Table III Sensitivity analysis for the...

Table III

Sensitivity analysis for the baseline PP-PCSE estimator

Row	Specification change	Coefficient on intangibles	Countries	Obs.	R-Squared
Baseline regression
(1)	Baseline-regression	0.38***	16	256	0.50
Influential cases
(2)	Including Irish 2015 dummy	0.26***	16	256	0.59
(3)	Excluding Ireland	0.24***	15	240	0.48
(4)	Excluding Greece	0.44***	15	240	0.56
(5)	Excluding Greece and Ireland	0.28***	14	224	0.56
(6)	Excluding new member states	0.37***	13	208	0.53
Restructuring of country sample
(7)	13 EU countries, 2000–2015	0.52***	13	208	0.65
(8)	Dummy for coordinated economies	0.37***	16	256	0.51
(9)	Dummy for Mediterranean countries	0.37***	16	256	0.50
(10)	Dummy for new member states	0.33***	16	256	0.53
(11)	Dummy for Scandinavian countries	0.37***	16	256	0.50
(12)	Dummy for liberal economies	0.37***	16	256	0.50
Specifications
(13)	Rule of law	0.37***	16	240	0.51
(14)	Openness to trade	0.33***	16	256	0.53
(15)	FDI	0.39***	16	241	0.54
(16)	Government expenditures	0.35***	16	256	0.52
(17)	Social expenditures	0.31***	16	256	0.54
(18)	Education expenditures	0.41***	16	241	0.57
(19)	Inflation	0.38***	16	256	0.53
(20)	Income tax	0.36***	16	256	0.50
(21)	Stock market capitalization	0.38***	16	204	0.50
(22)	Alternative Business cycle	0.38***	16	256	0.50
Other independent variables
(23)	Without Ireland (Innovative property)	0.11
(24)	Without Ireland (Computerized information)	−0.01	16	240	0.50
(25)	Without Ireland (Economic competencies)	0.17***
Methods
(26)	Panel autocorrelation-order 1	0.40***	16	256	0.58
(27)	Random-effects	0.38***	16	256	0.51

Row	Specification change	Coefficient on intangibles	Countries	Obs.	R-Squared
Baseline regression
(1)	Baseline-regression	0.38***	16	256	0.50
Influential cases
(2)	Including Irish 2015 dummy	0.26***	16	256	0.59
(3)	Excluding Ireland	0.24***	15	240	0.48
(4)	Excluding Greece	0.44***	15	240	0.56
(5)	Excluding Greece and Ireland	0.28***	14	224	0.56
(6)	Excluding new member states	0.37***	13	208	0.53
Restructuring of country sample
(7)	13 EU countries, 2000–2015	0.52***	13	208	0.65
(8)	Dummy for coordinated economies	0.37***	16	256	0.51
(9)	Dummy for Mediterranean countries	0.37***	16	256	0.50
(10)	Dummy for new member states	0.33***	16	256	0.53
(11)	Dummy for Scandinavian countries	0.37***	16	256	0.50
(12)	Dummy for liberal economies	0.37***	16	256	0.50
Specifications
(13)	Rule of law	0.37***	16	240	0.51
(14)	Openness to trade	0.33***	16	256	0.53
(15)	FDI	0.39***	16	241	0.54
(16)	Government expenditures	0.35***	16	256	0.52
(17)	Social expenditures	0.31***	16	256	0.54
(18)	Education expenditures	0.41***	16	241	0.57
(19)	Inflation	0.38***	16	256	0.53
(20)	Income tax	0.36***	16	256	0.50
(21)	Stock market capitalization	0.38***	16	204	0.50
(22)	Alternative Business cycle	0.38***	16	256	0.50
Other independent variables
(23)	Without Ireland (Innovative property)	0.11
(24)	Without Ireland (Computerized information)	−0.01	16	240	0.50
(25)	Without Ireland (Economic competencies)	0.17***
Methods
(26)	Panel autocorrelation-order 1	0.40***	16	256	0.58
(27)	Random-effects	0.38***	16	256	0.51

Note(s): The random-effects estimator depicts an overall R-Square value. ***p < 0.01, **p < 0,05, *p < 0.1. Obs. = Observations

Sharing Unavailable