Dynamic panel regression results for the whole sample and in country details
| LAG INV | FRQ | Size | LEV | FAGE | TANG | FSLACK | PROF | CONS | OBS | |
|---|---|---|---|---|---|---|---|---|---|---|
| All | 0.12*** (37.0) | 8.01*** (31.4) | −2.04*** (−15.5) | −4.29*** (−7.9) | −0.37*** (−4.2) | −15.31*** (−21.8) | −5.96*** (−9.4) | −4.97*** (−14.4) | 55.64*** (13.5) | 84,084 |
| BR | 0.1*** (5.0) | 6.71*** (5.2) | −1.15*** (−2.9) | 9.73*** (5.1) | −0.14** (−2.5) | −4.58* (−1.6) | 2.80 (0.8) | −7.51*** (−5.0) | 25.74*** (2.7) | 2,444 |
| CH | 0.12*** (21.9) | 9.46*** (22.4) | −1.33*** (−7.1) | −6.15*** (−5.5) | −0.050 (−0.1) | −19.83*** (−13.7) | −15.79*** (−14.3) | −6.2*** (−10.3) | 34.97*** (3.6) | 27,859 |
| EG | −0.27*** (−3.9) | 5.75** (2.3) | −2.48** (−2.1) | −23.52*** (−3.3) | −0.51*** (−2.7) | −24.45*** (−3.7) | −0.110 (−0.01) | −1.310 (−0.1) | 72.07*** (3.1) | 1,092 |
| IN | 0.14*** (19.4) | 5.8*** (11.2) | −2.49*** (−7.3) | −3.78*** (−3.8) | −0.16* (−1.8) | −10.59*** (−8.0) | 2.72* (1.8) | −3.18*** (−4.0) | 53.46*** (7.5) | 16,679 |
| IND | 0.1*** (6.5) | 11.38*** (8.4) | −4.42*** (−8.5) | −1.790 (−0.9) | −0.020 (−0.1) | −12.07*** (−5.2) | −22.81*** (−6.9) | −2.63*** (−3.1) | 90.26*** (7.0) | 3,406 |
| S.KR | 0.15*** (20.0) | 13.8*** (21.1) | −0.55** (−2.3) | −4.14*** (−4.01) | 0.14** (2.1) | −6.37*** (−5.1) | 1.510 (1.4) | −3.76*** (−5.2) | 5.050 (1.1) | 15,964 |
| MX | 0.11*** (4.1) | 14.58*** (7.9) | 0.20 (0.3) | −2.94* (−1.7) | 0.030 (0.6) | −2.330 (−0.7) | 0.510 (0.1) | −2.060 (−0.9) | −6.210 (−0.5) | 975 |
| NG | 0.19*** (4.0) | 2.050 (0.5) | −0.230 (−0.3) | −1.930 (−0.7) | −0.070 (−0.9) | −8.47** (−2.1) | −5.410 (−1.1) | −12.65** (−2.0) | 9.750 (0.7) | 351 |
| PK | 0.14*** (7.0) | 5.87** (2.2) | −1.8** (−2.3) | −5.28** (−2.1) | −0.050 (−0.5) | −20.61*** (−5.4) | 1.580 (0.3) | −3.540 (−1.0) | 41.81*** (2.9) | 2,080 |
| PH | 0.020 (0.8) | −6.040 (−1.5) | −3.21*** (−2.7) | 20.8* (1.7) | 0.160 (0.9) | −18.75** (−2.1) | 45.19*** (4.1) | −53.61*** (−5.4) | 46.36** (2.1) | 1,404 |
| RS | 0.04*** (3.1) | 6.47*** (4.4) | −3.36*** (−8.5) | −0.380 (−0.1) | −1.74*** (−3.1) | −4.99** (−2.2) | −3.210 (−1.2) | −0.360 (−0.2) | 94.46*** (7.3) | 3,549 |
| SA | 0.13*** (5.7) | 0.870 (1.2) | −0.87*** (−3.1) | −0.630 (−0.3) | 0.040 (1.5) | −8.13*** (−3.7) | −2.280 (−0.8) | −6.12*** (−3.2) | 15.62*** (2.6) | 1,586 |
| TR | 0.31*** (15.6) | 3.77*** (3.9) | −3.05*** (−5.0) | −0.430 (−0.2) | −0.130 (−1.4) | −5.3** (−2.3) | −8.48*** (−2.9) | 0.990 (0.4) | 63.41*** (5.2) | 2,405 |
| VN | 0.07*** (5.2) | 3.12*** (2.8) | −1.57*** (−3.1) | −13.98*** (−6.9) | −0.120 (−0.4) | −24.24*** (−10.7) | 1.130 (0.5) | −5.83*** (−4.0) | 34.41*** (2.9) | 4,290 |
| LAG INV | FRQ | Size | LEV | FAGE | TANG | FSLACK | PROF | CONS | OBS | |
|---|---|---|---|---|---|---|---|---|---|---|
| All | 0.12*** (37.0) | 8.01*** (31.4) | −2.04*** (−15.5) | −4.29*** (−7.9) | −0.37*** (−4.2) | −15.31*** (−21.8) | −5.96*** (−9.4) | −4.97*** (−14.4) | 55.64*** (13.5) | 84,084 |
| BR | 0.1*** (5.0) | 6.71*** (5.2) | −1.15*** (−2.9) | 9.73*** (5.1) | −0.14** (−2.5) | −4.58* (−1.6) | 2.80 (0.8) | −7.51*** (−5.0) | 25.74*** (2.7) | 2,444 |
| CH | 0.12*** (21.9) | 9.46*** (22.4) | −1.33*** (−7.1) | −6.15*** (−5.5) | −0.050 (−0.1) | −19.83*** (−13.7) | −15.79*** (−14.3) | −6.2*** (−10.3) | 34.97*** (3.6) | 27,859 |
| EG | −0.27*** (−3.9) | 5.75** (2.3) | −2.48** (−2.1) | −23.52*** (−3.3) | −0.51*** (−2.7) | −24.45*** (−3.7) | −0.110 (−0.01) | −1.310 (−0.1) | 72.07*** (3.1) | 1,092 |
| IN | 0.14*** (19.4) | 5.8*** (11.2) | −2.49*** (−7.3) | −3.78*** (−3.8) | −0.16* (−1.8) | −10.59*** (−8.0) | 2.72* (1.8) | −3.18*** (−4.0) | 53.46*** (7.5) | 16,679 |
| IND | 0.1*** (6.5) | 11.38*** (8.4) | −4.42*** (−8.5) | −1.790 (−0.9) | −0.020 (−0.1) | −12.07*** (−5.2) | −22.81*** (−6.9) | −2.63*** (−3.1) | 90.26*** (7.0) | 3,406 |
| S.KR | 0.15*** (20.0) | 13.8*** (21.1) | −0.55** (−2.3) | −4.14*** (−4.01) | 0.14** (2.1) | −6.37*** (−5.1) | 1.510 (1.4) | −3.76*** (−5.2) | 5.050 (1.1) | 15,964 |
| MX | 0.11*** (4.1) | 14.58*** (7.9) | 0.20 (0.3) | −2.94* (−1.7) | 0.030 (0.6) | −2.330 (−0.7) | 0.510 (0.1) | −2.060 (−0.9) | −6.210 (−0.5) | 975 |
| NG | 0.19*** (4.0) | 2.050 (0.5) | −0.230 (−0.3) | −1.930 (−0.7) | −0.070 (−0.9) | −8.47** (−2.1) | −5.410 (−1.1) | −12.65** (−2.0) | 9.750 (0.7) | 351 |
| PK | 0.14*** (7.0) | 5.87** (2.2) | −1.8** (−2.3) | −5.28** (−2.1) | −0.050 (−0.5) | −20.61*** (−5.4) | 1.580 (0.3) | −3.540 (−1.0) | 41.81*** (2.9) | 2,080 |
| PH | 0.020 (0.8) | −6.040 (−1.5) | −3.21*** (−2.7) | 20.8* (1.7) | 0.160 (0.9) | −18.75** (−2.1) | 45.19*** (4.1) | −53.61*** (−5.4) | 46.36** (2.1) | 1,404 |
| RS | 0.04*** (3.1) | 6.47*** (4.4) | −3.36*** (−8.5) | −0.380 (−0.1) | −1.74*** (−3.1) | −4.99** (−2.2) | −3.210 (−1.2) | −0.360 (−0.2) | 94.46*** (7.3) | 3,549 |
| SA | 0.13*** (5.7) | 0.870 (1.2) | −0.87*** (−3.1) | −0.630 (−0.3) | 0.040 (1.5) | −8.13*** (−3.7) | −2.280 (−0.8) | −6.12*** (−3.2) | 15.62*** (2.6) | 1,586 |
| TR | 0.31*** (15.6) | 3.77*** (3.9) | −3.05*** (−5.0) | −0.430 (−0.2) | −0.130 (−1.4) | −5.3** (−2.3) | −8.48*** (−2.9) | 0.990 (0.4) | 63.41*** (5.2) | 2,405 |
| VN | 0.07*** (5.2) | 3.12*** (2.8) | −1.57*** (−3.1) | −13.98*** (−6.9) | −0.120 (−0.4) | −24.24*** (−10.7) | 1.130 (0.5) | −5.83*** (−4.0) | 34.41*** (2.9) | 4,290 |
Note(s): *, **,*** represent the significance level at 10%, 5% and 1%, respectively. t-Values are reported in parentheses
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