Variable

Coefficient

Standard error

T statistic

ER

0.2636***

0.0878

3.0024

LNHC

0.0179***

0.0067

2.6433

EN

0.0097

0.0079

1.2304

LNGDP

−0.2194**

0.0956

−2.2958

IS

0.2914*

0.1454

2.0044

OPEN

0.0034

0.0022

1.5310

FDI

−1.8320

1.4387

−1.2734

W*ER

0.1964*

0.0981

2.0012

W*LNHC

−0.1022***

0.0282

−3.6287

W*EN

−0.1524*

0.0821

−1.8563

W*LNGDP

0.1637***

0.0610

2.6820

W*IS

−0.0011

0.0012

−0.9836

W*OPEN

0.0120*

0.0069

1.7299

W*FDI

−6.9428***

1.9354

−3.5872

ρ

0.1110***

0.0235

4.7195

R²

0.8033

-

-

LogL

412.0579

-

-

LR-lag

21.3273**

-

-

LR-error

22.6028**

-

-

Hausman test

Hausman test-statistic = −17.3824 p-value = 0.1023