| variables | Pooled model | Fixed model | Random model |
| constant | 154,408.8 (62231.11) | −179,181 (89,145.69) | 150,062.8 |
| IN (GDPi) | 1.88E−06 (1.93E−7) | 1.92E−06 (1.54E−07) | 1.93E−06 (1.47E−07) |
| IN (GDPj) | 7.36E−8 (6.69E-09) | 4.77E−8 (1.52E−8) | 5.89E−8 (1.22E−8) |
| IN (POPj) | 0.0002321 (0.000593) | 0.0010704 (0.0007574) | 0.0003117 (0.0002006) |
| IN (OPENj) | 2,121,086 (1.84E+07) | 4,968,629 (1.58E+07) | 4,292,858 (1.56E+07) |
| IN (DISij) | −98.17693 (10.96306) | - | −93.67393 (38.1908) |
| LANGij | −150,484.1 (43211.76) | - | −149,231 (150,420.8) |
| RTAij | 51,581.42 (21,553.91) | - | 42,177.52 (96,093.36) |
| BORDER | 788,973.9 (102,959.6) | 802,737 (308,323.4) | 797,508.5 (238,549.9) |
| NO OF observation | 684 | 684 | 684 |
| Adjusted R2 | 0.3695 | 0.1909 | 0.3721 |
| f-test | 0.0000 | 0.0000 | 0.0000 |
| Hausman test |
|
| (0.08) (0.9610) |
| LM TEST (Chi-square) |
|
| 130,219 (0.0000) |