Table 2 Robustness of the estimations...

Table 2

Robustness of the estimations

	Whole sample		Without India
Variables	GLS	TSLS	GLS	TSLS
${C R}_{i, t}$	−0.031*** (0.011)	−0.042** (0.018)	−0.316** (0.155)	−0.537* (0.293)
${M S}_{i, t}$	0.820*** (0.201)	0.986*** (0.436)	−0.263 (0.401)	−0.962 (0.618)
${O P E N}_{i, t}$	−0.758* (0.391)	0.194 (0.923)	0.239 (0.600)	−0.387 (1.012)
${I N F L}_{i, t}$	0.098*** (0.027)	0.114*** (0.034)	0.106* (0.053)	0.108*** (0.040)
C	3.063 (5.954)	−4.815 (13.615)	5.739 (11.298)	25.515 (17.912)
Diagnostics	R²: 0.980	R²: 0.966	R²: 0.918	R²: 0.847
	R²(Adj): 0.976	R²(Adj): 0.959	R²(Adj): 0.902	R²(Adj): 0.812
	S.E.R: 0.455	S.E.R: 0.483	S.E.R: 0.491	S.E.R: 0.518
	F-test: 265.907	F-test: 136.006	F-test: 56.557	F-test: 24.764
	P(F-test): 0.000	P(F-test): 0.000	P(F-test): 0.000	P(F-test): 0.000

	Whole sample		Without India
Variables	GLS	TSLS	GLS	TSLS
${C R}_{i, t}$	−0.031*** (0.011)	−0.042** (0.018)	−0.316** (0.155)	−0.537* (0.293)
${M S}_{i, t}$	0.820*** (0.201)	0.986*** (0.436)	−0.263 (0.401)	−0.962 (0.618)
${O P E N}_{i, t}$	−0.758* (0.391)	0.194 (0.923)	0.239 (0.600)	−0.387 (1.012)
${I N F L}_{i, t}$	0.098*** (0.027)	0.114*** (0.034)	0.106* (0.053)	0.108*** (0.040)
C	3.063 (5.954)	−4.815 (13.615)	5.739 (11.298)	25.515 (17.912)
Diagnostics	R²: 0.980	R²: 0.966	R²: 0.918	R²: 0.847
	R²(Adj): 0.976	R²(Adj): 0.959	R²(Adj): 0.902	R²(Adj): 0.812
	S.E.R: 0.455	S.E.R: 0.483	S.E.R: 0.491	S.E.R: 0.518
	F-test: 265.907	F-test: 136.006	F-test: 56.557	F-test: 24.764
	P(F-test): 0.000	P(F-test): 0.000	P(F-test): 0.000	P(F-test): 0.000

Note(s): The dependent variable is the natural logarithm of FDI inflows. Values in parentheses represent standard errors. $* = p < 0.1, * * = p < 0.05, * * * = p < 0.01$ ⁠, respectively

Source(s): Own elaboration

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