Table 3 Estimation results (dependent... | Emerald Publishing

Table 3

Estimation results (dependent variable = percentage change in GDPPC)

Variables	Main results		Robustness check results
	System-GMM results		Fixed effect model results		Pooled OLS results
	Coefficients	t-value	Coefficients	t-values	Coefficients	t-values
Lagged InGDPPC	0.8911^***	9.07	0.7103^***	3.45	0.9512^***	8.65
InLE	0.3904^**	2.05	0.1710^*	1.92	0.0191	0.93
InLF	−0.1093^**	−2.07	−0.1927^***	−3.71	−0.0213^***	−2.94
In GFCF	0.0721^*	1.89	0.0617^***	5.73	0.0203^***	3.32
SSE	0.0109	0.37	−0.0007	−0.49	−0.0011^**	−2.07
HE	0.0312^**	2.08	−0.0075^**	−2.21	−0.0108	−1.05
FDI	0.0561^*	1.93	0.0346	1.54	0.0231^*	1.79
TOP	0.1711^**	2.39	0.1972^*	1.85	0.1930^*	1.90
COR	0.0863	1.03	0.1036	0.09	0.0923	1.07
AR(1) p-value	0.009	–	–	–	–	–
AR(2) p-value	0.319	–	–	–	–	–
Hansen test p-value	0.693	–	–	–	–	–
Sargan test p-value	0.625	–	–	–	–	–
R-squared	–	–	0.9208	–	0.9993	–
F-stat (Prob)	398.41 (0.000)	–	247.52 (0.000)	–	9045.71 (0.0000)	–
No. of instruments	26	–	–	–	–	–

Variables	Main results		Robustness check results
	System-GMM results		Fixed effect model results		Pooled OLS results
	Coefficients	t-value	Coefficients	t-values	Coefficients	t-values
Lagged InGDPPC	0.8911^***	9.07	0.7103^***	3.45	0.9512^***	8.65
InLE	0.3904^**	2.05	0.1710^*	1.92	0.0191	0.93
InLF	−0.1093^**	−2.07	−0.1927^***	−3.71	−0.0213^***	−2.94
In GFCF	0.0721^*	1.89	0.0617^***	5.73	0.0203^***	3.32
SSE	0.0109	0.37	−0.0007	−0.49	−0.0011^**	−2.07
HE	0.0312^**	2.08	−0.0075^**	−2.21	−0.0108	−1.05
FDI	0.0561^*	1.93	0.0346	1.54	0.0231^*	1.79
TOP	0.1711^**	2.39	0.1972^*	1.85	0.1930^*	1.90
COR	0.0863	1.03	0.1036	0.09	0.0923	1.07
AR(1) p-value	0.009	–	–	–	–	–
AR(2) p-value	0.319	–	–	–	–	–
Hansen test p-value	0.693	–	–	–	–	–
Sargan test p-value	0.625	–	–	–	–	–
R-squared	–	–	0.9208	–	0.9993	–
F-stat (Prob)	398.41 (0.000)	–	247.52 (0.000)	–	9045.71 (0.0000)	–
No. of instruments	26	–	–	–	–	–

Note(s): ^*, ^** and ^*** indicate that the coefficients are significant at the 10%, 5% and 1% level of significance, respectively

Source(s): Authors' computation 2019