Table 9 Results of stability test.
Variable | ER | NQPF | ER | ER | NQPF | ER |
|---|---|---|---|---|---|---|
QFDI | −0.220*** (−4.07) | −0.067* (−1.72) | −0.188** (−3.69) | −0.218*** (−5.63) | −0.091** (−2.29) | −0.193*** (−5.16) |
QFDI2 | 0.332*** (3.27) | 0.149** (2.03) | 0.261*** (2.73) | 0.370*** (5.15) | 0.248*** (3.39) | 0.301*** (4.31) |
NQPF | 0.475*** (8.27) | 0.278*** (6.50) | ||||
lnSEL | 0.023 (0.81) | 0.096*** (4.73) | −0.023 (−0.85) | 0.021 (0.81) | 0.137*** (5.23) | −0.017 (−0.68) |
lnGOV | −0.180*** (−6.37) | 0.065*** (3.18) | −0.211*** (−7.86) | −0.163*** (−7.93) | 0.054** (2.55) | −0.178*** (−8.95) |
lnFIN | 0.053*** (3.51) | −0.013*** (−1.19) | 0.059*** (4.16) | 0.055*** (4.67) | 0.005 (0.38) | 0.053*** (4.75) |
lnURB | 0.416*** (5.45) | 0.321*** (5.84) | 0.263*** (3.55) | 0.313*** (5.46) | 0.251*** (4.28) | 0.244*** (4.34) |
lnMAR | 0.153*** (13.04) | 0.153*** (18.15) | 0.080*** (5.65) | 0.114*** (12.72) | 0.148*** (16.22) | 0.073*** (6.81) |
Coefficient | −0.278*** (−11.35) | −0.309*** (−17.45) | −0.131***(−4.51) | −0.184*** (−5.30) | −0.252*** (−7.12) | −0.114*** (−3.25) |
Individual fixed | Yes | Yes | Yes | Yes | Yes | Yes |
Time fixed | Yes | Yes | Yes | Yes | Yes | Yes |
R2 | 0.9082 | 0.9044 | 0.9190 | 0.9348 | 0.9275 | 0.9401 |
N | 560 | 560 | 560 | 533 | 533 | 533 |
F | 110.31*** | 105.48*** | 123.60*** | 148.04*** | 132.02*** | 158.18*** |
Indirect effect | −0.032* (−1.69) | −0.03** (−2.16) | ||||
Direct effect | −0.188*** (−3.69) | −0.193*** (−5.16) | ||||
Total effect | −0.220*** (3.27) | −0.218*** (−5.63) | ||||
Mediator effect ratio (%) | 14.55 | 11.55 | ||||
