Meta-Regressions 1 and 2
| Meta-regression 1: Panel A | Meta-regression 2: Panel B | ||||
|---|---|---|---|---|---|
| VARIABLES | (1) | (2) | VARIABLES | (1) | (2) |
| Beta | Beta | Beta | Beta | ||
| Constant | 0.969 (0.842) | 0.367* (0.200) | Constant | 0.285 (0.690) | 0.499* (0.241) |
| N | −0.0264 (0.0223) | −0.0195* (0.0109) | Q1 | −0.438 (0.802) | 0.307 (0.332) |
| J1 | −0.0884 (0.390) | −0.256 (0.194) | Q2 | −0.493 (0.892) | −0.0360 (0.207) |
| J2 | −1.424 (1.229) | −0.119 (0.205) | Q3 | 0.395 (1.194) | −0.664* (0.332) |
| J3 | 0.805 (0.813) | 0.0252 (0.200) | Q4 | 0.536 (0,513) | 0.393 (0.242) |
| J4 | 0.707 (0.618) | 0.350 (0.210) | ROL | −2.285 (7.807) | −4.239* (2.025) |
| DC | −1.212 (1.082) | −0.112 (0.208) | EURO | −0.863 (2.123) | 0.994* (0.476) |
| UC | −0.865 (0.584) | −0.470 (0.208) | ASIA | −0.822 (1.117) | −0.834** (0.342) |
| OC | 2.077 (1.491) | 0.582* (0.283) | AFRICA | 0.925 (3.664) | −1.793** (0.825) |
| COML | −1.975 (1.398) | −0.443* (0.255) | SOAM | −0.876 (1.695) | −0.0628 (0.710) |
| SCAL | 2.513 (2.366) | −0.239 (0.378) | NOAM | 0.0588 (1.331) | 0.128 (0.388) |
| FREL | −1.391 (1.108) | −0.352 (0.353) | OCEANIA | 1.383 (1.762) | 1.595** (0.577) |
| GERL | 1.551 (1.967) | −0.209 (0.404) | OTHR | 0.195 (1.125) | −0.027 (0.232) |
| SOCL | 0.996 (0.835) | 1.037** (0.454) | MADOP | 0.785 (1.243) | −0.146 (0.180) |
| OTHL | −1.694 (1.756) | 0.207 (0.385) | VADOP | −0.278 (0.435) | 0.737** (0.287) |
| MADOP | 0.0711 (0.658) | −0.116 (0.217) | – | – | – |
| VADOP | −1.313 (1.662) | 0.819** (0.330) | – | – | – |
| OTHA | 1.242 (1.232) | −0.703* (0.353) | OTHA | 0.507 (1.273) | −0.592** (0.264) |
| JONM | −1.468 (1.434) | 0.0246 (0.254) | JONM | −0.314 (1.056) | 0.304 (0.291) |
| ABSM | 0.794 (0.763) | 0.0147 (0.113) | ABSM | 0.273 (0.975) | −0.361 (0.236) |
| RAM | −0.527 (0.809) | −0.336 (0.343) | RAM | −0.149 (1.155) | 0.741* (0.415) |
| OTHM | 1.201 (1.194) | 0.297 (0.372) | OTHM | 0.190 (1.084) | −0.683 (0.363) |
| Observations | 34 | 32 | Observations | 34 | 32 |
| R-squared | 0.442 | 0.586 | R-squared | 0.323 | 0.712 |
| Meta-regression 1: Panel A | Meta-regression 2: Panel B | ||||
|---|---|---|---|---|---|
| VARIABLES | (1) | (2) | VARIABLES | (1) | (2) |
| Beta | Beta | Beta | Beta | ||
| Constant | 0.969 (0.842) | 0.367 | Constant | 0.285 (0.690) | 0.499 |
| −0.0264 (0.0223) | −0.0195 | Q1 | −0.438 (0.802) | 0.307 (0.332) | |
| J1 | −0.0884 (0.390) | −0.256 (0.194) | Q2 | −0.493 (0.892) | −0.0360 (0.207) |
| J2 | −1.424 (1.229) | −0.119 (0.205) | Q3 | 0.395 (1.194) | −0.664 |
| J3 | 0.805 (0.813) | 0.0252 (0.200) | Q4 | 0.536 (0,513) | 0.393 (0.242) |
| J4 | 0.707 (0.618) | 0.350 (0.210) | ROL | −2.285 (7.807) | −4.239 |
| DC | −1.212 (1.082) | −0.112 (0.208) | EURO | −0.863 (2.123) | 0.994 |
| UC | −0.865 (0.584) | −0.470 (0.208) | ASIA | −0.822 (1.117) | −0.834 |
| OC | 2.077 (1.491) | 0.582 | AFRICA | 0.925 (3.664) | −1.793 |
| COML | −1.975 (1.398) | −0.443 | SOAM | −0.876 (1.695) | −0.0628 (0.710) |
| SCAL | 2.513 (2.366) | −0.239 (0.378) | NOAM | 0.0588 (1.331) | 0.128 (0.388) |
| FREL | −1.391 (1.108) | −0.352 (0.353) | OCEANIA | 1.383 (1.762) | 1.595 |
| GERL | 1.551 (1.967) | −0.209 (0.404) | OTHR | 0.195 (1.125) | −0.027 (0.232) |
| SOCL | 0.996 (0.835) | 1.037 | MADOP | 0.785 (1.243) | −0.146 (0.180) |
| OTHL | −1.694 (1.756) | 0.207 (0.385) | VADOP | −0.278 (0.435) | 0.737 |
| MADOP | 0.0711 (0.658) | −0.116 (0.217) | – | – | – |
| VADOP | −1.313 (1.662) | 0.819 | – | – | – |
| OTHA | 1.242 (1.232) | −0.703 | OTHA | 0.507 (1.273) | −0.592 |
| JONM | −1.468 (1.434) | 0.0246 (0.254) | JONM | −0.314 (1.056) | 0.304 (0.291) |
| ABSM | 0.794 (0.763) | 0.0147 (0.113) | ABSM | 0.273 (0.975) | −0.361 (0.236) |
| RAM | −0.527 (0.809) | −0.336 (0.343) | RAM | −0.149 (1.155) | 0.741 |
| OTHM | 1.201 (1.194) | 0.297 (0.372) | OTHM | 0.190 (1.084) | −0.683 (0.363) |
| Observations | 34 | 32 | Observations | 34 | 32 |
| 0.442 | 0.586 | 0.323 | 0.712 | ||
Notes:
Estimates of ordinary least squares. Robust standard errors in parentheses. *; [**] and {***} indicate statistical significance at 10%, [5%] and {1%} level of confidence, respectively. All coefficients are partial effects. Regression (1) includes all observations (34), with outliers. The regression (2) includes all the observations, except the study of Houque et al. (2012) given the extreme value of their sample (104, 348) and the study of Iatridis (2010) given the extreme value of its beta (−10,613)