Independent variables

Model 1

SYS-GMM

Model 2

SYS-GMM

Model 3 OLS

Model 4

OLS

Model 5

GLS

Model 6

GLS

C

81.4^***

(4.48)

33.62^***

(8.61)

87.5^***

(13.4)

43.5^***

(13.2)

L1.Cor

0.52^***

(6.06)

0.74^***

(19.75)

GOA

−0.51^**

(−2.6)

−1.43^***

(−4.79)

4.15^***

(5.11)

−0.12

(−0.85)

−1.11^***

(−8.9)

OLD

−0.37^*

(−1,96)

−0.29^**

(−2.10)

−1.42^*

(−1.88)

−0.21^***

(−3.1)

YEA

0.07

(1.44)

0.57^***

(3.76)

−0.18

(−0.73)

−3.17^***

(−18.12)

0.05

(0.45)

−0.14^*

(1.61)

EDU

−1.46^***

(−3.39)

−0.78^***

(−2.70)

1.68^***

(11.03)

−0.21

(−1.38)

−0.49^***

(−3.37)

NCOR

−11.12^***

(−6.19)

15.1^***

(15.0)

CFD

1.30

(0.21)

−47.0^***

(−8.19)

−14.47^**

(−1.97)

46.2^***

(22.1)

5.59^*

(1.70)

OP

4.24

(1.32)

−9.38^***

(−9.32)

−7.6^***

(−1.86)

−23.3^***

(−10.79)

−1.16

(−0.59)

−7.15^***

(−3.95)

UR

−24.5^**

(−2.13)

−7.11

(−1.06)

33.3^*

(1.82)

−73.5^***

(−10.87)

UNE

−0.18

(−0.17)

3.02^***

(3.96)

3.06^***

(3.96)

24.32^***

(21.81)

−1.02^*

(−1.84)

FD

−69.2^*

(−1.74)

−91.7^***

(−2.2)

357.5^***

(6.87)

−208.6^***

(−4.62)

CGDPC

−2.50

(−1.56)

−10.46^***

(−544)

−0.48

(−0.58).

21.48^***

(14.54)

1.36^**

(1.91)

5.84^***

(10.13)

D1

84.26^***

D2

75.77^***

Arellano-Bond test for AR (1)

−1.15

−1.16

Arellano-Bond test for AR (2)

1

1.09

Sargan test/Hausman test

127.81 (1)

7.59 (1)

66.7^***

16.93^***

Method

Two-step

Two-step

OLS

OLS

FE

FE