Table 5 Robustness checks, 5-year averages (TUB models)
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 | 0.636*** (9.937) | −0.0184 (− 0.391) | 0.0239* (2.055) | 0.190*** (7.134) | 0.0187 (0.377) | −0.0199*** (−3.288) | − 0.231*** (−10.44) | − 0.168** (−2.790) | 0.0222*** (4.303) | − 0.110*** (− 10.72) | −0.0980** (− 2.091) | −0.00499 (− 0.955) |
lnEDU | 0.381** (2.781) | −0.460*** (− 9.203) | 0.0566*** (4.163) | 2.670*** (15.05) | 0.271 (1.560) | −0.149*** (− 6.458) | − 0.543*** (− 5.914) | −0.849*** (− 8.600) | 0.0690*** (4.346) | −1.340*** (− 18.71) | −1.402*** (− 5.724) | − 0.00379 (− 0.0676) |
lnHEXPCSQ | − 0.111*** (− 11.00) | − 0.0112** (− 2.315) | − 0.00134 (− 1.234) | 0.0319*** (12.06) | 0.0202*** (3.708) | −0.00259*** (− 2.946) | ||||||
lnHEXPC*lnEDU | −0.639*** (− 24.81) | − 0.179*** (− 3.566) | 0.0455*** (12.24) | 0.166*** (8.657) | 0.116*** (3.317) | 0.0159* (1.751) | ||||||
lnICT | −0.316*** (− 6.610) | − 0.149*** (− 36.03) | 0.0262*** (6.725) | −0.367*** (− 7.564) | −0.182*** (− 20.18) | 0.0384*** (10.30) | − 0.0881*** (− 5.788) | −0.0175 (− 1.492) | 0.0134*** (3.167) | − 0.0776*** (− 4.717) | −0.00892 (− 0.539) | 0.0181*** (3.307) |
lnHCON | 0.169*** (5.751) | −0.335*** (− 17.43) | − 0.0721*** (− 7.633) | 0.0628*** (4.357) | −0.356*** (− 37.73) | −0.0686*** (− 9.477) | −0.251* (− 1.726) | −0.0909*** (− 3.326) | 0.0546* (1.762) | − 0.270* (− 1.797) | −0.108*** (− 5.449) | 0.0424 (1.617) |
lnTUB | 0.261*** (25.54) | 0.205*** (44.49) | −0.0645*** (− 11.10) | 0.227*** (54.45) | 0.197*** (47.27) | −0.0627*** (− 11.99) | − 0.0344 (− 0.867) | 0.0805*** (5.567) | −0.0677*** (− 3.245) | −0.0189 (− 0.364) | 0.0917*** (5.949) | −0.0652*** (− 3.544) |
lnTFP | 0.105 (0.596) | 0.0314 (0.8 81) | −0.0211 (− 1.005) | 0.135 (0.975) | 0.0492 (1.530) | −0.0277 (− 1.380) | 0.158* (1.829) | − 0.00702 (− 0.489) | −0.0266 (− 1.027) | 0.149* (1.740) | − 0.0107 (− 1.479) | −0.0210 (− 0.845) |
Threshold | 2.86 | NA | NA | 0.30 | NA | 0.44 | 3.62 | 4.16 | 4.29 | 0.66 | 0.84 | 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 | 125 | 125 | 125 | 125 | 125 | 125 | 125 | 125 | 125 | 125 | 125 | 125 |
R-squared | 0.769 | 0.687 | 0.721 | 0.777 | 0.698 | 0.731 | ||||||
Countries | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
F-Statistic | 2492 | 7761 | 1472 | 4543 | 2208 | 3791 | 1595 | 1179 | 12,295 | 1466 | 136.7 | 4260 |