The critical t-value at degrees of freedom (119), 90% confidence interval, 95%, and 99% is: 1.289, 1.658 and 1.980 respectively. The critical value of (F), at degrees of freedom in the denominator (n – β − 1 = 120 – 1 − 9 = 110), degrees of freedom at numerators (β = 9), and 90% confidence level 90%, 95%, 99% are: 1.680, 1.960, and 2.560 respectively. Symbols mean that the test is statistically significant at less than: * 10%, ** 5%, and *** 1%. | ||||
Variables | Icon | Expected relationship | Fixed effects model | |
β | t-Statistic | |||
Hard | Constant |
| 17.951 | 2.253** |
Independent variables: |
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|
|
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Economic diversification | Diver | − | −5.447 | −2.091** |
Entrepreneurship | Enter | + | 11.288 | 3.388** |
General Corporate Governance | PGIndex | + | 1.299 | 6.730*** |
Empowerment Index | EmpowerR | + | 3.853 | 5.433*** |
Women’s Economic Empowerment | WEconR | + | 1.801 | 1.285 |
Control variables: |
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|
|
|
Work | Labor | + | 7.486 | 0.829 |
Capital accumulation | Capital | + | 4.045 | 1.196 |
Oil Barrel Price | Oil | + | 0.176 | 5.377*** |
Coefficient of determination | R2 | 0.603 | ||
Fisher test | F-Statistic | 15.991*** | ||
Probability of Fisher test | p-value (F) | 0.000 | ||
Hausmann test (chi-squared) | Hausman Test (Chi2) | 18.198*** | ||
p-value (Chi2) | 0.000 |