Dependent variable: New business density – new registrations per 1,000 people aged 15–64 (NBUS) panel least square (unbalanced) periods included: 14; cross-sections included: 80; total observations: 764 sample: 2007–2020
| Independent variable/Model | Coefficients (βs); Figures in parenthesis are “t-statistics” | ||||
|---|---|---|---|---|---|
| I | II | III | IV | V | |
| Constant | −0.549* (−1.913) | −1.043*** (−3.244) | −0.776** (−2.591) | −0.551* (−1.780) | −0.420 (−1.452) |
| BONDPPG: Net flows of public and publicly guaranteed debt from bonds (Billion USD) | −0.029 (−0.901) | −0.028 (−0.860) | −0.029 (−0.908) | −0.020 (−0.691) | −0.021 (−0.721) |
| BONDPNG: Net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | 0.012 (0.308) | 0.000 (0.007) | 0.003 (0.081) | 0.017 (0.498) | 0.018 (0.523) |
| DCPS: Domestic credit to private sector as percentage of GDP (DCPS) | 0.048*** (14.493) | 0.051*** (14.961) | 0.050*** (14.763) | 0.041*** (12.417) | 0.040*** (12.408) |
| MCG: Market capitalization of listed domestic companies (% of GDP) | 0.012*** (11.777) | 0.012*** (11.473) | 0.012*** (11.628) | 0.014*** (14.765) | 0.014*** (14.892) |
| GROW: GDP growth (annual %) | 0.125*** (3.322) | 0.072** (2.041) | 0.067* (1.842) | ||
| PCIG: GDP per capita growth (annual %) | 0.100** (2.536) | ||||
| S&P: S&P Global Equity Indices (annual % change) | −0.008* (−1.850) | −0.008* (−1.839) | |||
| Adjusted R-squared | 0.457 | 0.464 | 0.461 | 0.511 | 0.510 |
| F-statistic | 161.366 | 133.007 | 131.303 | 122.478 | 122.214 |
| Akaike Information Criterion | 5.610 | 5.598 | 5.604 | 5.378 | 5.379 |
| Schwarz Criterion | 5.640 | 5.635 | 5.641 | 5.423 | 5.424 |
| Hannan–Quinn Criterion | 5.622 | 5.612 | 5.618 | 5.395 | 5.396 |
| Independent variable/Model | Coefficients (βs); Figures in parenthesis are “ | ||||
|---|---|---|---|---|---|
| I | II | III | IV | V | |
| Constant | −0.549* (−1.913) | −1.043*** (−3.244) | −0.776** (−2.591) | −0.551* (−1.780) | −0.420 (−1.452) |
| BONDPPG: Net flows of public and publicly guaranteed debt from bonds (Billion USD) | −0.029 (−0.901) | −0.028 (−0.860) | −0.029 (−0.908) | −0.020 (−0.691) | −0.021 (−0.721) |
| BONDPNG: Net flows of non-guaranteed long-term debt from bonds that are privately placed (Billion USD) | 0.012 (0.308) | 0.000 (0.007) | 0.003 (0.081) | 0.017 (0.498) | 0.018 (0.523) |
| DCPS: Domestic credit to private sector as percentage of GDP (DCPS) | 0.048*** (14.493) | 0.051*** (14.961) | 0.050*** (14.763) | 0.041*** (12.417) | 0.040*** (12.408) |
| MCG: Market capitalization of listed domestic companies (% of GDP) | 0.012*** (11.777) | 0.012*** (11.473) | 0.012*** (11.628) | 0.014*** (14.765) | 0.014*** (14.892) |
| GROW: GDP growth (annual %) | 0.125*** (3.322) | 0.072** (2.041) | 0.067* (1.842) | ||
| PCIG: GDP per capita growth (annual %) | 0.100** (2.536) | ||||
| S&P: S&P Global Equity Indices (annual % change) | −0.008* (−1.850) | −0.008* (−1.839) | |||
| Adjusted | 0.457 | 0.464 | 0.461 | 0.511 | 0.510 |
| F-statistic | 161.366 | 133.007 | 131.303 | 122.478 | 122.214 |
| Akaike Information Criterion | 5.610 | 5.598 | 5.604 | 5.378 | 5.379 |
| Schwarz Criterion | 5.640 | 5.635 | 5.641 | 5.423 | 5.424 |
| Hannan–Quinn Criterion | 5.622 | 5.612 | 5.618 | 5.395 | 5.396 |
Note(s): *p < 0.1; **p < 0.05; ***p < 0.01
Source(s): Author’s estimations
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