Dependent Variable

Fixed Effect

2-Stage Least Squares

Lagged-Effect

Adjusted R2

67.2%

31.2%

45.9%

Standard Error

0.132

0.192

0.190

Durbin-Watson

2.06

1.182

1.201

F-Value

9.688***

14.308***

22.615***

No. of Observations

2000

2000

2000

Constant

−4.383***

−0.178

2.574**

Independent Variable

IO

0.775

0.311

1.342

Control Variables

Sales Growth

0.838

−0.759

−0.092

Firm Size

−1.23

1.313

2.895***

Leverage

1.458

−0.208

1.116

Corruption Index

−0.617

1.996**

5.231***

Inflation

−2.694***

−0.341

−1.688*

GDP Per Capita

−0.526*

−0.624

−1.714*