Explanatory variables | FE-Model | Variable Substitution |
Lninn | 0.05474** (2.57) | 0.06038*** (2.84) |
SP | 0.00603*** (3.38) | 0.00549*** (3.14) |
DIV | 0.00668** (2.39) | 0.00570** (2.01) |
GOV | −0.15269*** (−2.81) | −0.06619 (−1.09) |
FINAN | 0.00612*** (2.66) | 0.00348** (2.27) |
Lnmarket | 0.02565 (0.42) | 0.03807** (2.18) |
INFRA | 0.38369*** (8.81) | 0.22799*** (4.54) |
_cons | −1.87089*** (−6.30) | −1.19065*** (−4.66) |
Hausman test | 0.0000 | - |
LR test | - | 263.45*** |