Dependent Variable:

NDT

NTL

NTSC

NTQ

Panel EGLS

Panel EGLS

Panel EGLS

Panel EGLS

Panel Least Squares

Panel EGLS

Panel EGLS

Panel EGLS

1

2

1

2

3

4

3

4

DEF

0.398***

0.585***

0.674***

0.736***

0.217***

0.148***

0.291***

0.187***

(14.184)

(13.099)

(24.214)

(16.903)

(6.789)

(3.37)

(7.745)

(3.431)

DEF_sq

−00111***

−0.00384***

0.00486***

0.0692***

(−5.216)

(−1.833)

−2.234

-2.597

No. of observations

245

245

245

245

245

245

245

245

F-Test

201.977***

124.63***

580.80***

295.395***

4.041***

4.143***

60.22***

34.167***

R square

0.453

0.507

0.705

0.709

0.403

0.417

0.198

0.22

Durbin-Watson stat

2.262

2.185

2.198

2.178

2.603

2.562

1.992

1.982

Hausman Test

0.056

2.862

3.315*

5.907*

12.33***

15.484***

0.098

0.355