Estimate’s results of the different samples in the ECOWAS
| Energy exporters | Energy importers | |||||
|---|---|---|---|---|---|---|
| Variables | Global | WAEMU | Non-WAEMU | Global | WAEMU | Non-WAEMU |
| Foreign direct investment (FDI) | −3.512321*** (0.004) | −0.5737466 (0.647) | 0.048252 (0.962) | −0.0994111 (0.884) | −6.66836*** (0.000) | 1.662949** (0.038) |
| Governance effectiveness (GOE) | 8.612194 (0.162) | 2.235602 (0.346) | −12.41384* (0.094) | 23.95449*** (0.000) | 37.56686*** (0.000) | 3.512434 (0.339) |
| FDI*GOE | −5.389324*** (0.007) | −0.8515005 (0.645) | −4.906431* (0.078) | 0.1401301 (0.825) | −5.451884*** (0.001) | 1.600362** (0.019) |
| Gross domestic product per capita | 0.2157367 (0.708) | 0.102677 (0.315) | 0.1941844 (0.712) | 0.1090541 (0.504) | −0.5833288* (0.092) | 0.0221635 (0.865) |
| Urban population | 1.736004*** (0.000) | 0.0244357 (0.846) | 1.302624*** (0.000) | 0.6726696*** (0.000) | 1.38993*** (0.000) | 0.1222341** (0.015) |
| Domestic private credit | −1.056254*** (0.000) | 0.4933184*** (0.000) | −1.359832*** (0.008) | 0.5599502*** (0.000) | 0.3504016** (0.034) | 1.051167*** (0.000) |
| Exports | −0.1413909 (0.455) | 0.3231272*** (0.000) | −0.1340774 (0.556) | 0.6884349*** (0.000) | 0.3420274* (0.079) | 0.5028578*** (0.002) |
| R-squared | 0.9610 | 0.9927 | 0.9886 | 0.9532 | 0.9556 | 0.9873 |
| Wald χ2(7) | 6073.17 | 5279.01 | 3711.05 | 8139.31 | 5787.41 | 2538.64 |
| Prob > χ2 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Observation | 48 | 24 | 24 | 120 | 72 | 48 |
| Energy exporters | Energy importers | |||||
|---|---|---|---|---|---|---|
| Variables | Global | WAEMU | Non-WAEMU | Global | WAEMU | Non-WAEMU |
| Foreign direct investment (FDI) | −3.512321*** (0.004) | −0.5737466 (0.647) | 0.048252 (0.962) | −0.0994111 (0.884) | −6.66836*** (0.000) | 1.662949** (0.038) |
| Governance effectiveness (GOE) | 8.612194 (0.162) | 2.235602 (0.346) | −12.41384* (0.094) | 23.95449*** (0.000) | 37.56686*** (0.000) | 3.512434 (0.339) |
| FDI*GOE | −5.389324*** (0.007) | −0.8515005 (0.645) | −4.906431* (0.078) | 0.1401301 (0.825) | −5.451884*** (0.001) | 1.600362** (0.019) |
| Gross domestic product per capita | 0.2157367 (0.708) | 0.102677 (0.315) | 0.1941844 (0.712) | 0.1090541 (0.504) | −0.5833288* (0.092) | 0.0221635 (0.865) |
| Urban population | 1.736004*** (0.000) | 0.0244357 (0.846) | 1.302624*** (0.000) | 0.6726696*** (0.000) | 1.38993*** (0.000) | 0.1222341** (0.015) |
| Domestic private credit | −1.056254*** (0.000) | 0.4933184*** (0.000) | −1.359832*** (0.008) | 0.5599502*** (0.000) | 0.3504016** (0.034) | 1.051167*** (0.000) |
| Exports | −0.1413909 (0.455) | 0.3231272*** (0.000) | −0.1340774 (0.556) | 0.6884349*** (0.000) | 0.3420274* (0.079) | 0.5028578*** (0.002) |
| 0.9610 | 0.9927 | 0.9886 | 0.9532 | 0.9556 | 0.9873 | |
| Wald | 6073.17 | 5279.01 | 3711.05 | 8139.31 | 5787.41 | 2538.64 |
| Prob > | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Observation | 48 | 24 | 24 | 120 | 72 | 48 |
Note(s): (1) Values in parentheses are p-values. (2) *** significant at 1%, ** significant at 5% and *significant at 10%
Source(s): Authors