Determinants of foreign direct investment in fast-growing economies: evidence from the BRICS and MINT countries

Financial Innovation

Table 7 Fixed effects model result of panel regression analysis

Dependent Variable: NETFDI
Explanatory Variables	Pooled time-series cross sectional analysis						Fixed effects model
	BRICS only		Mint only		BRICS and MINT combined
	Coef.	Prob.	Coef.	Prob.	Coef.	Prob.	Coef.	Prob.
C	−44.134	0.000	−12.478	0.081	−47.136	0.000	−44.140	0.000
GDP	0.063	0.000	0.027	0.000	0.056	0.000	0.056	0.000
NRESGDP	0.150	0.666	−0.388	0.122	−0.132	0.519	−0.200	0.381
INFRASTRUCTURE	0.222	0.000	0.014	0.708	0.134	0.003	0.156	0.042
INFLATION	1.197	0.091	−0.118	0.225	0.389	0.075	0.302	0.198
TRADE	−10.028	0.606	25.561	0.023	39.164	0.005	31.942	0.032
INSTINDEX	11.903	0.000	−0.319	0.849	−1.131	0.506	−2.282	0.245
Adjusted R²	0.944		0.779		0.905		0.913

Heteroscedasticity and autocorrelation consistent standard errors are used in the estimations (see Rjoub et al. 2017b). Morever, the Hausman test is used to determine the relevance of the fixed effects model