Table 11. Instrumental variables... | Emerald Publishing

Table 11.

Instrumental variables estimation of benchmark model with corruption level

Determinants	High corruption level group (Indicator ≤ 0.916)	Low corruption level group (indicator > 0.916)
Constant	0.122 (0.829)	−0.815 (0.141)
Ln(inv_i)	0.750*** (0.000)	0.651*** (0.000)
$Ln (Y_{i}^{0})$	−0.217*** (0.000)	−0.068* (0.071)
Ln(n_i+δ + ε)	−0.950*** (0.000)	−0.427*** (0.000)
Ln(Cor_i)	0.246 (0.804)	−0.057 (0.729)
R²	0.719	0.485
N	45	58

Determinants	High corruption level group(Indicator ≤ 0.916)	Low corruption level group(indicator > 0.916)
Constant	0.122 (0.829)	−0.815 (0.141)
Ln(inv_i)	0.750*** (0.000)	0.651*** (0.000)
$Ln (Y_{i}^{0})$	−0.217*** (0.000)	−0.068* (0.071)
Ln(n_i+δ + ε)	−0.950*** (0.000)	−0.427*** (0.000)
Ln(Cor_i)	0.246 (0.804)	−0.057 (0.729)
R²	0.719	0.485
N	45	58

Note:

*** significance at 1%, ** at 5% and * at 10%