Table 7

Results of the regression model using the SGMM method

Dependent variablesSGMM
ln(X/M)GLPIln(X/M)INFln(X/M)
(1)(2)(3)(4)(5)
lnX/M(-1)0.711*** 0.697*** 0.707***
[0.0169][0.0232][0.0202]
GLPI(-1) 0.968***   
[0.00797]
INF(-1)   1.057*** 
[0.00416]
GLPI  0.431***0.220***0.148***
[0.0901][0.0278][0.0307]
INF0.0228*0.0129***  0.0170*
[0.0126][0.000798][0.00907]
TF0.00139***−0.000856***0.00265***0.00252***0.00140***
[0.000306][0.000125][0.000423][0.000147][0.000326]
OP0.0001240.000293***0.000135**−0.000116***0.000194***
[0.0000881][0.0000170][0.0000624][0.0000216][0.0000750]
lnGDP−0.0219***−0.00311***−0.0278***−0.0336***−0.0218***
[0.00514][0.000879][0.00504][0.00198][0.00455]
lnFDI0.0326***0.00488***0.0146***−0.00677***0.0231***
[0.00345][0.000399][0.00242][0.00119][0.00283]
_cons−0.320***0.0209−0.06240.802***−0.184**
[0.112][0.0176][0.0746][0.0485][0.0911]
Numbers312308308308308
Indirect effect 0.0058 0.283 
Direct effect 0.0170 0.148 
Total effect 0.0228 0.431 
Mediated total effect 25.44% 65.66% 
Hansen testχ2(31)χ2(31)χ2(31)χ2(31)χ2(31)
 = 34.83 = 31.33 = 32.24 = 32.03 = 32.53
Prob > χ2Prob > χ2Prob > χ2Prob > χ2Prob > χ2
 = 0.291 = 0.450 = 0.405 = 0.415 = 0.392
Arellano-Bond test for AR(2)Z = 0.17Z = −1.86Z = 0.09Z = −0.64Z = 0.12
Pr > z = 0.869Pr > z = 0.062Pr > z = 0.928Pr > z = 0.520Pr > z = 0.907
Number of Instrumental Variables3838383839

Note(s): ***p < 0.01, **p < 0.05, *p < 0.1

Source(s): Analysis results from Stata 14 software by the Authors (2025)
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