 $^{*}$
Mean of PPE $(t)$ /TA $(t - 1)$	(0.0135)	(0.0138)	(0.0132)	(0.0131)
Mean of WAGE		−0.0085	−0.0071	−0.0114 $**$
Mean of WAGE		(0.0052)	(0.0049)	(0.0056)
Mean of WAGE*FULLTIME				0.0014 $^{*}$
Mean of WAGE*FULLTIME				(0.0004)
$N$	3,142	2,673	2,673	2,673
R2 within	0.8495	0.8725	0.8726	0.8726
R2 between	0.6830	0.6838	0.6898	0.6908
R2 overall	0.7887	0.8127	0.8149	0.8153
Fixed effects	No	No	No	No
Temporal effects	Yes	Yes	Yes	Yes

Note(s): Robust standard errors are in parenthesis, while $^{*}$ ⁠, $**$ and $***$ denote significance at 10%, 5% and 1% significance levels, respectively

Source(s): self-devised

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