Table 2 Benchmark regression analysis.
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
etfp | etfp | etfp | etfp | |
nedp | 1.8404*** (0.1622) | 0.9291*** (0.2380) | 0.8943*** (0.1351) | 0.5644*** (0.1985) |
pgdp | 0.2120*** (0.0253) | 0.2422*** (0.0891) | ||
fina | −0.0564 (0.0455) | −0.2732** (0.1216) | ||
scale | −0.0991** (0.0425) | 0.7962 (0.5899) | ||
spe | 0.7405*** (0.2868) | −1.4955* (0.7778) | ||
nfor | 0.1151*** (0.0271) | −0.1446* (0.0801) | ||
_cons | 1.6646*** (0.0200) | 1.0767*** (0.0737) | −0.6975** (0.2790) | 2.6900** (1.1470) |
Individual-fixed effect | NO | YES | NO | YES |
time-fixed effect | NO | YES | NO | YES |
P-value for Hausman’s test | 0.0000 | |||
N | 3136 | 3136 | 3136 | 3136 |
R2 | 0.142 | 0.174 | 0.248 | 0.239 |