Variables | PSCC-OLS | PSCC-FE | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Quadratic Models | Moderation Models | Quadratic Models | Moderation Models | |||||||||
lnMAT [1] | lnCHD [2] | lnLEX [3] | lnMAT [4] | lnCHD [5] | lnLEX [6] | lnMAT [7] | lnCHD [8] | lnLEX [9] | lnMAT [10] | lnCHD [11] | lnLEX [12] | |
lnHEXPC | 0.536*** (7.740) | − 0.0468 (− 1.265) | 0.0303*** (3.553) | 0.143*** (5.652) | − 0.0132 (− 0.524) | − 0.0145*** (− 3.600) | −0.209*** (− 5.918) | −0.171*** (− 3.615) | 0.0262 (1.365) | − 0.113*** (− 4.414) | − 0.0982*** (− 2.945) | 0.00251 (0.212) |
lnEDU | 0.198* (2.013) | −0.489*** (− 11.66) | 0.0631*** (5.650) | 2.290*** (13.92) | 0.101 (0.731) | −0.114*** (− 3.476) | − 0.462*** (− 6.615) | −0.853*** (− 10.20) | 0.0672*** (3.169) | − 1.320*** (− 6.762) | − 1.365*** (− 6.728) | 0.0516 (0.485) |
lnICT | − 0.242*** (− 8.614) | − 0.122*** (− 6.810) | 0.0236*** (7.115) | − 0.285*** (− 8.962) | −0.144*** (− 7.418) | 0.0327*** (7.795) | − 0.0618*** (− 8.036) | −0.0100 (− 1.055) | 0.00970*** (3.428) | − 0.0492*** (− 5.848) | −0.00361 (− 0.314) | 0.0118** (2.761) |
lnHCON | 0.166*** (5.637) | −0.311*** (− 22.59) | − 0.0657*** (− 7.280) | 0.0887*** (4.196) | −0.324*** (− 22.01) | −0.0636*** (− 7.553) | −0.0572 (− 0.821) | −0.0473* (− 1.770) | 0.0276** (2.100) | − 0.0708 (− 0.964) | −0.0528* (− 1.816) | 0.0231** (2.189) |
lnTUB | 0.266*** (35.29) | 0.206*** (62.44) | −0.0673*** (−20.65) | 0.233*** (48.53) | 0.200*** (60.18) | −0.0659*** (−20.94) | − 0.0487 (− 1.649) | 0.0656*** (5.640) | −0.0605*** (− 3.699) | −0.0330 (− 0.932) | 0.0751*** (5.970) | −0.0603*** (− 4.290) |
lnTFP | − 0.00152 (− 0.0177) | −0.00310 (− 0.104) | −0.0146 (− 0.942) | 0.0269 (0.383) | 0.0119 (0.407) | − 0.0207 (− 1.313) | 0.0402 (0.813) | −0.0191 (− 1.446) | −0.00830 (− 0.527) | 0.0358 (0.734) | −0.0237* (− 1.929) | −0.00513 (− 0.326) |
lnHEXPCSQ | − 0.0984*** (− 11.21) | −0.00820* (− 1.806) | −0.00227* (− 1.952) | 0.0292*** (5.965) | 0.0197*** (3.929) | −0.00323 (−1.131) | ||||||
lnHEXPC*lnEDU | −0.580*** (−19.86) | − 0.145*** (− 4.615) | 0.0388*** (6.385) | 0.181*** (5.290) | 0.107*** (3.617) | 0.00392 (0.200) | ||||||
Threshold | 2.72 | NA | 6.67 | 0.25 | NA | 0.37 | 3.58 | 4.34 | NA | 0.62 | 0.92 | NA |
Constant | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Year Dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 525 | 525 | 525 | 525 | 525 | 525 | 525 | 525 | 525 | 525 | 525 | 525 |
R-squared | 0.769 | 0.689 | 0.709 | 0.776 | 0.697 | 0.715 | ||||||
Countries | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
F-Statistic | 6992 | 5364 | 17,567 | 1606 | 6760 | 1203 | 1282 | 1855 | 2118 | 56.08 | 204.2 | 364.1 |