Fixed effect

differential GMM

system GMM

(1)

(2)

(3)

LnHP

LnHP

LnHP

L.Lnhp

0.5694***

(0.0637)

0.7049***

(0.0491)

1.0312***

(0.0285)

Lnlp

0.0377**

(0.0155)

0.0564***

(0.0076)

0.0489***

(0.0093)

Lnaee

0.0685*

(0.0473)

0.1049***

(0.0077)

0.0286**

(0.0186)

Lnate

0.0962***

(0.0140)

0.0458***

(0.0189)

0.0562***

(0.0054)

Lname

−0.0540

(0.0416)

−0.1166***

(0.0095)

−0.1217***

(0.0149)

Lnpcdi

0.0349

(0.0675)

−0.0221

(0.0431)

0.0266

(0.0401)

Lnpd

0.0354

(0.0322)

0.0273

(0.0258)

−0.0015

(0.0078)

Lnba

−0.0555*

(0.0252)

−0.0194**

(0.0080)

−0.0060

(0.0066)

Lnlr

−0.2010***

(0.0601)

−0.2416***

(0.0175)

−0.3216***

(0.0193)

R²

0.9381

Sample size

240

210

240

Arellano-Bond test for AR(1)

0.008

0.001

Arellano-Bond test for AR(2)

0.691

0.624

Hansen test

0.477

0.986