Table 5 Results of random and fixed... | Emerald Publishing

Table 5

Results of random and fixed effect model with robust standard errors

Dep. Var.: LNV	Random effect		Fixed effect		Random effect with robust standard error		Fixed effect with robust standard error
Dep. Var.: LNV	Coef.	p-value	Coef.	p-value	Coef.	p-value	Coef.	p-value
AT	−0.008	0.623	−0.008	0.623	−0.008^*	0.052	−0.008^*	0.083
LGDP	4.699^***	0.000	4.672^***	0.000	4.699^*	0.051	4.672	0.185
CPI	0.007^***	0.000	0.006^***	0.000	0.007^***	0.000	0.006^***	0.004
ER	−0.001^***	0.000	−0.001^***	0.000	−0.001	0.131	−0.001	0.348
LEXP	−3.385^***	0.005	−2.596^***	0.005	−3.385^*	0.085	−2.596	0.276
LIMP	3.846^***	0.002	5.025^***	0.002	3.846^*	0.097	5.025^*	0.090
LGFCF	−4.293^***	0.000	−5.073^***	0.000	−4.293^*	0.089	−5.073	0.121
Constant	−8.478	0.264	−23.723	0.264	−8.478	0.421	−23.723	0.229

Dep. Var.: LNV	Random effect		Fixed effect		Random effect with robust standard error		Fixed effect with robust standard error
Dep. Var.: LNV	Coef.	p-value	Coef.	p-value	Coef.	p-value	Coef.	p-value
AT	−0.008	0.623	−0.008	0.623	−0.008^*	0.052	−0.008^*	0.083
LGDP	4.699^***	0.000	4.672^***	0.000	4.699^*	0.051	4.672	0.185
CPI	0.007^***	0.000	0.006^***	0.000	0.007^***	0.000	0.006^***	0.004
ER	−0.001^***	0.000	−0.001^***	0.000	−0.001	0.131	−0.001	0.348
LEXP	−3.385^***	0.005	−2.596^***	0.005	−3.385^*	0.085	−2.596	0.276
LIMP	3.846^***	0.002	5.025^***	0.002	3.846^*	0.097	5.025^*	0.090
LGFCF	−4.293^***	0.000	−5.073^***	0.000	−4.293^*	0.089	−5.073	0.121
Constant	−8.478	0.264	−23.723	0.264	−8.478	0.421	−23.723	0.229

Wooldridge test	6.141^**
Breusch-Pagan LM test	557.268^***
Modified Wald test	2.5e+05^***

Note(s): ^*, ^** and ^*** Significant at level of 10%, 5% and 1%, respectively

Source(s): Authors’ own compilation