Benchmark regression
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| test | 0.345*** (0.031) | 0.339*** (0.033) | 0.319*** (0.033) | 0.320*** (0.033) | 0.357*** (0.033) |
| hum | 0.736 (1.069) | 0.177 (1.071) | −0.631 (1.079) | −0.145 (1.071) | |
| fdi | −1.778*** (0.335) | −1.703*** (0.334) | −1.545*** (0.331) | ||
| finc | 0.093*** (0.018) | 0.110*** (0.018) | |||
| ind | 1.935*** (0.244) | ||||
| constant | −1.903*** (0.022) | −1.911*** (0.024) | −1.844*** (0.027) | −2.032*** (0.046) | −3.645*** (0.208) |
| Fixed time | YES | YES | YES | YES | YES |
| Individual fixation | YES | YES | YES | YES | YES |
| N | 3,766 | 3,765 | 3,763 | 3,763 | 3,763 |
| R2 | 0.896 | 0.896 | 0.897 | 0.897 | 0.899 |
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| 0.345*** (0.031) | 0.339*** (0.033) | 0.319*** (0.033) | 0.320*** (0.033) | 0.357*** (0.033) | |
| 0.736 (1.069) | 0.177 (1.071) | −0.631 (1.079) | −0.145 (1.071) | ||
| −1.778*** (0.335) | −1.703*** (0.334) | −1.545*** (0.331) | |||
| 0.093*** (0.018) | 0.110*** (0.018) | ||||
| 1.935*** (0.244) | |||||
| −1.903*** (0.022) | −1.911*** (0.024) | −1.844*** (0.027) | −2.032*** (0.046) | −3.645*** (0.208) | |
| Fixed time | YES | YES | YES | YES | YES |
| Individual fixation | YES | YES | YES | YES | YES |
| 3,766 | 3,765 | 3,763 | 3,763 | 3,763 | |
| 0.896 | 0.896 | 0.897 | 0.897 | 0.899 |
Note(s): *, ** and *** indicate that the regression coefficient is significant at the levels of 10%, 5% and 1%, respectively
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