| The first regression results | The second regression results | ||||||
GL5 | GL6 | GL7 | GL8 | GL5 | GL6 | GL7 | GL8 | |
LnFDI (−1) | −0.03 | 0.16** | 0.12* | 0.01 | −0.08*4 | 0.12** | 0.07* | 0.07*5 |
LnES | 1.98** | 2.67** | −1.98* | −0.29 | 1.82** | 3.02** | −2.28** | −0.09* |
LnPGDP | −1.50** | −2.19** | 1.99** | 0.16 | −1.36** | −2.55** | 2.17** | ―― |
LnINDS | 0.19 | 0.14 | −0.15 | −0.30* | 0.23* | ―― | ―― | -0.39** |
LnTP | −0.32** | -0.15 | 0.14 | 0.05 | −0.25* | ―― | ―― | ―― |
C | −8.51** | −10.26** | 4.21** | 2.01 | −8.13** | −10.74** | 4.91* | 1.59** |
R-squared | 0.88 | 0.82 | 0.83 | 0.56 | 0.91 | 0.80 | 0.79 | 0.63 |
DW | 1.80 | 2.21 | 1.40 | 1.85 | 2.17 | 2.10 | 1.15 | 1.64 |