Explanatory variables

National

Eastern Region

Central Region

Western Region

Lninn

0.05698***

(2.71)

0.09950***

(3.40)

0.01752*

(1.47)

0.05222*

(2.05)

SP

0.00569***

(3.27)

0.00578*

(1.70)

−0.00376

(−1.12)

0.00018

(0.06)

DIV

0.00547*

(1.95)

0.01276***

(3.27)

0.00862**

(2.23)

−0.02470***

(−3.31)

GOV

−0.03796

(−0.66)

0.18594

(1.11)

−0.05460

(−0.42)

0.03980

(0.48)

FINAN

0.00560**

(2.43)

0.00492**

(2.18)

−0.13503***

(−4.48)

0.01285

(1.21)

Lnmarket

0.04393**

(2.38)

0.06394*

(1.65)

−0.02476

(−1.38)

0.01285

(0.71)

INFRA

0.25907***

(5.36)

0.06149

(0.64)

0.16447**

(2.32)

0.11452

(0.89)

_cons

−1.37208

(−5.51)

−0.68262

(−1.39)

−0.26447

(−0.69)

−0.42266

(−0.80)

Wald chi2

72.79

39.57

76.35

25.94

LR test

328.18***

185.85***

60.49***

22.58***

rho

0.97032

0.94937

0.78475

0.60985

N

372

132

120

120