Estimation results: dynamic panel data model
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Log_PPV (L1) | 0.563*** (0.167) | 0.567*** (0.202) | 0.559*** (0.171) | 0.505*** (0.171) | 0.575*** (0.152) |
| Log_IPV | −0.094** (0.041) | −0.091** (0.042) | −0.104** (0.044) | −0.094** (0.045) | −0.099** (0.041) |
| BRD | −0.081*** (0.021) | −0.082*** (0.021) | −0.080*** (0.022) | −0.080*** (0.019) | −0.083*** (0.020) |
| FIT | −0.354* (0.180) | −0.340* (0.179) | −0.329* (0.174) | −0.341** (0.170) | −0.370** (0.184) |
| CIC | −0.0018*** (0.0006) | −0.0017** (0.0007) | −0.0018*** (0.0006) | −0.0016** (0.0006) | −0.0018*** (0.0007) |
| Log_TD | −0.169** (0.084) | −0.178* (0.101) | −0.200** (0.089) | −0.160* (0.085) | −0.171** (0.082) |
| REC | −0.072** (0.031) | −0.073* (0.038) | −0.076** (0.034) | −0.059** (0.027) | −0.077* (0.042) |
| Log_OP | 0.206 (0.138) | 0.227 (0.158) | 0.261* (0.158) | 0.104 (0.165) | 0.200 (0.145) |
| Log_Y | __ | −0.303 (2.117) | __ | __ | __ |
| PS | __ | __ | −0.465 (0.400) | __ | __ |
| CDE | __ | __ | __ | 0.155* (0.092) | __ |
| D | __ | __ | __ | __ | 0.014 (0.046) |
| Observations | 71 | 71 | 71 | 71 | 71 |
| Number of groups | 15 | 15 | 15 | 15 | 15 |
| Number of instruments | 14 | 15 | 15 | 15 | 15 |
| A-B test for second-order serial correlation in first differencesa | 0.6897 | 0.6803 | 0.8482 | 0.5075 | 0.7155 |
| Wald testb | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Sargan test for over-identifying restrictions | __ | __ | __ | __ | __ |
| (1) | (2) | (3) | (4) | (5) | |
|---|---|---|---|---|---|
| Log_PPV (L1) | 0.563*** (0.167) | 0.567*** (0.202) | 0.559*** (0.171) | 0.505*** (0.171) | 0.575*** (0.152) |
| Log_IPV | −0.094** (0.041) | −0.091** (0.042) | −0.104** (0.044) | −0.094** (0.045) | −0.099** (0.041) |
| BRD | −0.081*** (0.021) | −0.082*** (0.021) | −0.080*** (0.022) | −0.080*** (0.019) | −0.083*** (0.020) |
| FIT | −0.354* (0.180) | −0.340* (0.179) | −0.329* (0.174) | −0.341** (0.170) | −0.370** (0.184) |
| CIC | −0.0018*** (0.0006) | −0.0017** (0.0007) | −0.0018*** (0.0006) | −0.0016** (0.0006) | −0.0018*** (0.0007) |
| Log_TD | −0.169** (0.084) | −0.178* (0.101) | −0.200** (0.089) | −0.160* (0.085) | −0.171** (0.082) |
| REC | −0.072** (0.031) | −0.073* (0.038) | −0.076** (0.034) | −0.059** (0.027) | −0.077* (0.042) |
| Log_OP | 0.206 (0.138) | 0.227 (0.158) | 0.261* (0.158) | 0.104 (0.165) | 0.200 (0.145) |
| Log_Y | __ | −0.303 (2.117) | __ | __ | __ |
| PS | __ | __ | −0.465 (0.400) | __ | __ |
| CDE | __ | __ | __ | 0.155* (0.092) | __ |
| D | __ | __ | __ | __ | 0.014 (0.046) |
| Observations | 71 | 71 | 71 | 71 | 71 |
| Number of groups | 15 | 15 | 15 | 15 | 15 |
| Number of instruments | 14 | 15 | 15 | 15 | 15 |
| A-B test for second-order serial correlation in first differencesa | 0.6897 | 0.6803 | 0.8482 | 0.5075 | 0.7155 |
| Wald testb | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Sargan test for over-identifying restrictions | __ | __ | __ | __ | __ |
Note(s): *** Significant at the 1% level ** Significant at the 5% level * Significant at the 10% level
Robust standard errors are in parentheses
aFirst-differenced errors autocorrelation test (p-value). No serial correlation under the null hypothesis
bWald test of overall significance (p-value). All coefficients are equal to zero under the null hypothesis
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