Independent variables

Model 1

SYS-GMM

Model 2

SYS-GMM

Model 3 OLS

Model 4

OLS

Model 5

GLS

Model 6

GLS

C

81.4***

(4.48)

33.62***

(8.61)

87.5***

(13.4)

43.5***

(13.2)

L1.Cor

0.52***

(6.06)

0.74***

(19.75)

GOA

−0.51**

(−2.6)

−1.43***

(−4.79)

4.15***

(5.11)

−0.12

(−0.85)

−1.11***

(−8.9)

OLD

−0.37*

(−1,96)

−0.29**

(−2.10)

−1.42*

(−1.88)

−0.21***

(−3.1)

YEA

0.07

(1.44)

0.57***

(3.76)

−0.18

(−0.73)

−3.17***

(−18.12)

0.05

(0.45)

−0.14*

(1.61)

EDU

−1.46***

(−3.39)

−0.78***

(−2.70)

1.68***

(11.03)

−0.21

(−1.38)

−0.49***

(−3.37)

NCOR

−11.12***

(−6.19)

15.1***

(15.0)

CFD

1.30

(0.21)

−47.0***

(−8.19)

−14.47**

(−1.97)

46.2***

(22.1)

5.59*

(1.70)

OP

4.24

(1.32)

−9.38***

(−9.32)

−7.6***

(−1.86)

−23.3***

(−10.79)

−1.16

(−0.59)

−7.15***

(−3.95)

UR

−24.5**

(−2.13)

−7.11

(−1.06)

33.3*

(1.82)

−73.5***

(−10.87)

UNE

−0.18

(−0.17)

3.02***

(3.96)

3.06***

(3.96)

24.32***

(21.81)

−1.02*

(−1.84)

FD

−69.2*

(−1.74)

−91.7***

(−2.2)

357.5***

(6.87)

−208.6***

(−4.62)

CGDPC

−2.50

(−1.56)

−10.46***

(−544)

−0.48

(−0.58).

21.48***

(14.54)

1.36**

(1.91)

5.84***

(10.13)

D1

84.26***

D2

75.77***

Arellano-Bond test for AR (1)

−1.15

−1.16

Arellano-Bond test for AR (2)

1

1.09

Sargan test/Hausman test

127.81 (1)

7.59 (1)

66.7***

16.93***

Method

Two-step

Two-step

OLS

OLS

FE

FE