OLS estimates and diagnosis tests
| Variables | 3rd Wave | 4th Wave | 5th Wave | 6th Wave | 7th Wave | |
|---|---|---|---|---|---|---|
| 1994–1998 | 1999–2004 | 2005–2009 | 2010–2014 | 2017–2021 | ||
| Constant | 2.552 | 2.960 | 3.106 | 4.328** | 6.3224* | |
| Cultural variables | TRUST | −2.435* | −0.889 | −0.8104 | −2.110** | −2.3138* |
| SATISFACTION | 0.581** | 0.444** | 0.5372*** | 0.379** | −0.0673 | |
| POST_MATERIALIST_INDEX | 0.161 | 1.516*** | 0.0953 | 0.491 | 1.4630*** | |
| AUTONOMY _INDEX | 0.168 | 0.383 | 0.7952** | 0.126 | 0.5080 | |
| Economic variables (Control variables) | FDI_TO_GDP | 0.006 | 0.036 | 0.0203 | 0.006 | −0.0724* |
| TRADE_TO_GDP | 0.006 | 0.003 | 0.0005 | 0.002 | 0.0069** | |
| SCHOOL_ENROLLMENT_PRIMA | 0.060* | 0.004 | 0.0361** | 0.053*** | 0.0426 | |
| N (Countries) | 53 | 39 | 57 | 59 | 56 | |
| R-squared | 0.459 | 0.657 | 0.589 | 0.590 | 0.5932 | |
| R-squared (adj.) | 0.375 | 0.579 | 0.530 | 0.534 | 0.5327 | |
| F. Statistics | 5.447681 | 8.481 | 10.028 | 10.495 | 9.7926 | |
| Prob(F-statistic) | 0.000142 | 0.000 | 0 | 0.000 | 0.0000 | |
| Diagnosis Tests | ||||||
| Serial Correlation LM Test: Breusch-Godfrey (Chi-squared) Null Hypothesis (H0): there is no serial correlation | 4.103364 (0.1285) | 4.894958 (0.0865) | 2.126108 (0.1306) | 3.343257 (0.1879) | 1.127863 (0.5690) | |
| Heteroskedasticity Test: Breusch-Pagan-Godfrey (Chi-squared) Null Hypothesis (H0): Homoscedasticity is present | 4.680588 (0.6989) | 10.43826 (0.1651) | 7.881646 (0.3431) | 8.202674 (0.3151) | 10.34206 (0.1700) | |
| Variables | 3rd Wave | 4th Wave | 5th Wave | 6th Wave | 7th Wave | |
|---|---|---|---|---|---|---|
| 1994–1998 | 1999–2004 | 2005–2009 | 2010–2014 | 2017–2021 | ||
| 2.552 | 2.960 | 3.106 | 4.328** | 6.3224* | ||
| Cultural variables | TRUST | −2.435* | −0.889 | −0.8104 | −2.110** | −2.3138* |
| SATISFACTION | 0.581** | 0.444** | 0.5372*** | 0.379** | −0.0673 | |
| POST_MATERIALIST_INDEX | 0.161 | 1.516*** | 0.0953 | 0.491 | 1.4630*** | |
| AUTONOMY _INDEX | 0.168 | 0.383 | 0.7952** | 0.126 | 0.5080 | |
| Economic variables (Control variables) | FDI_TO_GDP | 0.006 | 0.036 | 0.0203 | 0.006 | −0.0724* |
| TRADE_TO_GDP | 0.006 | 0.003 | 0.0005 | 0.002 | 0.0069** | |
| SCHOOL_ENROLLMENT_PRIMA | 0.060* | 0.004 | 0.0361** | 0.053*** | 0.0426 | |
| 53 | 39 | 57 | 59 | 56 | ||
| 0.459 | 0.657 | 0.589 | 0.590 | 0.5932 | ||
| 0.375 | 0.579 | 0.530 | 0.534 | 0.5327 | ||
| 5.447681 | 8.481 | 10.028 | 10.495 | 9.7926 | ||
| Prob(F-statistic) | 0.000142 | 0.000 | 0 | 0.000 | 0.0000 | |
| 4.103364 (0.1285) | 4.894958 (0.0865) | 2.126108 (0.1306) | 3.343257 (0.1879) | 1.127863 (0.5690) | ||
| 4.680588 (0.6989) | 10.43826 (0.1651) | 7.881646 (0.3431) | 8.202674 (0.3151) | 10.34206 (0.1700) | ||
Note(s): (***), (**), and (*) indicate the significance of the estimated coefficients at (1%), (5%), and (10%) levels of significance, respectively Breusch-Godfrey tests for serial correlation, The Breusch-Pagan test is used to determine whether or not heteroscedasticity is present in a regression model
Source(s): Authors' estimation
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