Dependent Variable:

NDT

NTL

Panel EGLS

Panel EGLS

Panel Least Squares

Panel Least Squares

−1

−2

−1

−2

DEF

0.401***

0.581***

0.647***

0.714***

(0.019)

(18.9)

(27.614)

(22.309)

DEF_sq

(0.00)***

(0.000)**

(−7.303)

(−3.021)

No. of observatios

490

490

490

490

F-Test

436.201***

265.838***

35.327***

35.633***

R square

0.471

0.5219

0.855

0.858

Durbin-Watson stat

2.247

2.1782

2.546

2.518

Hausman Test

0.0573

4.6753

5.792**

0.975***