Table II Results of the panel data... | Emerald Publishing

Table II

Results of the panel data analysis for the proposed models

	1 (FE)	2 (RE)	3 (FE)	4 (RE)
Variables	inv	inv	inv	inv
Pil	15,956.67*** (7.88e−12)	15,956.67*** (2.15e−12)	15,607.54*** (266.5926)	15,653.65*** (377.1464)
Pac	4,906*** (3.11e−12)	5,314.733*** (166.3739)	5,010.836** (1,423.562)	5,145.866** (301.2842)
Pac2	4,335*** (3.15e−13)	4,743.733*** (166.3739)	4402.612* (1,722.561)	4,545.86* (293.2709)
PR			−30.30076 (63.51252)	−19.97773 (47.81636)
IF			23.08131 (14.75322)	13.57039 (9.305702)
POP			4.33e−06 (7.35e−05)	2.95e−06 (2.97e−06)
GDP_growth			−1,510.897 (1,779.451)	−1,328.966 (1,759.246)
Constant	1,449.35*** (6.09e−13)	1,401.267*** (166.3739)	1,515.575 (9,380.598)	1,583.263 (2,916.21)
R² (within)	0.7122	0.7119	0.7155	0.7152
R² (between)	0.9900	0.9900	0.9893	0.9974
R² (overall)	0.7630	0.7632	0.7670	0.7681
Number of observations	68	68	68	68
Number of groups	4	4	4	4

	1 (FE)	2 (RE)	3 (FE)	4 (RE)
Variables	inv	inv	inv	inv
Pil	15,956.67*** (7.88e−12)	15,956.67*** (2.15e−12)	15,607.54*** (266.5926)	15,653.65*** (377.1464)
Pac	4,906*** (3.11e−12)	5,314.733*** (166.3739)	5,010.836** (1,423.562)	5,145.866** (301.2842)
Pac2	4,335*** (3.15e−13)	4,743.733*** (166.3739)	4402.612* (1,722.561)	4,545.86* (293.2709)
PR			−30.30076 (63.51252)	−19.97773 (47.81636)
IF			23.08131 (14.75322)	13.57039 (9.305702)
POP			4.33e−06 (7.35e−05)	2.95e−06 (2.97e−06)
GDP_growth			−1,510.897 (1,779.451)	−1,328.966 (1,759.246)
Constant	1,449.35*** (6.09e−13)	1,401.267*** (166.3739)	1,515.575 (9,380.598)	1,583.263 (2,916.21)
R² (within)	0.7122	0.7119	0.7155	0.7152
R² (between)	0.9900	0.9900	0.9893	0.9974
R² (overall)	0.7630	0.7632	0.7670	0.7681
Number of observations	68	68	68	68
Number of groups	4	4	4	4

Notes: *p<0.1; **p<0.05; ***p<0.001

Source: Prepared by the author, based on the results of the analysis