Table VI.

Step-wise estimation models

VariableModel 1Model 2Model 3
Democracy0.79537*** (0.05262)0.73815*** (0.05074)0.73791*** (0.05056)
Size 2.06460*** (0.36662)1.94745*** (0.39106)
Pol-ideo  −0.21968 (0.24644)
Cons20.70646 0.1971818.17523 (0.20773)18.68468 (0.25577)
R-square0.40970.53610.5323
F-statistics228.4300171.9600171.9800
P-value0.00000.00000.0000

Notes:

Significance are denoted as follows: 1% ***; 5% ** and 10% *. Standard errors are shown in brackets below the respective coefficients

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