Table 8 Country and year fixed-effects... | Emerald Publishing

Table 8

Country and year fixed-effects benchmark with lagged core predictors

Variable	Coefficient	Standard error	p-value
Internet use, lagged	−0.095	0.080	0.234
Mobile subscriptions, lagged	0.002	0.031	0.937
Electricity access, lagged	−0.013	0.081	0.876
Manufacturing value added, lagged	−0.110	0.159	0.490
Industry employment, lagged	0.357	0.218	0.101
Private-sector credit, lagged	0.046	0.077	0.549
Inflation, lagged	−0.036	0.007	<0.001
Log GDP per capita	−0.196	2.713	0.942
Log population	−18.695	10.210	0.067
Population density	0.030	0.047	0.525
Services value added	−0.402	0.134	0.003
FDI inflows, lagged	0.019	0.054	0.727
Natural-resource rents	0.560	0.165	<0.001

Variable	Coefficient	Standard error	p-value
Internet use, lagged	−0.095	0.080	0.234
Mobile subscriptions, lagged	0.002	0.031	0.937
Electricity access, lagged	−0.013	0.081	0.876
Manufacturing value added, lagged	−0.110	0.159	0.490
Industry employment, lagged	0.357	0.218	0.101
Private-sector credit, lagged	0.046	0.077	0.549
Inflation, lagged	−0.036	0.007	<0.001
Log GDP per capita	−0.196	2.713	0.942
Log population	−18.695	10.210	0.067
Population density	0.030	0.047	0.525
Services value added	−0.402	0.134	0.003
FDI inflows, lagged	0.019	0.054	0.727
Natural-resource rents	0.560	0.165	<0.001

Note(s): Country and year effects are included; standard errors are clustered by country. The estimates are associational