Estimation 1

Estimation 2

Estimation 3

Variable

Pool Data

Fixed Effect

Random Effect

Coefficient

Prob.

Coefficient

Prob.

Coefficient

Prob.

Absolute

3.260

0.000

3.311

0.000

3.287

0.000

Finance_Development

−0.010

0.028

−0.011

0.030

−0.011

0.023

GDP_Growth

−0.088

0.305

−0.094

0.298

−0.096

0.301

F-Test and Goodness of Fit

Prob (F-statistic): 0.0028 R²: 0.28

Prob (F-statistic): 0.0052 R²: 0.28

Prob (F-statistic): 0.0047 R²: 0.28