The critical t-value at degrees of freedom (119), 90% confidence interval, 95%, and 99% is: 1.289, 1.658 and 1.980 respectively. The critical value of (F), at degrees of freedom in the denominator (n – β − 1 = 120 – 1 − 9 = 110), degrees of freedom at numerators (β = 9), and 90% confidence level 90%, 95%, 99% are: 1.680, 1.960, and 2.560 respectively. Symbols mean that the test is statistically significant at less than: * 10%, ** 5%, and *** 1%.

Variables

Icon

Expected relationship

Fixed effects model

β

t-Statistic

Hard

Constant

17.951

2.253**

Independent variables:

Economic diversification

Diver

−

−5.447

−2.091**

Entrepreneurship

Enter

+

11.288

3.388**

General Corporate Governance

PGIndex

+

1.299

6.730***

Empowerment Index

EmpowerR

+

3.853

5.433***

Women’s Economic Empowerment

WEconR

+

1.801

1.285

Control variables:

Work

Labor

+

7.486

0.829

Capital accumulation

Capital

+

4.045

1.196

Oil Barrel Price

Oil

+

0.176

5.377***

Coefficient of determination

R2

0.603

Fisher test

F-Statistic

15.991***

Probability of Fisher test

p-value (F)

0.000

Hausmann test (chi-squared)

Hausman Test (Chi2)

18.198***

p-value (Chi2)

0.000