Table 2 Robustness of the results to...

Table 2

Robustness of the results to additional control variables

Variables	(1)	(2)
	eq1	eq2
	Enrolment in primary education, female	Enrolment in secondary education, female
C3	−10.27***	−7.260***
C3	(2.356)	(2.023)
Electricity	3.716*	0.560***
Electricity	(1.944)	(2.212)
Urbanization	−5.413***	−2.46**
Urbanization	(1.169)	(1.102)
FDI	3.23***	2.12**
FDI	(1.25)	(1.398)
Inflation	−3.182	−5.123
Inflation	(4.904)	(4.635)
Corruption	−2.219	−4.260
Corruption	(1.434)	(3.165)
Democracy	1.289	8.326
Democracy	(16.08)	(14.38)
Trade openess	2.889*	1.014**
Trade openess	(1.639)	(1.486)
Constant	1.224***	8.01***
Constant	(2.118)	(2.117)
Observations	1,171	1,157
R-squared	0.465	0.404
Number of countries	77	75
Fisher	130 0.76***	14.54***

Variables	(1)	(2)
	eq1	eq2
	Enrolment in primary education, female	Enrolment in secondary education, female
C3	−10.27***	−7.260***
C3	(2.356)	(2.023)
Electricity	3.716*	0.560***
Electricity	(1.944)	(2.212)
Urbanization	−5.413***	−2.46**
Urbanization	(1.169)	(1.102)
FDI	3.23***	2.12**
FDI	(1.25)	(1.398)
Inflation	−3.182	−5.123
Inflation	(4.904)	(4.635)
Corruption	−2.219	−4.260
Corruption	(1.434)	(3.165)
Democracy	1.289	8.326
Democracy	(16.08)	(14.38)
Trade openess	2.889*	1.014**
Trade openess	(1.639)	(1.486)
Constant	1.224***	8.01***
Constant	(2.118)	(2.117)
Observations	1,171	1,157
R-squared	0.465	0.404
Number of countries	77	75
Fisher	130 0.76***	14.54***

Note(s): Standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1. C3: The total assets held by the three largest banks in countries. FDI: foreign direct Investments

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