Variables

FE

RE

MI

Crowdfunding in West and Central Africa

Internet

0.3513***

0.3713***

0.3890***

(0.000)

(0.000)

(0.000)

Mobile phone

0.1383

0.2968*

0.2957*

(0.428)

(0.027)

(0.028)

Education

−0.0328

0.0313

0.0189

(0.794)

(0.787)

(0.868)

Finanncial system

−0.5923**

−0.2145

−0.2871

(0.008)

(0.121)

(0.054)

Real Gdp

−0.0020

−0.0031

−0.0030

(0.699)

(0.553)

(0.545)

Electricity

0.3053

0.1302

0.1649

(0.052)

(0.301)

(0.199)

Employment

0.0505

0.0098

0.0327

(0.949)

(0.962)

(0.893)

Starting doing business

−0.0781

−0.0632

−0.06724

(0.075)

(0.147)

(0.107)

Urbanization

2.022

−0.5796**

−0.5992**

(0.091)

(0.004)

(0.008)

Constant

−7.3826

0.9632

1.0642

(0.167)

(0.230)

(0.512)

rho

0.9586

0.3912

rho

LR test

56.07

(0.000)

F test

20.24

(0.000)

Wald

153.49

173.38

(0.000)

(0.000)

N

177

177

177