Table 1 Definition of the variables...

Table 1

Definition of the variables

Variable	Definition	Type	Expected sign	Source
LNIU	Natural logarithm of individuals using the Internet [% of population]	Number		WDI
LNFBS	Natural Logarithm of fixed broadband subscriptions [per 100 people]	Number		WDI
LNTIU	Natural logarithm of total number of internet users in a country	Number		WDI
GDPGR	GDP growth [annual %]	Ratio	+	WDI
INFR	Inflation as measured by the consumer price index [annual %]	Ratio	–	WDI
DCPS	Domestic credit to private sector [% of GDP]	Ratio	+	WDI
GCP	Gross capital formation [formerly gross domestic investment] as % of GDP	Ratio	+	WDI
LNGCP	Natural logarithm of GCP	Ratio	+	WDI
FDI	Foreign direct investment, net inflows [% of GDP]	Ratio	–	WDI
GCE	Final government consumption expenditure [in million]	Number	+/−	WDI
LNGCE	Natural logarithm of GCE	Ratio	+/−	WDI
PGR	Annual population growth rate [annual %]	Ratio	+/−	WDI
TRADE	Trade is the sum of exports and imports of goods and services [% of GDP]	Ratio	+	WDI
LNTRADE	Natural logarithm of TRADE	Ratio	+	WDI
UNMR	Unemployment, total [% of total labor force]	Ratio	+/−	WDI
URBAN	Urban population [% of total population]	Ratio	+	WDI
COR	Control of corruption reflects perceptions of the extent to which public power is exercised for private gain, including both petty and grand forms of corruption, as well as “capture” of the state by elites and private interests	Ratio	+	WGI
POL	Political Stability and Absence of Violence/Terrorism measures perceptions of the likelihood of political instability and/or politically motivated violence, including terrorism	Ratio	+/−	WGI

Variable	Definition	Type	Expected sign	Source
LNIU	Natural logarithm of individuals using the Internet [% of population]	Number		WDI
LNFBS	Natural Logarithm of fixed broadband subscriptions [per 100 people]	Number		WDI
LNTIU	Natural logarithm of total number of internet users in a country	Number		WDI
GDPGR	GDP growth [annual %]	Ratio	+	WDI
INFR	Inflation as measured by the consumer price index [annual %]	Ratio	–	WDI
DCPS	Domestic credit to private sector [% of GDP]	Ratio	+	WDI
GCP	Gross capital formation [formerly gross domestic investment] as % of GDP	Ratio	+	WDI
LNGCP	Natural logarithm of GCP	Ratio	+	WDI
FDI	Foreign direct investment, net inflows [% of GDP]	Ratio	–	WDI
GCE	Final government consumption expenditure [in million]	Number	+/−	WDI
LNGCE	Natural logarithm of GCE	Ratio	+/−	WDI
PGR	Annual population growth rate [annual %]	Ratio	+/−	WDI
TRADE	Trade is the sum of exports and imports of goods and services [% of GDP]	Ratio	+	WDI
LNTRADE	Natural logarithm of TRADE	Ratio	+	WDI
UNMR	Unemployment, total [% of total labor force]	Ratio	+/−	WDI
URBAN	Urban population [% of total population]	Ratio	+	WDI
COR	Control of corruption reflects perceptions of the extent to which public power is exercised for private gain, including both petty and grand forms of corruption, as well as “capture” of the state by elites and private interests	Ratio	+	WGI
POL	Political Stability and Absence of Violence/Terrorism measures perceptions of the likelihood of political instability and/or politically motivated violence, including terrorism	Ratio	+/−	WGI

Note(s): Definition of the variables compiled from different dataset including World Development Indicators (WDI) and Worldwide Governance Indicators (WGI) and both of the databases are hosted by the World Bank. Some of the variables were transformed to natural logarithm to have a better model fitness and minimize heteroscedastic issues

Source(s): Authors

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