Table 5 Robustness test of expanded sample size.
Variables | (1) lnLGL | (2) lnLGL | (3) lnLGL | (4) lnLGL | (5) lnLGL | (6) lnLGL |
|---|---|---|---|---|---|---|
L.lnLGL | 0.615*** (21.403) | 0.636*** (19.667) | 0.687*** (17.815) | 0.674*** (11.846) | 0.700*** (27.030) | 0.685*** (23.820) |
lner | 0.064*** (3.584) | 0.069*** (3.851) | 0.214*** (3.456) | 0.285 (1.271) | − 0.317** (− 1.961) | − 0.389*** (− 3.410) |
lner2 | − 0.004*** (− 3.571) | − 0.022*** (− 4.886) | 0.019*** (3.276) | |||
lnede | 0.124** (2.193) | 0.134** (2.177) | 0.025** (2.166) | 0.035*** (2.875) | 0.038*** (3.521) | 0.039*** (3.544) |
lnfdi | 0.115* (1.919) | 0.122*** (3.556) | 0.116** (2.550) | 0.120*** (2.794) | 0.131*** (4.507) | 0.121*** (2.718) |
lnhr | 0.049*** (11.139) | 0.048*** (10.922) | 0.050*** (12.157) | 0.048*** (12.665) | 0.045*** (3.228) | 0.038*** (3.293) |
lnul | 0.240*** (16.066) | 0.234*** (15.573) | 0.238*** (11.641) | 0.246*** (11.120) | 0.180*** (10.711) | 0.182*** (7.399) |
lnis | − 0.354*** (− 15.376) | − 0.363*** (− 14.838) | − 0.347*** (− 19.648) | − 0.393*** (− 14.955) | − 0.456*** (− 19.596) | − 0.467*** (− 14.795) |
Constant | − 1.899*** (− 12.278) | − 1.901*** (− 12.283) | − 1.575*** (− 12.026) | − 0.272 (− 1.046) | − 1.156*** (− 8.502) | 0.492 (0.905) |
AR (2) | 0.727 | 0.520 | 0.478 | 0.809 | 0.486 | 0.383 |
Sargan | 0.613 | 0.509 | 0.904 | 0.914 | 0.659 | 0.524 |
Observations | 4573 | 4573 | 4573 | 4573 | 4573 | 4573 |
