Variable

Fixed-effect model

Random-effect model

Model 1

Model 2

Model 3

Model 4

Constant

3.7***

0.5

4.7***

3.6***

LN investment

0.05*

0.09***

0.05***

0.14***

LN human capital

1.89***

4.18***

1.04***

2.36***

Growth rate of labor force

1.66***

1.65***

1.48***

2.09***

Growth rate of total population

−1.35

−1.21

−1.33

−1.18

LN children’s dependency ratio

−2.08***

−2.56***

LN elderly dependency ratio

−0.31

−0.29

R squared

0.88

0.82

0.84

0.59

Adjusted R squared

0.87

0.81

0.836

0.58

Log likehood

−40.86

−75.38

Goodness of fit value

0.0000

0.0000

0.0000

0.0000

Durbin-Watson

1.230564

1.039678

0.999421

0.459165