Table 5 Results of estimations of...

Table 5

Results of estimations of equation (1)

	OLS							GMM
Coefficient	i	ii	iii	iv	v	vi		vii	viii
Intercept	−1.691**	−1.265	−1.194	−0.952	−0.205	−0.194		1.102	2.108
Sights and landmarks	0.382*** (0.083)	0.377*** (0.082)	0.369*** (0.087)					0.341*** (0.079)
Museums				0.541*** (0.069)	0.510*** (0.069)	0.547*** (0.073)			0.531*** (0.069)
Cinema seats	0.030 (0.083)	0.027 (0.087)	0.027 (0.087)	0.018 (0.086)	0.034 (0.089)	0.037 (0.087)		0.014 (0.075)	0.019 (0.074)
Concerts and shows	0.303*** (0.078)	0.280*** (0.079)	0.270*** (0.079)					0.257*** (0.085)
Theatres	−0.080 (0.084)	−0.110 (0.086)	−0.105 (0.091)	−0.115 (0.089)	−0.156* (0.088)	−0.115 (0.091)		−0.106 (0.104)	−0.113 (0.104)
Satisfaction	0.192 (0.120)	0.192 (0.125)	0.201 (0.125)	0.073 (0.127)	0.061 (0.127)	0.059 (0.124)		0.296** (0.151)	0.153 (0.156)
Passenger flights	0.157***(0.048)	0.090 (0.058)	0.080 (0.060)					0.087 (0.063)
Direct trains				0.043 (0.055)	0.009 (0.057)	0.031 (0.056)			0.121* (0.072)
Road accessibility Tolerance	0.119** (0.060) 0.003 (0.061)	0.100 (0.062) −0.014 (0.062)	0.098 (0.064) −0.012 (0.063)	0.133** (0.065) −0.030 (0.064)	0.094 (0.066) −0.039 (0.063)	0.069 (0.066) −0.025 (0.062)		−0.281 (0.177) −0.014 (0.058)	−0.341 (0.273) −0.031 (0.062)
Quality of governance	0.242* (0.132)	0.263* (0.139)	0.309** (0.144)	0.390*** (0.138)	0.353** (0.141)	0.417*** (0.139)		0.174 (0.135)	0.231 (0.154)
Capital city		0.203 (0.165)	0.165 (0.179)		0.198 (0.174)	0.018 (0.186)		−0.106 (0.198)	−0.212 (0.220)
GDP group >35,000 (ref) 30,000−35,000 25,000−30,000 20,000−25,000 <20,000 Population group >1 million (ref) 500,000–1 million 250,000–500,000 100,000−250,000 50,000−100,000		0.047 (0.191) 0.094 (0.176) −0.232 (0.215) −0.257 (0.849)	0.062 (0.191) 0.117(0.179) −0.193 (0.218) −0.227 (0.243) −0.349* (0.206) −0.365* (0.215) −0.214 (0.232) −0.200 (0.269)		0.058 (0.190) −0.048 (0.172) −0.467** (0.209) −0.336 (0.218)	0.110 (0.186) 0.038 (0.173) −0.320 (0.211) −0.150 (0.227) −0.602* (0.205) −0.735* (0.217) −0.647* (0.234) −0.568 (0.269)		0.026 (0.186) −0.027 (0.179) −0.481 (0.233) −0.583 (0.265) −0.339 (0.168) −0.489 (0.197) −0.382* (0.228) −0.156 (0.245)	0.078 (0.173) −0.073 (0.183) −0.520 (0.253) −0.418 (0.283) −0.611* (0.165) −0.904* (0.216) −0.872* (0.244) −0.598** (0.245)

Obs.	168	168	168	168	168	168	Obs	168	168
R²	0.458	0.488	0.502	0.405	0.459	0.500	R²	0.385	0.372
Adjusted R²	0.427	0.441	0.442	0.375	0.413	0.444	Wald Chi2	272.88	304.45
F-balue	14.83	10.40	8.36	13.52	10.05	8.84	Prob>Chi2	0.000	0.000
Prob > F	0.000	0.000	0.000	0.000	0.000	0.000	C Statistic	6.195**	2.720*
Mean VIF	1.34	1.75	2.12	1.32	1.63	2.08
Breusch−Pagan test (dep)	0.02	0.00	0.18	0.26	0.16	0.23
Breusch−Pagan test (indep)	5.19	15.03	17.39	5.40	12.01	19.55
White’s test	37.05	113.33	166.65	37.41	89.88	158.37
Ramsey RESET	0.95	1.36	0.74	1.92	1.68	1.11

	OLS							GMM
Coefficient	i	ii	iii	iv	v	vi		vii	viii
Intercept	−1.691**	−1.265	−1.194	−0.952	−0.205	−0.194		1.102	2.108
Sights and landmarks	0.382*** (0.083)	0.377*** (0.082)	0.369*** (0.087)					0.341*** (0.079)
Museums				0.541*** (0.069)	0.510*** (0.069)	0.547*** (0.073)			0.531*** (0.069)
Cinema seats	0.030 (0.083)	0.027 (0.087)	0.027 (0.087)	0.018 (0.086)	0.034 (0.089)	0.037 (0.087)		0.014 (0.075)	0.019 (0.074)
Concerts and shows	0.303*** (0.078)	0.280*** (0.079)	0.270*** (0.079)					0.257*** (0.085)
Theatres	−0.080 (0.084)	−0.110 (0.086)	−0.105 (0.091)	−0.115 (0.089)	−0.156* (0.088)	−0.115 (0.091)		−0.106 (0.104)	−0.113 (0.104)
Satisfaction	0.192 (0.120)	0.192 (0.125)	0.201 (0.125)	0.073 (0.127)	0.061 (0.127)	0.059 (0.124)		0.296** (0.151)	0.153 (0.156)
Passenger flights	0.157***(0.048)	0.090 (0.058)	0.080 (0.060)					0.087 (0.063)
Direct trains				0.043 (0.055)	0.009 (0.057)	0.031 (0.056)			0.121* (0.072)
Road accessibilityTolerance	0.119** (0.060)0.003 (0.061)	0.100 (0.062)−0.014 (0.062)	0.098 (0.064)−0.012 (0.063)	0.133** (0.065)−0.030 (0.064)	0.094 (0.066)−0.039 (0.063)	0.069 (0.066)−0.025 (0.062)		−0.281 (0.177)−0.014 (0.058)	−0.341 (0.273)−0.031 (0.062)
Quality of governance	0.242* (0.132)	0.263* (0.139)	0.309** (0.144)	0.390*** (0.138)	0.353** (0.141)	0.417*** (0.139)		0.174 (0.135)	0.231 (0.154)
Capital city		0.203 (0.165)	0.165 (0.179)		0.198 (0.174)	0.018 (0.186)		−0.106 (0.198)	−0.212 (0.220)
GDP group >35,000 (ref)30,000−35,00025,000−30,00020,000−25,000<20,000Population group >1 million (ref)500,000–1 million250,000–500,000100,000−250,00050,000−100,000		0.047 (0.191)0.094 (0.176)−0.232 (0.215)−0.257 (0.849)	0.062 (0.191)0.117(0.179)−0.193 (0.218)−0.227 (0.243)−0.349* (0.206)−0.365* (0.215)−0.214 (0.232)−0.200 (0.269)		0.058 (0.190)−0.048 (0.172)−0.467** (0.209)−0.336 (0.218)	0.110 (0.186)0.038 (0.173)−0.320 (0.211)−0.150 (0.227)−0.602* (0.205)−0.735* (0.217)−0.647* (0.234)−0.568 (0.269)		0.026 (0.186)−0.027 (0.179)−0.481 (0.233)−0.583 (0.265)−0.339 (0.168)−0.489 (0.197)−0.382* (0.228)−0.156 (0.245)	0.078 (0.173)−0.073 (0.183)−0.520 (0.253)−0.418 (0.283)−0.611* (0.165)−0.904* (0.216)−0.872* (0.244)−0.598** (0.245)

Obs.	168	168	168	168	168	168	Obs	168	168
R²	0.458	0.488	0.502	0.405	0.459	0.500	R²	0.385	0.372
Adjusted R²	0.427	0.441	0.442	0.375	0.413	0.444	Wald Chi2	272.88	304.45
F-balue	14.83	10.40	8.36	13.52	10.05	8.84	Prob>Chi2	0.000	0.000
Prob > F	0.000	0.000	0.000	0.000	0.000	0.000	C Statistic	6.195**	2.720*
Mean VIF	1.34	1.75	2.12	1.32	1.63	2.08
Breusch−Pagan test (dep)	0.02	0.00	0.18	0.26	0.16	0.23
Breusch−Pagan test (indep)	5.19	15.03	17.39	5.40	12.01	19.55
White’s test	37.05	113.33	166.65	37.41	89.88	158.37
Ramsey RESET	0.95	1.36	0.74	1.92	1.68	1.11

Notes:

***Denotes significant at 99% level; **denotes significant at 95% level; *denotes significant at 90% level. Standard errors in parenthesis

Source: Calculations author’s own based on data from European Commission (2017)

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