Table 8 Endogeneity tests for two-way causality.
Variables | (1) lnLGL | (2) lnLGL | (3) lnLGL | (4) lnLGL | (5) lnLGL | (6) lnLGL |
|---|---|---|---|---|---|---|
lncer | 0.088*** (3.933) | 0.092*** (4.188) | 0.237* (1.838) | 0.298 (0.922) | − 0.225* (− 1.837) | − 0.394* (− 1.733) |
lncer2 | − 0.005*** (− 3.558) | − 0.024*** (− 3.003) | 0.023*** (4.518) | |||
lnede | 0.089*** (5.514) | 0.095*** (5.813) | 0.102*** (4.669) | 0.117*** (4.363) | 0.090*** (5.577) | 0.087*** (5.296) |
lnfdi | 0.011 (0.953) | 0.008 (0.742) | 0.121** (2.186) | 0.113*** (3.105) | 0.010 (0.861) | 0.011 (0.958) |
lnhr | 0.030*** (3.425) | 0.033*** (3.682) | 0.051*** (9.606) | 0.046*** (6.602) | 0.032*** (3.564) | 0.032*** (3.556) |
lnul | 0.162*** (5.436) | 0.161*** (5.425) | 0.222*** (7.478) | 0.233*** (7.628) | 0.162*** (5.445) | 0.166*** (5.474) |
lnis | − 0.349*** (− 6.683) | − 0.348*** (− 6.689) | − 0.341*** (− 7.803) | − 0.357*** (− 8.468) | − 0.340*** (− 6.421) | − 0.343*** (− 6.450) |
Constant | − 1.872*** (− 8.448) | − 2.186*** (− 8.126) | − 2.126*** (− 6.794) | − 0.676 (− 0.426) | − 1.843*** (− 8.114) | − 1.509*** (− 2.835) |
Effect of time | Control | Control | Control | Control | Control | Control |
Effect of province | Control | Control | Control | Control | Control | Control |
Residual error | 0.165*** (3.065) | 0.175*** (1.326) | 0.113** (2.019) | 0.184** (2.079) | 0.149*** (0.275) | 0.179*** (2.901) |
F | 43.97*** | 45.29*** | 62.31*** | 57.76*** | 51.02*** | 72.39*** |
Sagan | 0.765 | 0.586 | 0.235 | 0.379 | 0.584 | 0.329 |
Observations | 720 | 720 | 720 | 720 | 720 | 720 |
R-squared | 0.809 | 0.817 | 0.810 | 0.812 | 0.809 | 0.811 |
