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 |