SFA estimation
| Column | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| Fe | SFA_All | COR | RUL | REG | GOV | POLS | VOICE | |
| POP | −4.297** (−2.28) | −4.290*** (−3.65) | −1.870** (−2.52) | −2.101** (−2.05) | −4.124 (.) | −4.208 (.) | −0.068 (−0.03) | −1.728*** (−11.67) |
| RR | 0.211** (2.17) | 0.213** (2.25) | 0.188*** (3.92) | 0.274*** (4.41) | 0.251*** (3.33) | 0.225*** (3.80) | 0.294*** (3.77) | 0.205** (2.14) |
| GDPP | −4.264** (−2.28) | −4.440*** (−3.84) | −1.829** (−2.47) | −2.132** (−2.09) | −4.134 (.) | −4.263*** (−61.86) | −0.354 (−0.14) | −1.799 (.) |
| GDP | 5.113*** (2.73) | 4.996*** (4.37) | 2.641*** (3.56) | 2.876*** (2.83) | 4.933*** (108.06) | 4.978 (.) | 0.966 (0.38) | 2.698*** (43.89) |
| TR | −0.001 (−0.43) | −0.002 (−0.51) | −0.002* (−1.72) | −0.001 (−1.38) | −0.001 (−0.84) | −0.001 (−0.70) | 0.002 (0.6) | 0 (−0.33) |
| GFCF | 0.005 (0.83) | 0.219** (2.01) | 0.011*** (2.86) | 0.011** (2.31) | 0.006 (1.35) | 0.006 (1.28) | 0.007 (0.98) | 0.014** (2.51) |
| INF | 0.042 (0.64) | −0.036 (−0.54) | −0.028 (−0.84) | −0.026 (−0.76) | −0.019 (−0.46) | −0.019 (−0.55) | −0.336* (−1.70) | −0.018 (−0.46) |
| YEAR | 0.294*** (27.72) | 0.260*** (29.04) | 0.234*** (31.65) | 0.255*** (31.02) | 0.282*** (96.54) | 0.266*** (64.27) | 0.273** (0.735) | 0.253*** (28.73) |
| _cons | −530.417*** (−27.68) | −479.767*** (−32.47) | −521.279*** (−31.98) | −576.541*** (−98.78) | −542.577*** (−65.29) | −7.845*** (−6.45) | −522.268*** (−31.18) | |
| Mu | ||||||||
| DI_COR | 5.214** (2.31) | 23.035 (1.11) | ||||||
| DI_RUL | −2.804 (−1.14) | 0.882*** (4.69) | ||||||
| DI_REG | 6.891*** (3.18) | 3.319** (2.15) | ||||||
| DI_GOV | 9.96 (0.04) | 2.477** (2.56) | ||||||
| DI_POL | −7.013** (−2.23) | −0.728** (−2.21) | ||||||
| DI_VOICE | −4.244 (−1.17) | −9.664 (−0.89) | ||||||
| _cons | −27.384** (−2.08) | −14.069*** (−1.91) | −41.349** (−3.21) | −24.350** (−2.09) | −17.056** (−2.41) | 1.018 (0.81) | −29.989 (−0.83) | |
| Usigma | ||||||||
| _cons | 3.405*** (8.58) | 4.375*** (4.78) | 5.736*** (6.48) | 2.461*** (5.39) | 2.348*** (6.15) | 2.269*** (7.95) | 3.719*** (3.34) | |
| Vsigma | ||||||||
| _cons | −1.962*** (−4.35) | −3.053*** (−9.29) | −3.010*** (−8.00) | −2.452*** (−9.60) | −2.159*** (−7.54) | −0.767*** (−2.70) | −2.861*** (−8.31) | |
| Theta | ||||||||
| _cons | 1.030*** (6.28) | −1.213*** (−26.82) | −1.081*** (−18.04) | 1.199*** (16.27) | 1.140*** (19.38) | 1.152*** (13.12) | −1.094*** (−20.16) | |
| 0.750 | 0.672 | 0.784 | 0.502 | 0.542 | 0.897 | 0.628 | ||
| N | 575 | 588 | 587 | 588 | 588 | 587 | 577 | |
| F | ||||||||
| r2_a | 0.7592 | |||||||
| N_g | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 |
| Column | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| Fe | SFA_All | COR | RUL | REG | GOV | POLS | VOICE | |
| POP | −4.297** (−2.28) | −4.290*** (−3.65) | −1.870** (−2.52) | −2.101** (−2.05) | −4.124 (.) | −4.208 (.) | −0.068 (−0.03) | −1.728*** (−11.67) |
| RR | 0.211** (2.17) | 0.213** (2.25) | 0.188*** (3.92) | 0.274*** (4.41) | 0.251*** (3.33) | 0.225*** (3.80) | 0.294*** (3.77) | 0.205** (2.14) |
| GDPP | −4.264** (−2.28) | −4.440*** (−3.84) | −1.829** (−2.47) | −2.132** (−2.09) | −4.134 (.) | −4.263*** (−61.86) | −0.354 (−0.14) | −1.799 (.) |
| GDP | 5.113*** (2.73) | 4.996*** (4.37) | 2.641*** (3.56) | 2.876*** (2.83) | 4.933*** (108.06) | 4.978 (.) | 0.966 (0.38) | 2.698*** (43.89) |
| TR | −0.001 (−0.43) | −0.002 (−0.51) | −0.002* (−1.72) | −0.001 (−1.38) | −0.001 (−0.84) | −0.001 (−0.70) | 0.002 (0.6) | 0 (−0.33) |
| GFCF | 0.005 (0.83) | 0.219** (2.01) | 0.011*** (2.86) | 0.011** (2.31) | 0.006 (1.35) | 0.006 (1.28) | 0.007 (0.98) | 0.014** (2.51) |
| INF | 0.042 (0.64) | −0.036 (−0.54) | −0.028 (−0.84) | −0.026 (−0.76) | −0.019 (−0.46) | −0.019 (−0.55) | −0.336* (−1.70) | −0.018 (−0.46) |
| YEAR | 0.294*** (27.72) | 0.260*** (29.04) | 0.234*** (31.65) | 0.255*** (31.02) | 0.282*** (96.54) | 0.266*** (64.27) | 0.273** (0.735) | 0.253*** (28.73) |
| _cons | −530.417*** (−27.68) | −479.767*** (−32.47) | −521.279*** (−31.98) | −576.541*** (−98.78) | −542.577*** (−65.29) | −7.845*** (−6.45) | −522.268*** (−31.18) | |
| Mu | ||||||||
| DI_COR | 5.214** (2.31) | 23.035 (1.11) | ||||||
| DI_RUL | −2.804 (−1.14) | 0.882*** (4.69) | ||||||
| DI_REG | 6.891*** (3.18) | 3.319** (2.15) | ||||||
| DI_GOV | 9.96 (0.04) | 2.477** (2.56) | ||||||
| DI_POL | −7.013** (−2.23) | −0.728** (−2.21) | ||||||
| DI_VOICE | −4.244 (−1.17) | −9.664 (−0.89) | ||||||
| _cons | −27.384** (−2.08) | −14.069*** (−1.91) | −41.349** (−3.21) | −24.350** (−2.09) | −17.056** (−2.41) | 1.018 (0.81) | −29.989 (−0.83) | |
| Usigma | ||||||||
| _cons | 3.405*** (8.58) | 4.375*** (4.78) | 5.736*** (6.48) | 2.461*** (5.39) | 2.348*** (6.15) | 2.269*** (7.95) | 3.719*** (3.34) | |
| Vsigma | ||||||||
| _cons | −1.962*** (−4.35) | −3.053*** (−9.29) | −3.010*** (−8.00) | −2.452*** (−9.60) | −2.159*** (−7.54) | −0.767*** (−2.70) | −2.861*** (−8.31) | |
| Theta | ||||||||
| _cons | 1.030*** (6.28) | −1.213*** (−26.82) | −1.081*** (−18.04) | 1.199*** (16.27) | 1.140*** (19.38) | 1.152*** (13.12) | −1.094*** (−20.16) | |
| 0.750 | 0.672 | 0.784 | 0.502 | 0.542 | 0.897 | 0.628 | ||
| 575 | 588 | 587 | 588 | 588 | 587 | 577 | ||
| r2_a | 0.7592 | |||||||
| N_g | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 42 |
Note(s): *p < 0.01; **p < 0.05; ***p < 0.001
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