Variables | Q-Model (Eq. 6) | Euler Equation (Eq. 13) | Q-Model (Eq. 8) | Euler Equation (Eq. 15) |
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
\( {\left(\raisebox{1ex}{$I$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it-1} \) | 0.1105*** (3.4) | 0.0750*** (3.61) | 0.1218*** (4.26) | 0.0913*** (3.21) |
Q it | 0.0245** (2.45) | – | 0.0416** (2.41) | – |
\( {\left(\raisebox{1ex}{$S$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it} \) | – | 0.0499*** (2.52) | – | 0.0512** (2.13) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it} \) | 0.1859*** (2.87) | 0.1154*** (4.44) | 0.1611** (2.18) | 0.1014** (2.19) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it}\kern0.5em \times {FDI}_t\times {STAND}_i \) | −0.0471** (−2.46) | − 0.0553*** (− 2.85) | −0.0511** (− 2.32) | −0.0718** (− 2.15) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it}\kern0.5em \times {FDI}_t\times {GROUP}_i \) | − 0.0731 (−1.45) | −0.0621 (− 1.22) | −0.0914 (− 1.03) | −0.0684 (− 1.19) |
FDI t | – | – | 0.1018** (2.11) | 0.0918** (2.33) |
m1 (p) | (0.00) | (0.00) | (0.00) | (0.00) |
m2 (p) | (0.42) | (0.56) | (0.48) | (0.59) |
Sargan Test | (0.38) | (0.41) | (0.41) | (0.46) |
Hansen-J Test | (0.55) | (0.68) | (0.53) | (0.58) |
Wald Test | χ2(06) = 855.60 (0.0000) | χ2(06) = 950.72 (0.0000) | χ2(07) = 912.29 (0.0000) | χ2(07) = 998.18 (0.0000) |