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***