Variable [coefficient]

Model 0: Equation (3) that has varying elasticities (α_k ≠ α) and includes fixed effects

Model 1 under H₁: Identical elasticity (α_k = α)

Model 2 under H₂: No fixed effects

Model 3 under H₃: Identical elasticity (α_k = α) and no fixed effects

R²: within

0.8531

0.8306

R²: between

0.0132

0.1239

R²: overall

0.0168

0.0779

0.7896

0.0882

ln(1 + number of cumulative confirmed cases): not country-specific [α]

−0.0332

−0.0684

ln(1 + number of cumulative confirmed cases): China [α₁]

−0.0102

−0.0847

ln(1 + number of cumulative confirmed cases): Hong Kong [α₂]

−0.0348

0.1912

ln(1 + number of cumulative confirmed cases): Taiwan [α₃]

−0.0573

0.0165

ln(1 + number of cumulative confirmed cases): Japan [α₄]

−0.0463

0.1232

ln(1 + number of cumulative confirmed cases): Korea [α₅]

−0.0283

−0.2156

ln(1 + number of cumulative confirmed cases): Singapore [α₆]

−0.0538

−0.2473

ln(1 + number of cumulative confirmed cases): Italy [α₇]

−0.0334

0.0657

ln(1 + number of cumulative confirmed cases): France [α₈]

−0.0385

−0.0981

ln(1 + number of cumulative confirmed cases): Germany [α₉]

−0.0376

0.0072

ln(1 + number of cumulative confirmed cases): Spain [α₁₀]

−0.0344

−0.0372

ln(1 + number of cumulative confirmed cases): UK [α₁₁]

−0.0352

−0.0736

ln(1 + number of cumulative confirmed cases): US [α₁₂]

−0.0283

−0.1591

ln(1 + number of cumulative confirmed cases): Canada [α₁₃]

−0.0436

0.0598

ln(1 + number of cumulative confirmed cases): Australia [α₁₄]

−0.0526

−0.0984

p-value of the F-statistic statistic for testing H_m for m = 1, 2, 3

<0.0001

<0.0001

<0.0001