Table 3 Random-effects panel regressions...

Table 3

Random-effects panel regressions

	Model (1)	Model (2)	Model (3)	Model (4)	Model (5)	Model (6)	Model (7)	Model (8)
FE	0.085	0.363	0.387	0.327	0.353	0.371	0.320	0.401
FE	(0.460)	(0.488)	(0.389)	(0.390)	(0.359)	(0.368)	(0.333)	(0.357)
Population	3.982	2.061	0.885	0.752	0.904	−0.934	0.680	0.173
Population	(3.055)	(2.016)	(1.124)	(1.109)	(1.431)	(1.017)	(1.598)	(1.187)
Unemployment	0.014	−0.313	−0.083	−0.064	−0.094	0.048	−0.108	0.070
Unemployment	(0.368)	(0.270)	(0.244)	(0.229)	(0.259)	(0.276)	(0.257)	(0.306)
GDP growth	0.137	0.070	0.127	0.130	0.116	0.119	0.132	0.120
GDP growth	(0.282)	(0.249)	(0.262)	(0.277)	(0.262)	(0.260)	(0.248)	(0.275)
Innovation	−6.478**	−0.773	−1.116	−1.497	−1.586	−1.197	−2.043	−1.900
Innovation	(2.528)	(2.195)	(1.722)	(1.590)	(1.764)	(1.721)	(2.068)	(1.672)
Primary education	0.096	0.058	0.056	0.029	0.016	0.185	0.073	0.225
Primary education	(0.484)	(0.429)	(0.280)	(0.234)	(0.280)	(0.297)	(0.292)	(0.308)
Startup register procedure	0.393	0.235	0.487**	0.562**	0.527**	0.567**	0.497**	0.410*
Startup register procedure	(0.335)	(0.270)	(0.205)	(0.224)	(0.222)	(0.239)	(0.240)	(0.234)
Time to register a property	0.080	−0.027	−0.101	−0.147	−0.080	−0.137	−0.019	−0.095
Time to register a property	(0.245)	(0.244)	(0.162)	(0.176)	(0.162)	(0.163)	(0.152)	(0.167)
Trade in services	−0.766	0.472	0.286	0.336	0.248	−0.096	0.146	0.197
Trade in services	(0.689)	(0.583)	(0.406)	(0.397)	(0.492)	(0.460)	(0.574)	(0.484)
Manufacturing	0.401	0.030	0.009	−0.228	0.084	0.059	0.060	−0.063
Manufacturing	(0.785)	(0.666)	(0.582)	(0.574)	(0.584)	(0.539)	(0.586)	(0.547)
Industry	0.616	0.132	0.304	0.481	0.264	0.556	0.188	0.541
Industry	(0.571)	(0.459)	(0.423)	(0.441)	(0.424)	(0.451)	(0.463)	(0.469)
Year control	Included	Included	Included	Included	Included	Included	Included	Included
NGov		−2.786***	−3.876***	−3.099***	−3.697***	−2.115*	−3.846***	−2.225***
NGov		(0.841)	(0.801)	(0.821)	(0.952)	(1.227)	(1.117)	(0.824)
NGov × NGov (H1)			2.777***	2.381***	2.963***	2.247***	3.677***	2.577***
NGov × NGov (H1)			(0.456)	(0.538)	(0.525)	(0.659)	(0.686)	(0.694)
ISC				−0.460
ISC				(0.318)
NGov × ISC				−1.186*
NGov × ISC				(0.673)
NGov × NGov × ISC (H2)				1.124**
NGov × NGov × ISC (H2)				(0.483)
IGC					−0.019
IGC					(0.544)
NGov × IGC					0.167
NGov × IGC					(0.612)
NGov × NGov × IGC (H3)					0.347
NGov × NGov × IGC (H3)					(0.545)
UA						0.132
UA						(0.875)
NGov × UA						−1.523*
NGov × UA						(0.824)
NGov × NGov × UA (H4)						1.334**
NGov × NGov × UA (H4)						(0.544)
ASS							−0.040
ASS							(0.686)
NGov × ASS							−0.324
NGov × ASS							(0.851)
NGov × NGov × ASS (H5)							1.519**
NGov × NGov × ASS (H5)							(0.723)
FO								0.252
FO								(0.669)
NGov × FO								−1.108
NGov × FO								(0.785)
NGov × NGov × FO (H6)								1.291***
								(0.346)

Constant	3.868***	6.069***	3.475***	3.470***	3.248***	2.598***	2.762***	2.799***
Constant	(0.825)	(1.079)	(0.793)	(0.805)	(0.867)	(0.979)	(0.963)	(0.785)
VIF	1.51	1.66	1.93	2.45	2.91	4.27	2.35	3.45
Number of observations	236	236	236	236	236	236	236	236
Number of groups (countries)	36	36	36	36	36	36	36	36
SD of random intercept, σ_u	2.88	2.47	2.19	2.09	2.32	2.28	2.34	2.23
SD of overall residual, σ_e	1.49	1.49	1.43	1.41	1.42	1.42	1.41	1.42
ρ	0.79	0.73	0.70	0.69	0.72	0.72	0.73	0.71
Within R2	0.03	0.07	0.16	0.16	0.16	0.19	0.20	0.16
Between R2	0.39	0.54	0.71	0.74	0.71	0.74	0.71	0.79
Overall R2	0.32	0.42	0.56	0.60	0.57	0.63	0.56	0.65
Wald Test
Wald χ²	67.94	91.22	431.25	686.84	825.59	263.21	262.90	300.51
Degrees of freedom	22	23	24	27	27	27	27	27
Prob > χ²	***	***	***	***	***	***	***	***

	Model (1)	Model (2)	Model (3)	Model (4)	Model (5)	Model (6)	Model (7)	Model (8)
FE	0.085	0.363	0.387	0.327	0.353	0.371	0.320	0.401
FE	(0.460)	(0.488)	(0.389)	(0.390)	(0.359)	(0.368)	(0.333)	(0.357)
Population	3.982	2.061	0.885	0.752	0.904	−0.934	0.680	0.173
Population	(3.055)	(2.016)	(1.124)	(1.109)	(1.431)	(1.017)	(1.598)	(1.187)
Unemployment	0.014	−0.313	−0.083	−0.064	−0.094	0.048	−0.108	0.070
Unemployment	(0.368)	(0.270)	(0.244)	(0.229)	(0.259)	(0.276)	(0.257)	(0.306)
GDP growth	0.137	0.070	0.127	0.130	0.116	0.119	0.132	0.120
GDP growth	(0.282)	(0.249)	(0.262)	(0.277)	(0.262)	(0.260)	(0.248)	(0.275)
Innovation	−6.478**	−0.773	−1.116	−1.497	−1.586	−1.197	−2.043	−1.900
Innovation	(2.528)	(2.195)	(1.722)	(1.590)	(1.764)	(1.721)	(2.068)	(1.672)
Primary education	0.096	0.058	0.056	0.029	0.016	0.185	0.073	0.225
Primary education	(0.484)	(0.429)	(0.280)	(0.234)	(0.280)	(0.297)	(0.292)	(0.308)
Startup register procedure	0.393	0.235	0.487**	0.562**	0.527**	0.567**	0.497**	0.410*
Startup register procedure	(0.335)	(0.270)	(0.205)	(0.224)	(0.222)	(0.239)	(0.240)	(0.234)
Time to register a property	0.080	−0.027	−0.101	−0.147	−0.080	−0.137	−0.019	−0.095
Time to register a property	(0.245)	(0.244)	(0.162)	(0.176)	(0.162)	(0.163)	(0.152)	(0.167)
Trade in services	−0.766	0.472	0.286	0.336	0.248	−0.096	0.146	0.197
Trade in services	(0.689)	(0.583)	(0.406)	(0.397)	(0.492)	(0.460)	(0.574)	(0.484)
Manufacturing	0.401	0.030	0.009	−0.228	0.084	0.059	0.060	−0.063
Manufacturing	(0.785)	(0.666)	(0.582)	(0.574)	(0.584)	(0.539)	(0.586)	(0.547)
Industry	0.616	0.132	0.304	0.481	0.264	0.556	0.188	0.541
Industry	(0.571)	(0.459)	(0.423)	(0.441)	(0.424)	(0.451)	(0.463)	(0.469)
Year control	Included	Included	Included	Included	Included	Included	Included	Included
NGov		−2.786***	−3.876***	−3.099***	−3.697***	−2.115*	−3.846***	−2.225***
NGov		(0.841)	(0.801)	(0.821)	(0.952)	(1.227)	(1.117)	(0.824)
NGov × NGov (H1)			2.777***	2.381***	2.963***	2.247***	3.677***	2.577***
NGov × NGov (H1)			(0.456)	(0.538)	(0.525)	(0.659)	(0.686)	(0.694)
ISC				−0.460
ISC				(0.318)
NGov × ISC				−1.186*
NGov × ISC				(0.673)
NGov × NGov × ISC (H2)				1.124**
NGov × NGov × ISC (H2)				(0.483)
IGC					−0.019
IGC					(0.544)
NGov × IGC					0.167
NGov × IGC					(0.612)
NGov × NGov × IGC (H3)					0.347
NGov × NGov × IGC (H3)					(0.545)
UA						0.132
UA						(0.875)
NGov × UA						−1.523*
NGov × UA						(0.824)
NGov × NGov × UA (H4)						1.334**
NGov × NGov × UA (H4)						(0.544)
ASS							−0.040
ASS							(0.686)
NGov × ASS							−0.324
NGov × ASS							(0.851)
NGov × NGov × ASS (H5)							1.519**
NGov × NGov × ASS (H5)							(0.723)
FO								0.252
FO								(0.669)
NGov × FO								−1.108
NGov × FO								(0.785)
NGov × NGov × FO (H6)								1.291***
								(0.346)

Constant	3.868***	6.069***	3.475***	3.470***	3.248***	2.598***	2.762***	2.799***
Constant	(0.825)	(1.079)	(0.793)	(0.805)	(0.867)	(0.979)	(0.963)	(0.785)
VIF	1.51	1.66	1.93	2.45	2.91	4.27	2.35	3.45
Number of observations	236	236	236	236	236	236	236	236
Number of groups (countries)	36	36	36	36	36	36	36	36
SD of random intercept, σ_u	2.88	2.47	2.19	2.09	2.32	2.28	2.34	2.23
SD of overall residual, σ_e	1.49	1.49	1.43	1.41	1.42	1.42	1.41	1.42
ρ	0.79	0.73	0.70	0.69	0.72	0.72	0.73	0.71
Within R2	0.03	0.07	0.16	0.16	0.16	0.19	0.20	0.16
Between R2	0.39	0.54	0.71	0.74	0.71	0.74	0.71	0.79
Overall R2	0.32	0.42	0.56	0.60	0.57	0.63	0.56	0.65
Wald Test
Wald χ²	67.94	91.22	431.25	686.84	825.59	263.21	262.90	300.51
Degrees of freedom	22	23	24	27	27	27	27	27
Prob > χ²	***	***	***	***	***	***	***	***

Note(s): FE = formal entrepreneurship, NGov = national governance, ISC = institutional collectivism, IGC = in-group collectivism, UA = uncertainty avoidance, ASS = assertiveness, FO = future orientation

Cluster-robust standard errors in parentheses

†p < 0.10, *p < 0.05, **p < 0.01, ***p < 0.001

Source(s): Authors’ own work

[ViewLarge]

Sharing Unavailable