Table 5 Robustness results [alternative...

Table 5

Robustness results [alternative proxy of digitalization-FBS]

	Model-[2]	Model-[3]	Model-[4]
	DV = LNFBS
	POLS	REM	FEM
GDPGR	0.052^*** [0.016]	0.058^*** [0.015]	0.054^*** [0.016]
INF	−0.011 [0.017]	−0.010 [0.022]	−0.003 [0.021]
LNDCPS	0.968^*** [0.099]	0.859^*** [0.267]	0.470^* [0.264]
LNGCP	0.280 [0.197]	0.286 [0.411]	0.491 [0.351]
FDI	−0.025^*** [0.009]	−0.014 [0.020]	−0.014 [0.021]
LNGCE	−0.023 [0.017]	−0.024 [0.056]	1.933^** [0.709]
PGR	−0.217^** [0.087]	−0.073 [0.176]	0.057 [0.291]
LNTRADE	0.057 [0.118]	−0.371 [0.359]	−0.323 [0.526]
UNM	0.038^* [0.021]	0.134^** [0.065]	0.198^* [0.099]
URBAN	0.054^*** [0.003]	0.064^*** [0.009]	0.046 [0.055]
POL	0.119 [0.078]	0.483^** [0.245]	0.527 [0.339]
COR	−0.288^*** [0.090]	−0.762^*** [0.249]	−0.913^** [0.331]
YD	yes	yes	yes
CONS	−9.905^*** [1.378]	−9.066^*** [3.026]	−63.601^*** [19.395]
# of observations	426	426	426
F stat/χ²	61.182^***	1146.10^***	35.56^***
BPLM test		177.920
Hausman test			57.330^***
R²	0.840	0.731	0.751
# of countries		29

	Model-[2]	Model-[3]	Model-[4]
	DV = LNFBS
	POLS	REM	FEM
GDPGR	0.052^*** [0.016]	0.058^*** [0.015]	0.054^*** [0.016]
INF	−0.011 [0.017]	−0.010 [0.022]	−0.003 [0.021]
LNDCPS	0.968^*** [0.099]	0.859^*** [0.267]	0.470^* [0.264]
LNGCP	0.280 [0.197]	0.286 [0.411]	0.491 [0.351]
FDI	−0.025^*** [0.009]	−0.014 [0.020]	−0.014 [0.021]
LNGCE	−0.023 [0.017]	−0.024 [0.056]	1.933^** [0.709]
PGR	−0.217^** [0.087]	−0.073 [0.176]	0.057 [0.291]
LNTRADE	0.057 [0.118]	−0.371 [0.359]	−0.323 [0.526]
UNM	0.038^* [0.021]	0.134^** [0.065]	0.198^* [0.099]
URBAN	0.054^*** [0.003]	0.064^*** [0.009]	0.046 [0.055]
POL	0.119 [0.078]	0.483^** [0.245]	0.527 [0.339]
COR	−0.288^*** [0.090]	−0.762^*** [0.249]	−0.913^** [0.331]
YD	yes	yes	yes
CONS	−9.905^*** [1.378]	−9.066^*** [3.026]	−63.601^*** [19.395]
# of observations	426	426	426
F stat/χ²	61.182^***	1146.10^***	35.56^***
BPLM test		177.920
Hausman test			57.330^***
R²	0.840	0.731	0.751
# of countries		29

Note(s): Robust standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1. BPLM: Breusch Pagan Lagrangian Multiplier Test. POLS: pooled ordinary least squares, REM: random-effects model, FEM: fixed-effects model and YD: year dummies

Equation: ${LNFBS}_{i, t} = α_{0} + β_{1} {GDPGR}_{i, t} + β_{2} {INFR}_{i, t} + β_{3} {DCPS}_{i, t} + β_{4} LN {GCP}_{i, t} + β_{5} {FDI}_{i, t} + β_{6} {LNGCE}_{i, t} + β_{7} {PGR}_{i, t} + β_{8} {LNTRADE}_{i, t} + β_{9} {UNMR}_{i, t} + β_{10} {URBAN}_{i, t} + \partial_{1} {COR}_{i, t} + \partial_{2} {POL}_{i, t} + {γ D}_{t} + ε_{i, t}$

Source(s): Authors

[ViewLarge]

Sharing Unavailable