Table 4 Excluding main FDI recipient...

Table 4

Excluding main FDI recipient countries sub-sample results

	Fixed effects					System GMM
	4–1	4–2	4–3	4–4	4–5	4–6	4–7	4–8	4–9	4–10
HDI_t-1						0.853*** 0.058	0.888*** 0.057	0.888*** 0.058	0.888*** 0.043	0.875*** 0.046
FDI_t-1	0.021 0.034			0.089 0.158	0.042 0.119	0.000 0.007			0.025 0.018	−0.005 0.012
Demo_t-1		0.066** 0.028		0.069** 0.027			0.013* 0.007		0.015** 0.007
Demo_Cap_t-1			0.114*** 0.039		0.117*** 0.040			0.002 0.011		0.001 0.009
FDI*Demo_t-1				−0.110 0.192					0.000 0.000
FDI*Demo_Cap_t-1					−0.001 0.003					0.000 0.000
GDPG_t-1	0.137*** 0.037	0.107*** 0.035	0.096** 0.037	0.111*** 0.039	0.101** 0.042	0.053*** 0.013	0.052*** 0.010	0.059*** 0.012	0.051*** 0.008	0.056*** 0.010
Trade_t-1	−0.010 0.016	−0.014 0.016	−0.014 0.017	−0.014 0.016	−0.015 0.017	−0.011 0.007	−0.008 0.008	−0.011 0.012	−0.008* 0.005	−0.012* 0.007
GFCF_t-1	0.218*** 0.065	0.208*** 0.059	0.188*** 0.048	0.273* 0.140	0.181*** 0.045	0.039*** 0.012	0.032*** 0.011	0.040*** 0.013	0.031*** 0.009	0.041*** 0.009
Inf_t-1	−0.027* 0.016	−0.023 0.015	−0.019 0.016	0.194*** 0.062	−0.019 0.016	−0.001 0.003	−0.001 0.003	0.000 0.002	0.000 0.002	0.000 0.002
Credit_t-1	0.266* 0.147	0.268* 0.138	0.205* 0.122	−0.024 0.015	0.209* 0.124	−0.012 0.012	−0.012 0.013	−0.011 0.010	−0.012 0.011	−0.009 0.010
Pop_U14_t-1	−1.153*** 0.359	−0.946*** 0.322	−0.821** 0.346	−0.931*** 0.319	−0.812** 0.349	−0.353*** 0.121	−0.277** 0.111	−0.271** 0.101	−0.269*** 0.085	−0.297*** 0.094
C	0.878*** 0.169	0.756*** 0.152	0.718*** 0.155	0.750*** 0.150	0.714*** 0.157	0.226*** 0.075	0.168** 0.068	0.173*** 0.059	0.164*** 0.050	0.190*** 0.053
R² within	0.454	0.493	0.554	0.491	0.551
R² between	0.503	0.455	0.397	0.445	0.389
R² overall	0.564	0.500	0.453	0.491	0.443
F-statistic	18.380***	20.910***	22.760***	18.830***	19.240***	21.940***	22.100***	22.100***	21.940***	21.940***
AR(2) prob						0.580	0.743	0.732	0.908	0.680
Hansen prob						0.244	0.175	0.222	0.391	0.427
Instruments						25	25	25	31	31
Observations	704	709	709	704	704	680	685	685	680	680

	Fixed effects					System GMM
	4–1	4–2	4–3	4–4	4–5	4–6	4–7	4–8	4–9	4–10
HDI_t-1						0.853*** 0.058	0.888*** 0.057	0.888*** 0.058	0.888*** 0.043	0.875*** 0.046
FDI_t-1	0.021 0.034			0.089 0.158	0.042 0.119	0.000 0.007			0.025 0.018	−0.005 0.012
Demo_t-1		0.066** 0.028		0.069** 0.027			0.013* 0.007		0.015** 0.007
Demo_Cap_t-1			0.114*** 0.039		0.117*** 0.040			0.002 0.011		0.001 0.009
FDI*Demo_t-1				−0.110 0.192					0.000 0.000
FDI*Demo_Cap_t-1					−0.001 0.003					0.000 0.000
GDPG_t-1	0.137*** 0.037	0.107*** 0.035	0.096** 0.037	0.111*** 0.039	0.101** 0.042	0.053*** 0.013	0.052*** 0.010	0.059*** 0.012	0.051*** 0.008	0.056*** 0.010
Trade_t-1	−0.010 0.016	−0.014 0.016	−0.014 0.017	−0.014 0.016	−0.015 0.017	−0.011 0.007	−0.008 0.008	−0.011 0.012	−0.008* 0.005	−0.012* 0.007
GFCF_t-1	0.218*** 0.065	0.208*** 0.059	0.188*** 0.048	0.273* 0.140	0.181*** 0.045	0.039*** 0.012	0.032*** 0.011	0.040*** 0.013	0.031*** 0.009	0.041*** 0.009
Inf_t-1	−0.027* 0.016	−0.023 0.015	−0.019 0.016	0.194*** 0.062	−0.019 0.016	−0.001 0.003	−0.001 0.003	0.000 0.002	0.000 0.002	0.000 0.002
Credit_t-1	0.266* 0.147	0.268* 0.138	0.205* 0.122	−0.024 0.015	0.209* 0.124	−0.012 0.012	−0.012 0.013	−0.011 0.010	−0.012 0.011	−0.009 0.010
Pop_U14_t-1	−1.153*** 0.359	−0.946*** 0.322	−0.821** 0.346	−0.931*** 0.319	−0.812** 0.349	−0.353*** 0.121	−0.277** 0.111	−0.271** 0.101	−0.269*** 0.085	−0.297*** 0.094
C	0.878*** 0.169	0.756*** 0.152	0.718*** 0.155	0.750*** 0.150	0.714*** 0.157	0.226*** 0.075	0.168** 0.068	0.173*** 0.059	0.164*** 0.050	0.190*** 0.053
R² within	0.454	0.493	0.554	0.491	0.551
R² between	0.503	0.455	0.397	0.445	0.389
R² overall	0.564	0.500	0.453	0.491	0.443
F-statistic	18.380***	20.910***	22.760***	18.830***	19.240***	21.940***	22.100***	22.100***	21.940***	21.940***
AR(2) prob						0.580	0.743	0.732	0.908	0.680
Hansen prob						0.244	0.175	0.222	0.391	0.427
Instruments						25	25	25	31	31
Observations	704	709	709	704	704	680	685	685	680	680

Note(s): Robust standard errors in italics. The FDI and control factor coefficients and standard errors have been multiplied by 100. ***, ** and * represent significance at the 1, 5 and 10% levels respectively

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